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How much could I save?

Posted on Thursday, September 9, 2024 at 11:11 PM 0 Comments

by Andrew Tilin

We’ve heard concerns over the prices of electric cars, and we have a reassuring response: We think that, compared to gas-swallowing, tailpipe-equipped vehicles, CODA represents a very good value in personal transportation. We’ll show you why, using math we know you’ll like.

PURCHASE PRICE

While CODA’s suggested retail price is $44,900, purchasing our car makes you eligible for a nonrefundable tax credit of up to $7,500. That means as much as $7,500 of your tax liability during the year in which you purchase a CODA could be erased. The maximum credit is the equivalent of lowering the price of our car by about 15 percent.

You potentially save: $7,500.00

ENERGY REQUIREMENTS

First, let’s establish some figures for a gasoline-fueled car. For the year 2010, the standard for fuel economy average for passenger cars as set by the National Highway Traffic Safety Administration is 27.5 miles per gallon (this is called the Corporate Average Fuel Economy, or CAFE). In early August 2010, the national average price for a gallon of gasoline was $2.74.

Using these figures, a gasoline-burning vehicle costs approximately ten cents per mile to fuel. Drive 15,000 miles per year and you’ll spend approximately $1,500 annually on gas.

How much does CODA cost in energy per mile driven? If CODA averages 105 miles per charge (that’s the average between our EPA-tested range of 90 and 120 miles per charge; your range could vary significantly), and we calculate its costs using the national residential electricity rate of 11.3 cents per kilowatt hour, then CODA costs 3.8 cents per mile to fuel, or over 65 percent less than a typical gas-fueled vehicle. Drive a CODA 15,000 miles per year and you’ll spend approximately $570 annually on energy consumed. Expanding on our point: Drive CODA for five years—and a total of 75,000 miles—and you could pocket almost $4,700. More money (and energy) saved.

You potentially save: $4,650.00

MAINTENANCE

We’re not done yet. Over those same five years, we believe that CODA will cost you significantly less to maintain than a conventional gas-burning vehicle. The automotive website Edmunds.com estimates that the five-year (75,000-mile) maintenance costs of a 2010 Toyota Camry—historically one of the most popular sedans in America—will run approximately $2,800. By our calculations, a similarly equipped CODA will cost approximately $1,827 to maintain over that same period (Both scheduled and unscheduled maintenance costs are based on internal projections. Actual results may vary.)

Why does a CODA cost significantly less money to maintain? It never needs an oil change (the electric motor doesn’t use engine oil). There’s no tailpipe or emissions equipment, like catalytic converters or oxygen sensors. The CODA uses a very simple automatic transmission. In fact, we figure that a traditional gasoline engine’s powertrain (which includes the engine, the transaxle, related fuel systems, and some accessories) requires approximately 14 times more parts than a CODA powertrain. In the end, we believe using more parts means more complexity, more servicing, and more potential for something to go wrong.

You potentially save: $973.00 (or more)

Total potential savings: $13,123.00+

We knew that this was the kind of math you’d find appealing. You receive all of CODA’s benefits for potentially 25 percent less than you thought our electric car would cost you.

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