Why I won't buy an electric car
A breakdown of the real costs of an electric car in Spain: subsidies, fuel savings and when it actually pays off. Owner data and payback calculations.
English · Original discussion in Spanish · Published
Buying an electric car: real savings or a tall tale?
A driver calculates that switching to a Hyundai Kona electric would cost him 25,000 euros out of pocket and that it would take 25 years to recoup the investment through fuel savings. The figure raises the question of whether an electric car is a sensible economic choice today.
The fine print on the incentives
The initial calculation does not include the subsidies. Until recently, the Moves III scheme (a Spanish EV purchase grant) provided 5,500 euros, the income tax deduction another 3,000, and the local property tax (IBI) meant savings of 1,050 euros over three years. All in all, the net cost came down to around 15,450 euros. But these incentives have changed: the new Auto+ plan offers a maximum of 4,500 euros, the income tax deduction has disappeared and the IBI depends on the municipality. Critics argue that real support has collapsed, making the purchase far less attractive.
Charging at home: budget tariff or a trap?
EV advocates flaunt electricity bills of 21 euros a month versus 222 euros of petrol, thanks to tariffs like Octopus Go with an off-peak price of 6.8 cents/kWh. But others warn that this tariff pushes the price up to 0.248 euros/kWh during peak and standard hours, making household consumption more expensive. What's more, charging at home requires your own garage and, often, a charger installed. Without that, the savings evaporate.
What if the best move is not buying anything?
A recurring view is that buying a new car, electric or not, is a bad investment. An economist would point out that the vehicle depreciates the moment it leaves the dealership and that keeping the current one until it dies is usually the most rational option. Others simply see no need to replace a combustion car that still runs.
The debate leaves an uncomfortable conclusion: with reduced incentives and high prices, the profitability of an electric car depends on very personal factors (mileage, garage availability, electricity tariff). The question nobody fully answers is whether the real savings, once the higher electricity bill is factored in, justify the initial outlay. For many, the answer is still no.
Related forum discussions
A driver calculates that switching to a Hyundai Kona electric would cost him 25,000 euros out of pocket and that it would take 25 years to recoup the investment through fuel savings. The figure raises the question of whether an electric car is a sensible economic choice today.
The fine print on the incentives
The initial calculation does not include the subsidies. Until recently, the Moves III scheme (a Spanish EV purchase grant) provided 5,500 euros, the income tax deduction another 3,000, and the local property tax (IBI) meant savings of 1,050 euros over three years. All in all, the net cost came down to around 15,450 euros. But these incentives have changed: the new Auto+ plan offers a maximum of 4,500 euros, the income tax deduction has disappeared and the IBI depends on the municipality. Critics argue that real support has collapsed, making the purchase far less attractive.
Charging at home: budget tariff or a trap?
EV advocates flaunt electricity bills of 21 euros a month versus 222 euros of petrol, thanks to tariffs like Octopus Go with an off-peak price of 6.8 cents/kWh. But others warn that this tariff pushes the price up to 0.248 euros/kWh during peak and standard hours, making household consumption more expensive. What's more, charging at home requires your own garage and, often, a charger installed. Without that, the savings evaporate.
What if the best move is not buying anything?
A recurring view is that buying a new car, electric or not, is a bad investment. An economist would point out that the vehicle depreciates the moment it leaves the dealership and that keeping the current one until it dies is usually the most rational option. Others simply see no need to replace a combustion car that still runs.
The debate leaves an uncomfortable conclusion: with reduced incentives and high prices, the profitability of an electric car depends on very personal factors (mileage, garage availability, electricity tariff). The question nobody fully answers is whether the real savings, once the higher electricity bill is factored in, justify the initial outlay. For many, the answer is still no.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (19 replies).
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