In a post last month titled Electric Cars or Really Fast Golf Carts I calculated my payments on the new Tesla Electric Powered Roadster. The payment was $1872 per month for 72 months! My new friend Matt from Members CU in Winston-Salem commented “But think how much you’ll save on gas! 🙂 “. While typing a response to Matt I thought it worthy of it’s own post so here it is:
When I bought a used motorcycle last summer I calculated that I would need to drive it approximately 10,000 miles for it to pay for itself. Even though it gets 55 mpg that 10,000 mile goal continually grows as I find more and more things to do to it. Stuff like change the oil, buy a new tire every so often, and buy some warmer clothing to wear!
Here’s a rough calculation to try and justify the cost of the Tesla: I drive about 9000 miles per year without kids in the car. My Corolla averages 29 mpg. That’s 310 gallons of gas per year. If gas averages $2.75 per gallon that’s $853.44 per year spent on gas. Since the Tesla takes no gas I’ll save that money, every penny! But the total cost of the Tesla including interest on the loan is $134,827. So I would need to drive it for 157.98 years to break even on it! Or that’s 1,421,825 miles!
So, as totally cool as it may be, the only way I’ll ever drive one of those cars is if I get a part time job as a valet in a major city! 🙂