This is a detailed cost of ownership breakdown on my 2022 Chevy Bolt EV that includes the cost of insurance, maintenance, interest, fuel, and depreciation. In the end, an estimate from Edmunds was fairly close to the figure I got.
Thanks so much for all the time and effort it must have taken to prepare the data and put it into a video. I especially appreciated your candor, attention to detail, and presentation skills
It differs for everyone. I'm lucky enough to have 10kw charging at work and 10kw charging at my grocery store (3hrs free), which is basically a half tank free every time I run errands. GM also had a promotion for a free home charger or $750 charging credit. I took the charging credit since I have charging options and because I live in a rental (not giving my landlord free EV charger, don't like em that much). The Bolt new or used is a commuters dream. Also, it's quick! You can easily outrun some Tesla's and almost all gas cars. The only issue is, you may end up spinning the wheels if you punch it too hard😅. Plus, it stops like a supercar when you combine brake pads and Regen, it's amazing (watch for the driver behind you totally unaware they're following behind a car that brakes like a Porsche)
Excellent Thanks for the time and effort. I have solar at home and can charge at work at 120 volts - 12 amps. That really changes the cost a lot. The 59 mile commute to work and back is covered by the charge at work except when it is quite cold. And me and my wife ride together and work at the same site.
Outstanding Sir! I am extensively in your debt for the this presentation. I f you are not doing this as a professional you are missing your calling Sir. This is the standard on how to evaluate a vehicle purchase without peer! Most excellent!
Heyman, I enjoyed your video. My family just bought a 2022 used with 5500 miles on it for 24k about a month or 2 ago. The car it replaced is a 2014 Honda Odyssey and I expect we will be saving a lot of money in fuel costs at the least. Not to mention that we are always late and forgetting oil changes - which don't have to happen anymore and in CT there is only an emissions check so we skip that $24 entirely.
Really great video showing true costs. Like you said, YMMV. Because of your thought process, you gained another subscriber. My results are different, but I think it depends on the mission of the car. When I was commuting, my Smart EV, and later my Nissan Leaf showed 3.9 and 3.7 miles per KWh. Now that I retired, no commute, so my annual mileage is less. I traded in the Leaf when I retired.
Love that color ❤ we had one come into the dealership the other day it was Sold. I Love that color . Iam planning on Getting one next year . Appreciate your Sharing experience 👍☺️
Thank you so much for the detailed information. I just purchased my lease on 2020 Bolt EV. With the new regulations, I'm hoping to claim $4K off of my taxes next year for purchasing a used ev.
@Boomer Bits thanks for the info. I'm going to verify that since the purchase was through dealership and GM Financial. However, if that's the case, then it's an absolute disservice and misrepresentation of tax credit eligibility to used EV buyers.
There are incentives for leasing & 2nd owner used, purchased from a dealer. Best deal might be buying a different used Bolt, buying or leasing a new Bolt...if available
I just bought a 2022 Bolt EV 2LT, red, with adaptive cruise and a new battery and 7400 miles on it for $19,200 after the $4000 tax credit. My full coverage insurance with a $500 deductible costs $900 a year through Horace Mann Insurance. I thought it was a pretty good deal. I think your bumper to bumber warranty has roadside insurance on it.
2012 Chevy Sonic LS, 7yo in 2019, 32k miles $5300. No warranty. Full coverage insurance $1200/yr. Maintenance: Eleven oil changes every 5k, $580; tires with road hazard and free rotation every oil change, $220; coolant flush, $30; both filters, $25; silicone wipers, $30; battery $160; MAF, $45. Total mechanical maintenance in 4 years, $1085. Except for oil and tires, all DIY. No TSBs or recalls to date. At 82k, 11 years, cold AC is untouched, clutch is good and brakes aren't needed quite yet. Range 460 verified in 5 minutes, 40+ mpg. Routine monthly fuel, $80, is much less than any reasonable car payment. How do I financially justify a complex EV?
Compared to an 11 year old car, you can’t. If you are happy with what you are driving, then you are set. Best to compare to similar vehicles when the time comes to replace what you have.
Thanks for doing this. One thing I like to add is the time. To me, time is money. Assuming both cars do not need any repair over 5-10years. Before EV, I need to fill up a tank of gas about once per week, takes 20mins per round trip. Do the math, 52 weeks x 20mins = 17.33 hours per year. It depends on how much you make per hour and that's some money. Once you add the oil change, tune up, whatever maintenance time, making appointment, drop/pick up the car, that's time as well you need to add. Time and convenience is another cost. If you live in an area that has power outage a lot or if you don't knave home charging or if you forget to charge, EV may not fit for you lifestyle. IMO.
If you live in the cold climate, you can get into your EV and go without any warmup requirement saving a lot of time. In addition of that you get your heat very much right away.
Your insurance cost is ridiculous. There has to be something in your driving record that warrants that. You should have shopped for better quotes, but something tells me you don’t want to do that. My insurance for my 2023 2LT was just $95 more a year. I have a 2016 Honda HRV also and I only pay $600 a year for both. I’m retired so that makes a difference, my driving record is impeccable and I don’t have a bare bones policy. It’s actually very good, only $50 deductible on comprehensive and $500 on collision. I also have stacked coverage up to a million. Get your insurance straightened out and start shopping. The Bolt is an awesome bargain, I’ll never drive a gas car again.
Ist tire rotations covered by Chevy no matter where you buy the car. Lots of items recommended that most of us wont do. Example. If the hatch struts are ok why would I replace them. I will wait until they fail, if that ever happens. Replacing the coolant is much more expensive than your quote. Its more on the order of $400-$500. Still, the cost of owning your Bolt and my Bolt, which is also a 22 2 LT, is extremely low
Hatch struts is also a pretty easy DIY, agreed, replace when they fail. I'm going to try to stay on schedule while on warranty, to not give them an excuse to void it.
I disagree of changing coolant every 5 years; these coolants do not get nearly as hot as ICE vehicles. You just asking for trouble if it not done by the dealer. The Bolt cooling channel is not as small as cylindrical cell battery types but still if they did not take out all the air inside the cooling channel your battery going to get overheated.
Seems simple to me. I paid (with a selection of extras), 32K for my 2023 Bolt EUV, tax included. I paid, out of pocket, an extra $800 for a 48 amp/220 charger by a certified EV installer electrician. In the five months I've been driving it, I pay roughly $70 a month in electricity, charging at home. which is roughly a $300 a month savings on gas. I commute 110 miles a day, and expect needing a new set of tires late in 2023. My insurance went up $200 annually That's it, insurance, and monthly electric bills.
I bought the 2023 euv premier and my insurance went down. Not sure why, and my underwriter said he didn't know either. I charge on my solar system so I'm thrilled w sayonara to the gas station!
I'm also in Texas. My insurance also increased last year. My best guess is all the Californian and New Yorkers moving in with their Mercedes and Tesla's. Prove me wrong 🤣
I saw somewhere that EV should have under car wash (if thats what you call it) every month to make sure battery compartment clean. Dont you think it should it add up to maintenance cost? Thanks in advance for your answer 🙂
I pay about 1500k for my 2020 Rav4 and my 2017 outback annually in insurance premiums. This full coverage, car rental insurance/reimbursement, Ect. I have only one speeding ticket in 12 years of driving in the state of Washington. I been wanting to call my local state farm agent to get me premium numbers for a Chevy EUV or Hyundai Kona EV. I will be sure to come back and comment when I get those numbers. Remember premiums vari State by State.
What about replacing the battery inan EV? i heard that it can die after 7-20 years (i don't have the exact stats). that would be about $7000 which would eat all the savings of running an EV?
That’s pretty far into the future to take a guess. That amount of time would also impact an ICE vehicle. Several modern cars use a CVT (continuously variable transmission) and I’ve known 2 people that had that CVT go out within 7 years. We were one of those two. The quotes to replace or repair the CVT was around $10,000.
Question for everyone here did anyone get a surge protector install for the new 240v outlet. When the company installed my outlet in the garage they recommended a surge protector to prevent damage to the battery? Is this legit or they just want to make extra money by selling you this? Any input would be appreciated.
Hi. I got my pre invoice emailed to me for my Bolt EUV that I pre ordered from my local Chevy dealership. It has a 600 charge for Concierge Program. I’m going to ask them about this but wanted to ask if you knew what this could be
Hello Sir.. I am trying to decide if a Bolt is a good fit I am in the process to either get an ID4 or a Bolt EUV my issue that holds me back is the charging time I sometimes do a trip or 2 and everyone warms me about the charge time I was wondering sir from a Bolt owner what do think?? O and by the way this will be my only vehicle and my first EV .. Thank you sir for all your videos
When my wife and I take a road trip, we try to time out our charging stops with meal breaks, so we don’t notice the extra charge time as much. Sometimes we have to wait, but it doesn’t seem too awfully long, we take a video clip, check email, etc. I recently did a video comparing multiple EVs and found that while the ID4 does charge faster, it’s less efficient, and therefore needs more power (would also cost a tad more to charge). That said, the ID4 would be more than an hour quicker over a 600 mile trip. Don’t get me wrong, I really like the ID4. But it all comes down to what you prioritize and how often you road trip. The ID4 can get there quicker, but will cost more. The ID4 can tow, the Bolt isn’t supposed to. The ID4 costs about $8k more after tax credits comparably equipped. The ID4 can be AWD, the Bolt can’t. In my opinion, both are good vehicles, it just depends on what is worth more to you.
If you were buying a new car today would you still buy the Bolt? Or would you buy something else? If you would consider something else what would it be and why?
I’ve had this Bolt for less than a year, so I probably would. I may also consider a VW ID4, Kia EV6, Hyundai Ionic 5, Tesla Model Y or Subaru Solterra; all for the awd and towing capabilities. I also have a reservation for a F150 Lightning. Problem is, they all cost too much. So I’d stick with Bolt, at least until the Equinox EV comes out.
@@SpinnerEV This is good info. We all have been there where we buy something with an idea of how we will use it and what we like and dislike, and then after owning it for a bit realize that maybe there are things we wish were different etc. So I was curious how your perceptions and needs might have changed since buying the Bolt and looking around at the other options that are appearing. Interesting that you mentioned the AWD. I haven't really felt the need in my present car for AWD so that one isn't on my radar and would prefer efficiency over the AWD. Towing however is interesting. What are you thinking of towing with your car? Agreed on the Lightning. That price took a moon shot on that truck. Plus after watching others post their experiences with it the amount of juice that thing drinks is a bit much for me. My objective is to be able to run my household, farm equipment, and vehicles off of power that I am generating at home with solar as the primary source. So efficiency and low power consumption is important to me. The lessons learned so far is that winter stinks! I need a lot more solar and possibly add some wind generation if I am going to be able to run everything I want through the winter. Summer time I have more electricity than I need with my solar presently. Just have to expand my energy generation for winter production. Thanks for sharing your cost breakdown. The Bolt is presently the best bang for the buck for sure.
We have a small teardrop camper that I’d like to pull, and the occasional small utility trailer. We like the traction of awd, but good tires can help a lot. For efficiency, the Bolt is great. It sips power.
he said it's a 40% State wide increase, so he probably lives in Commie California or some libtard state......if they did that to me, I would straight up Move out!
You should go with a legit insurance company, wouldn't listen to everyone that's getting super cheap insurance. Shop it once in awhile just to make sure.
Obviously insurance is very location and driver dependent, but I feel like you might be paying too much for insurance. For example, as DC metro area resident, male, younger than you, with 100/300 policy and Geico is estimating less than $280 for 6 months on a bolt EV.
You don't need to replace brake fluid in 5 years that a myth many recommendations from the dealership is a myths don't expend your money in that brake fluid does not degrade if facts many gas car last entire life with same brake fluid
You may get lucky and not have any brake related issues, brake fluid is hydroscopic, it absorbs water like alcohol does. So a brake flush is cheap insurance in avoiding a costly abs related issue, or brake caliper replacement.
Same here, but I'm in NJ, with 1 car, 1 truck........he mentioned it was a "state wide" increase.....which means he probably lives in CommieFornia or something like that.
Dealers in my area and Southern California try to include mandatory add-ons, maybe even Markups, I shopped around and held out. It sucks, but that's dealerships.
Several missing expenses. Tires, you'll probably go thru 2 sets in 5 years. Suspension components, usually shocks or struts probably near the end of 5 years. Brake service, not just fluid flushing but also lubing and servicing the surfaces where the pads ride to prevent brakes from sticking or seizing.
You have solar but most don't so I believe your cost is cheaper??? Also there will be times when you need to charge at a charging station which will increase ease the cost. I think the Bolt is a GREAT car for someone who needs it in an urban setting like living in the SF Bay Area or NY city, Philadelphia, Chicago etc etc. Road trips na not for me. But I have to say the Bold w the reduced price and tax rebate is a great deal. I'm thinking about one as well. However, my 2006 Crown Vic Police Interceptor which I paid 2400 for and has had tones of work done runs great. In 3 years I have only about 400 in repairs. Granted lots was done b/f I bought it. Gas yeah 16 mpg overall not good but 18k per year about 3500 and the low price I still make out ahead. LOL.
Highly recommend shopping around for insurance, your policy is bonkers expensive. For my ‘23 EUV here in Ohio, I’m paying $316 per year, with complete coverage (collision, comprehensive, glass, roadside, $500k liability). Younger than you, married, no recent claims. Price does vary state to state, but unless you have a multiple claims or tickets, I think your loyalty is being rewarded with huge premiums.
Dam* you people pay alot for car ins. I'm paying $102.70 a month for full coverage with tow,roadside assistance, rental. I'm in NY and age between 55-60 with no accident or tickets.
Possibly, but as you said, things were different when this was filmed. Time will tell on any vehicle’s depreciation. Any prediction is a best guess with the information available at the time.
I think there are so many flaws in your calculations I'm not sure where to start. For one, I'll bet that your solar system doesn't make enough power to charge the car on a daily basis. That car only gets about 3.5 miles per kilowatt hour. If you say that your solar power buy back rate is $0.11 per kilowatt hour, you are paying much more than that for utility power. Unless you have solar trackers on all of you solar panels, you won't get no where near their rated output. DC fast charging rates are at least $0.40 per kilowatt hour. And l could go on and on with flaw after flaw in your methodology.
Our solar power system is quite large and over built for our house. 10 months out of the year it charges 2 electric vehicles on a daily basis, powers our house, and sells excess power to our provider. In December and January (less sun) we paid about an extra $40 for electricity. The rest of the year, we generate more power than we use even charging 2 EVs on a daily basis. Our electric provider paid us back over $1400 in 2022. I don’t know where you live, but I actually showed the car’s lifetime efficiency in this video at 3.9 m/kwh. I live in Texas and have warmer temps, with only 20% of my commute being freeway. I get 4 m/kwh or better 90% of the time. Today my commute was at 70 degrees Fahrenheit and the car’s efficiency was 4.9 m/kWh. Finally, I only DC fast charge on road trips, which are maybe 2 or 3 times a year, (6-8 days out of 365) so I don’t consider that regular use. Thanks for watching and commenting.
Pretty solid reasons not to own a car! Makes my use of Lyft/Uber seem even more financially logical. And, on top of all that, when you own a car, you tend to spend more money on stuff you don't really need. And, people wonder why they can't save for retirement...
Shame Chevy made the Bolt so cheap and ugly looking. Reminded me of a modern day Sprint. Likely the un-coolest electric car one can own next to a Kia Soul. Who would drive this just to save a few bucks in gas plus it's horrible on a roadtrip due to lack of fast charging.
