ICE, Hybrids, EV? How to Rigorously Compare 5-Year Costs
Without forgetting the impact of the new EV tax credit…
I confess.
I love data.
Data are objective.
They don’t change just because someone wants them to. So, when you want to make an informed decision on something as expensive as what car to buy, data are your best friend.
That’s why I love Edmunds.com’s “True Cost to Own®” (TCO) tool so much.
Feel free to jump ahead if you just want to see the data comparing costs between hybrids, ICE, and EVs. But if you want to understand what we’re comparing, here goes…
The Value of TCO Data
I’m sure you’ve heard any number of “experts” say that if you buy a car new, you’re wasting your money because of the huge depreciation in the first year or two.
Right?
But…
If you take into account the full cost of ownership, the Edmunds TCO data helped me prove that buying new and keeping the car until it’s 10 years old is cheaper on average than buying the same car at 1, 2, 3, 4, or 5 years old and replacing it when it turns 10.
