We have heard a lot about the Volt these last few days. As with many new products many of the claims over the last year have since proved to be suspect at best. However sorting the fact from the fantasy is part of the reality we face in the automotive world and fact is usually is far from the general opinion.
With all of the discussion about just how much the Volt is going to save the world (not to mention GM) I decided to run some quick and dirty numbers just to see how it really stacks up.
Keep in mind we are too early into the process to tell you the following figures are gospel, but it is a combination of what we know right now and yes your mileage will vary. But here they are:
The Facts
1. The Volt will have a MSRP of $41,000 and qualify for a $7500 federal tax credit. It is important to note that this is a TAX CREDIT not a rebate. If you are in the highest tax bracket out there the most you save is $2,600 overall bottom line.
2. According to the Wikipedia site devoted to the Volt (Which appears to GM maintained BTW) the EPA should rate the Volt around 48 MPG combined city and highway.
3. Battery range is estimated to be around 40 miles. The Volt in many situations will NEVER use the gasoline motor thus can become a true EV. GM says to estimate $1.50 a day to charge the battery.
The Variables:
1. Electricity and gas price will vary so only a snapshot in time can be used. Gas is locked in at $2.59 per gallon of regular, and $2.89 per gallon for premium and diesel for this reason.
2. The Volt needs to be charged after each drive to become effective, if not your figures will be far worse.
The Rules
There is a lot of competition in this market and the cars almost always sell for something other than the MSRP or have rebates.
1. Conventional models, hybrids, and diesels all are trying to take a slice of this market and need to be considered.
2. All cars in this class have above average resale so it will not be computed in the end result. (remember this is a quick and dirty comparison)
3. Lease options vary depending on a variety of factors so we will assume you bought the vehicle on a 5 year loan with 0% interest to be fair to all.
The Figures
The first three are pretty easy to do since there is only a fuel expense to figure. All breakouts are on avg miles per day.
Conventional: 2011 Honda Civic
Base | $16,000 |
Credit | $0 |
Total | $16,000 |
| | | | Cost to
| Total | Total | Annual | Annual |
Miles/Day | MPG | Gallons | Fuel Cost | Recharge | Daily | Energy Cost | Payment | Total |
33 | 29 | 1.1 | $2.95 | $0.00 | $2.95 | $1,076 | $3,200 | $4,276 |
40 | 29 | 1.4 | $3.57 | $0.00 | $3.57 | $1,3034 | $3,200 | $4,504 |
80 | 29 | 2.8 | $7.14 | $0.00 | $7.14 | $2,608 | $3,200 | $5,808 |
100 | 29 | 3.4 | $8.93 | $0.00 | $8.93 | $3,260 | $3,200 | $6,460 |
Hybrid: 2010 Prius
Base | $23,000 |
Credit | $0 |
Total | $23,000 |
| | | | Cost to
| Total | Total | Annual | Annual |
Miles/Day | MPG | Gallons | Fuel Cost | Recharge | Daily | Energy Cost | Payments | Total |
33 | 50 | 0.7 | $1.71 | $0.00 | $1.71 | $624 | $4,600 | $5,224 |
40 | 50 | 0.8 | $2.07 | $0.00 | $2.07 | $756 | $4,600 | $5,356 |
80 | 50 | 1.6 | $4.14 | $0.00 | $4.14 | $1,513 | $4,600 | $6,113 |
100 | 50 | 2.0 | $5.18 | $0.00 | $5.18 | $1,891 | $4,600 | $6,491 |
Diesel: 2011 Volkswagen Jetta TDI Base | $23,000 |
Credit | $0 |
Total | $23,000 |
| | | | Cost to
| Total | Total | Annual | Annual |
Miles/Day | MPG | Gallons | Fuel Cost | Recharge | Daily | Energy Cost | Payments | Total |
33 | 36 | 0.9 | $2.65 | $0.00 | $2.65 | $967 | $4,600 | $5,567 |
40 | 36 | 1.1 | $3.21 | $0.00 | $3.21 | $1,172 | $4,600 | $5,772 |
80 | 36 | 2.2 | $6.42 | $0.00 | $6.42 | $2,344 | $4,600 | $6,944 |
100 | 36 | 2.8 | $8.03 | $0.00 | $8.03 | $2,930 | $4,600 | $7,530 |
The Volt will have electricity figures provided.
2011 Chevrolet Volt
Base | $41,000 |
Credit | $7,500 |
Total | $33,500 |
| | | | | Total | Total | Annual | Annual |
Miles/Day | MPG | Gallons | Fuel Cost | Recharge | Daily | Energy Cost | Payments | Total |
33 | 48 | 0.0 | $0.00 | $1.25 | $1.25 | $456 | $6,700 | $7,156 |
40 | 48 | 0.0 | $0.00 | $1.50 | $1.50 | $548 | $6,700 | $7,248 |
80 | 48 | 0.8 | $2.41 | $1.50 | $3.91 | $1,427 | $6,700 | $8,127 |
100 | 48 | 1.3 | $3.61 | $1.50 | $5.11 | $1,866 | $6,700 | $8,566 |
Now I will be quick to point out the going green is priceless to the environment. But looking at these figures the price of going green still is substantial for the early adopters.
The question is: Will the public still embrace the Volt after these figures become public knowledge?
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