It is low cost! The Tesla Model 3 was twice the cost almost a decade ago.

BTW: The price premium for electric is offset by the lower cost of electricity, and the fact that electricity's cost is much less volatile than gas.

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wahern 7 hours ago | parent | next [-]

Depends on where you live. In states like Connecticut, or certain areas of California (PG&E Bay Area customers), the ROI is very long or simply doesn't pencil out at all. I think for Connecticut, which has high electricity prices but low gas prices, it's just net negative. For me in SF, despite high gas prices the ROI is just too long (5-10 years?), and that's before factoring in the ~$5000+ required for updating my electrical box, which is a conservative estimate because now the city requires the meter to be outside the house, whereas it's currently in the garage.

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ak6te an hour ago | parent | next [-]

This used to be true, but gas is $6.30/gallon in California now with no particular reason to think it is coming back down. I haven't actually re-done the numbers, but I have to imagine the ~40% increase in gas prices over the last year have significantly moved the needle in CA.

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bluGill 4 hours ago | parent | prev | next [-]

Until your current car dies, ges old or whatever happens, you decide you need a new one anyway. At that point the ROI is not the total cost of the car but the difference compared to your alternatives.

	▲	wahern 2 hours ago \| parent [-]
		Yes, the difference. I'm not comparing keeping an ICE to purchasing a new EV. The premium for EVs is $5-10k or more relative to ICE models, and the $5-10k is being very charitable. Non-peak electricity rate in some parts of California is $0.45/kWh or thereabouts, 2-3x what it is elsewhere in the country.

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jen20 4 hours ago | parent | prev [-]

Connecticut has more expensive gas than either New York or New Jersey too!

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pampas an hour ago | parent | prev [-]

It's not just that. EV charging and solar resources have improved while fossil fuels have become more expensive. The maths is very regional. Some countries are better at producing electricity or oil than others.