One of the biggest arguments for switching to electric vehicles was the "low operating costs." But when you factor in charging costs, battery life, maintenance expenses, and more, how does the math actually add up? When you also consider factors like taxes, insurance, tire and brake wear, how much are we really saving? How do you all calculate this equation?
Are EVs really cheap? How to do a cost analysis?
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I also started using an electric vehicle a few months ago and did the calculations myself. For my 900 km weekly commute, I used to spend around 400 TL on fuel with a gasoline car, but now I only pay 180 TL for charging. The battery has an 8-year warranty, and so far, I've only had to change the tires—the brakes haven't worn out much at all. On top of that, thanks to the tax benefits provided by the state, my taxi insurance dropped by half in the first year. So, the equation clearly favors electric vehicles in terms of savings.
The "cheapness" in EVs isn't as simple as it seems—it involves different equations. A year ago, I switched to a smart thermostat and LED bulbs, and after the initial shock of the electricity bill, I realized that it's not just about the device's price but how efficiently it works. For example, with my old heater, I was spending around 800 TL per month in winter, but with the IoT device with room thermostat, I saved 30%. However, that device cost me 2000 TL, and it paid for itself in energy savings within 10 months.
I also did some calculations on taxes and insurance. For instance, the local municipality offers a 5% discount for electric homes. Plus, I noticed that using smart plugs to cut off standby power for devices saves me 500 TL a year. As for battery life, I use a smart battery supported by solar panels, and even after 7 years, it’s still operating at 80% capacity. So, while it may seem expensive in the short term, it pays for itself within 3-5 years.