Think all EVs are expensive? Think again. You can drive an EV for less than $100 a month. Better yet, you can drive it for almost HALF that -- if you're willing to hunt for a bargain. Grab a pencil and calculator, because we're about to whip through some quick math on a real world example.
Step 1: Find an inexpensive used EV. At time of writing, autotrader.com showed a 2013 Nissan Leaf selling for $5,500. That's a low cost EV. You may not find deals like this often, but they are out there if you are willing to search. That $5,500 car works out to about $120 monthly car payment on a five-year used car loan using conservative assumptions.
Step 2: Figure in fuel savings. For an average Texas driver doing 10,500 miles a year, the fuel savings from driving an electric vehicle would be about $60 per month (assuming a gasoline price of $2.50/gal and an electricity price of $0.11/kWh).
So, here you have a $120/mo EV that is saving you $60/mo in fuel. Voila! You have a car for $60 per month, and an EV at that. You're going to enjoy skipping the gas pump and oil changes.
But wait! What about the charging station you will need to install in your home? Surely that adds to the cost. Fair point, but if you are like most Texans you commute less than 50 miles a day round trip. That amount of driving can be easily served by an overnight charge from a standard 110 volt wall socket. If that's the case, you don't need a charging station.
So, there you have it! A convenient personal vehicle for just $60 a month. At this cost, used EVs could be an attractive solution for bringing mobility and opportunity to people who would otherwise be priced out of the market.