I always initially keep the purchase price separate from the running costs. Of course, you can add the two figures together, but knowing what a vehicle costs in itself is important. The reason being is that the purchase price is a figure set in stone, many of the running costs are variable and can change year on year, especially if you're keeping a vehicle long term. Because most EVs are not tried and tested over a lengthy period, it's almost impossible to predict what such a vehicle might cost in repairs under long term ownership. There can be astronomical costs involved if an EV battery fails. The same goes for all the technology; we know new technology in cars is prone to failing, especially as time passes. It's normally mastered over many, many years.
I think it's very important for people to know what they are paying for a vehicle. I don't like working things out by so much per month, I want to know what I'm paying for a vehicle, then I can do an estimate of the yearly running costs. Of course, if you're swapping vehicles regularly and committing to long term monthly payments on PCP, some of the running costs might not change as much. But this is generally the most expensive way of driving a vehicle. I'm talking for most people here, not people who are buying 100k cars with waiting lists that might not depreciate as much.
I've done the maths and the cost of swapping my vehicle for an EV are huge. But even if I was in the market for another vehicle, it would be a used petrol or diesel. An EV simply wouldn't make any sense to me.
The running costs are important, extremely important when electric is 1/4 the price of fuel, and VED is free. But you can estimate, and have margins of error/ or change of use estimates which is what I do.
Most batteries are covered for 7/8 years, or 100,000 miles, along with the motor, not many engines are covered for that, certainly not high performance ones. There's less to "go wrong" in an electric motor, as they're effectively brushless, and brushless high power motors have been used for decades. The batteries are proven tech, with a proven lifecycle.
Obv an electric car isn't paying for a fan belt, clutch, brakes, pads etc. Who would buy a 70k mile car and not be worried about any of those going, and of course going out of warranty? How much is a new 400BHP engine from BMW, Porsche, Merc etc including labour? 20k+?
I fully expect ICE vehicles to drop like a stone once EV's get to half the market. Diesels will sink first, and 2022 will be the first year electrics out sell diesels.
There will be a clamour of people coming round to the idea of EV's and then to sell diesels, then petrol's etc. Classic cars and one-offs might escape, but 95% of ICE cars are not in that category.
I've got and expensive EV, and getting an even more expensive one, but the model works the same for a 30k or 40k one and other numbers, it just scales down.
Different on used markets, as there's not much choice in used EV's from BMW, Audi, Merc, VW etc, but give it a few years and they will filter down.
Most of my comparisons are on new, like for like cars. That argument is already won by EV's, which will mean it's won in 3 years when they trickle down. There will be a big ICE sell off from 2025-2030 I expect, so you've got a good few years of relatively safe ICE motoring before then.
They figure most people can get by on a 200-250 mile range, and they can.
