Fuddy1952
Elite Member
- Joined
- Apr 17, 2018
- Messages
- 4,297
- Location
- South Central Virginia
- Tractor
- 1973 Economy and 2018 John Deere 3038E
You left out a key point...a very important one few people consider."Everybody says" public transportation is so great for the environment but the reason only the ignorant push for it is the math doesn't work. The cost per seat mile is enormous. Smart politicians have figured out that public transportation costs a lot for the few votes it will buy.
The thing that makes EV practical today is how a $50,000 EV can be driven 300,000 miles for 3¢/mile in energy costs. That works out to a total of $59,000.
A $25,000 ICE getting 25 MPG on $3/gallon gasoline consumes $36,000 of gasoline. Plus a $30 oil change every 5,000 miles is $1800, for total of $62,800.
The S&P according to historical records, the average annual return since its inception in 1926 through 2018 is approximately 10%–11%.
So 300,000 miles of driving equates to 20 years if averaging 15,000 m/year.
Instead of that 10%-11% figure let's use 8%.
That example of an $50,000 EV vs $25,000 ICE difference is $25,000.
$25,000 at 8% compounded at 8% is (drum roll please)...$116,523.93.