Maurtis
Elio Addict
First off, do not get me wrong. I want an Elio. I REALLY want an Elio. But I never wanted one for the fuel savings or reduced emissions but just because it was a very cool automobile. I think it will be an engaging drive and that appeals to me.
BUT... for the average American does it make sense to buy an Elio as a commuter to supplement their current fleet? It makes sense to buy an Elio if a current commuter dies and they need a new one, but what about as an "and" car?
The data on average commute distance is all over the place, but I am estimating about 10 miles each way (20 miles total) based on these numbers: https://www.marketwatch.com/story/here-are-the-typical-commutes-for-every-big-metro-area-2015-03-25
Elio estimated current cars on the road get around 21 MPG: https://www.eliomotors.com/it-pays-for-itself/
Gas prices over the years, we are currently in a low point (I am using $2.25 based on AAA numbers) but a high average of $4 is still not that bad: https://www.titlemax.com/discovery-center/planes-trains-and-automobiles/average-gas-prices-through-history/
Everyone's situation is different of course, I am using a $10,000 cost estimate for the Elio since that is the number I have seen used here in the past for the average optioned Elio out the door price. And assuming that maintenance costs for the Elio will be similar to current commuter cars, but with one less tire and lighter weight that may be a little lower too. But then again you have to pay for insurance and yearly registration for an extra vehicle, so calling those even.
I am going to compare both using the Elio as just a daily commuter using the average of a 20 mile commute as well as using the Elio as a primary vehicle for 12,000 miles per year. In Elio blogs and newsletters they use 12,000 miles, so their assumption is that the "and" vehicle does much more than just commuting.
Using the Elio as a daily commuter
-------------------------------------
Assumptions: 20 miles per day commute round trip
Elio MPG: 66.5 MPG combined (average of 49 city/ 84 highway)
Current MPG: 21 MPG combined
Cost of gas: $2.25 per gallon
Cost of a Elio: $10,000
-------------------------------------
Elio daily cost
20 miles driven / 66.5 MPG = 0.3 gallons
0.3 gallons * $2.25 = $0.68 per day in gas
Current daily cost
20 miles driven / 21 MPG = 0.95 gallons
0.95 gallons * $2.25 = $2.14 per day in gas
-------------------------------------
Daily gas savings
$2.14 - $0.68 = $1.46
Days for Elio to pay for itself:
$10,000 / $1.46 = 6,849 days (18.76 years)
-------------------------------------
Elio as a primary vehicle (12,000 miles per year)
-------------------------------------
Elio yearly cost
12,000 miles driven / 66.5 MPG = 180.45 gallons
180.45 gallons * $2.25 = $406.01 per year in gas
Current yearly cost
12,000 miles driven / 21 MPG = 571.43 gallons
571.43 gallons * $2 = $1,285.72 per day in gas
-------------------------------------
Yearly savings
$1,285.72 - $406.01 = $879.71
Years for Elio to pay for itself:
$10,000 / $879.71 = 11.37 years
So unless those numbers are off, if an average American only commutes in their Elio it would take almost 19 years for the extra cost to break even? If you double to gas price to $4.50 then that is still 9.5 years, way longer than most Americans keep vehicles.
Or if an average American primarily uses their Elio and their SUV/truck/family car mainly sits in the driveway then 11.37 years. But if the gas price doubles then the Elio pays for itself in less than 6 years. Interestingly enough, it looks like average Americans are holding onto new cars longer now, with a 6.5 year average! So just long enough for the Elio to make sense (if they mostly drive the Elio and gas prices double): https://www.cnbc.com/2015/07/28/americans-holding-onto-their-cars-longer-than-ever.html
BUT... for the average American does it make sense to buy an Elio as a commuter to supplement their current fleet? It makes sense to buy an Elio if a current commuter dies and they need a new one, but what about as an "and" car?
The data on average commute distance is all over the place, but I am estimating about 10 miles each way (20 miles total) based on these numbers: https://www.marketwatch.com/story/here-are-the-typical-commutes-for-every-big-metro-area-2015-03-25
Elio estimated current cars on the road get around 21 MPG: https://www.eliomotors.com/it-pays-for-itself/
Gas prices over the years, we are currently in a low point (I am using $2.25 based on AAA numbers) but a high average of $4 is still not that bad: https://www.titlemax.com/discovery-center/planes-trains-and-automobiles/average-gas-prices-through-history/
Everyone's situation is different of course, I am using a $10,000 cost estimate for the Elio since that is the number I have seen used here in the past for the average optioned Elio out the door price. And assuming that maintenance costs for the Elio will be similar to current commuter cars, but with one less tire and lighter weight that may be a little lower too. But then again you have to pay for insurance and yearly registration for an extra vehicle, so calling those even.
I am going to compare both using the Elio as just a daily commuter using the average of a 20 mile commute as well as using the Elio as a primary vehicle for 12,000 miles per year. In Elio blogs and newsletters they use 12,000 miles, so their assumption is that the "and" vehicle does much more than just commuting.
Using the Elio as a daily commuter
-------------------------------------
Assumptions: 20 miles per day commute round trip
Elio MPG: 66.5 MPG combined (average of 49 city/ 84 highway)
Current MPG: 21 MPG combined
Cost of gas: $2.25 per gallon
Cost of a Elio: $10,000
-------------------------------------
Elio daily cost
20 miles driven / 66.5 MPG = 0.3 gallons
0.3 gallons * $2.25 = $0.68 per day in gas
Current daily cost
20 miles driven / 21 MPG = 0.95 gallons
0.95 gallons * $2.25 = $2.14 per day in gas
-------------------------------------
Daily gas savings
$2.14 - $0.68 = $1.46
Days for Elio to pay for itself:
$10,000 / $1.46 = 6,849 days (18.76 years)
-------------------------------------
Elio as a primary vehicle (12,000 miles per year)
-------------------------------------
Elio yearly cost
12,000 miles driven / 66.5 MPG = 180.45 gallons
180.45 gallons * $2.25 = $406.01 per year in gas
Current yearly cost
12,000 miles driven / 21 MPG = 571.43 gallons
571.43 gallons * $2 = $1,285.72 per day in gas
-------------------------------------
Yearly savings
$1,285.72 - $406.01 = $879.71
Years for Elio to pay for itself:
$10,000 / $879.71 = 11.37 years
So unless those numbers are off, if an average American only commutes in their Elio it would take almost 19 years for the extra cost to break even? If you double to gas price to $4.50 then that is still 9.5 years, way longer than most Americans keep vehicles.
Or if an average American primarily uses their Elio and their SUV/truck/family car mainly sits in the driveway then 11.37 years. But if the gas price doubles then the Elio pays for itself in less than 6 years. Interestingly enough, it looks like average Americans are holding onto new cars longer now, with a 6.5 year average! So just long enough for the Elio to make sense (if they mostly drive the Elio and gas prices double): https://www.cnbc.com/2015/07/28/americans-holding-onto-their-cars-longer-than-ever.html
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