Chevy Spark EV Lifetime Cost vs Chevy Spark Gas Lifetime Cost (California & Oregon Scenarios)

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Originally posted on EV Obsession.

I was decided I would finally perform and write up a cost comparison of the Chevy Spark EV and the Chevy Spark gas drinker. Notably, reviewers such as those at Consumer Reports have concluded that the Chevy Spark EV is a nicer car overall. But let’s look at some lifetime cost comparisons to see how they compare financially.

As always, the lifetime costs are based on numerous assumptions that will be either slightly or wildly different for different owners. Here are some examples of how they sway the relative attractiveness of these two Chevy Spark options:

• the longer you own the vehicle, the cheaper the Chevy Spark EV will be compared to the Chevy Spark gas drinker (with a short-term downshift in savings after the battery warranty expires and the battery needs replaced)
• the more you drive, the more you will save with the Chevy Spark EV (fuel costs for the Chevy Spark EV are several times lower than fuel costs for the gas drinker)
• where you drive (city vs highway) will also have an effect — the EV performs even better in the city
• where you live also has a huge impact on the results — in some places (like California) you can get another $2,500 rebate from the state; gas prices and electricity prices (including TOU electricity price options that can allow for very cheap recharging) are also critical factors in the lifetime cost of each of these vehicles

For fun, and to give some examples based on different scenarios, I’ve run 5 sample comparisons. Check them out here:

California, Avg US Driver, Current Price of Gas

Key assumptions:

• $7,500 federal EV tax credit & $2,500 California EV rebate
• 13,476 miles driven per year (US average)
• $3.63/gallon of gas (average price of gas in California today, but likely to increase in coming years)
• $0.10 (best guess for nighttime, off-peak electricity prices — 80% of California EV owners make use of these lower rates)
• Does not include financial benefits from HOV lane access or free EV parking
• Does not include free EV charging at work or elsewhere
• Chevy Spark gas combined MPG = 33
• Chevy Spark EV combined MPGe = 119
• Does not include time savings from not having to go to / stand at gas stations

California, Drive a Lot, Current Price of Gas

Key assumptions:

• $7,500 federal EV tax credit & $2,500 California EV rebate
• 20,000 miles driven per year
• $3.63/gallon of gas (average price of gas in California today, but likely to increase in coming years)
• $0.10 (best guess for nighttime, off-peak electricity prices — 80% of California EV owners make use of these lower rates)
• Does not include financial benefits from HOV lane access or free EV parking
• Does not include free EV charging at work or elsewhere
• Chevy Spark gas combined MPG = 33
• Chevy Spark EV combined MPGe = 119
• Does not include time savings from not having to go to / stand at gas stations

California, Drive a Lot, Higher Price of Gas

Key assumptions:

• $7,500 federal EV tax credit & $2,500 California EV rebate
• 20,000 miles driven per year (US average)
• $4.25/gallon of gas
• $0.10 (best guess for nighttime, off-peak electricity prices — 80% of California EV owners make use of these lower rates)
• Does not include financial benefits from HOV lane access or free EV parking
• Does not include free EV charging at work or elsewhere
• Chevy Spark gas combined MPG = 33
• Chevy Spark EV combined MPGe = 119
• Does not include time savings from not having to go to / stand at gas stations

Oregon, Avg US Driver, Low Electricity Prices (off-peak charging), Current Price of Gas

Key assumptions:

• $7,500 federal EV tax credit
• 13,476 miles driven per year (US average)
• $3.444/gallon of gas (average price of gas in Seattle this month — location closest to Oregon in EIA database)
• $0.04422 (off-peak electricity prices in Portland — 80% of California EV owners use off-peak charging)
• Does not include financial benefits free EV parking
• Does not include free EV charging at work or elsewhere
• Chevy Spark gas combined MPG = 33
• Chevy Spark EV combined MPGe = 119
• Does not include time savings from not having to go to / stand at gas stations

Oregon, Drive a Lot, Low Electricity Prices (off-peak charging), Higher Price of Gas

Key assumptions:

• $7,500 federal EV tax credit
• 20,000 miles driven per year (US average)
• $4.25/gallon of gas
• $0.04422 (off-peak electricity prices in Portland — 80% of California EV owners use off-peak charging)
• Does not include financial benefits from free EV parking
• Does not include free EV charging at work or elsewhere
• Chevy Spark gas combined MPG = 33
• Chevy Spark EV combined MPGe = 119
• Does not include time savings from not having to go to / stand at gas stations

So, in a handful of scenarios in California and Oregon, the Chevy Spark EV is cheaper within 2–4 years. Plus, it’s a nicer drive! Who in their right mind would purchase the Chevy Spark gas drinker rather than the Chevy Spark EV in these markets?

Note that the Chevy Spark EV is only available to residents of California and Oregon right now.