Cheapest car in the US to own?

[jray3]

Not according to Edmunds, who gave that title to a LEAF, apparently because the i-MiEV doesn't even appear in their True Cost to Own database!
http://www.edmunds.com/tco.html

http://grist.org/business-technology/whats-the-cheapest-new-car-to-drive-hint-its-an-ev/

Of course, the i-MiEV is much cheaper to own than a LEAF, but not EVen Mitsubishi cares to highlight that. I think they doomed the car with the initial rollout pricing ($35k for a premium edition!), but the twice-flubbed relaunch has only compounded the "market failure" of this car.

 

[JoeS]

All other things being equal, buying a used i-MiEV (whereby the original owner took the depreciation hit) or a brand-new one in a state that offers significant EV incentives, should be unbeatable at this point in time. This topic is ripe for playing with numbers, as things like insurance costs and registration fees start to predominate. Need to dispel the myth that an EV is only for the rich...

 

[Don]

Need to dispel the myth that an EV is only for the rich...

Can't really do THAT until enough of us write our congress people to get the $7500 Tax credit changed to a rebate so it benefits everyone equally - As it is now, it really is only for the 'rich'

Don

 

[JoeS]

Need to dispel the myth that an EV is only for the rich...

Can't really do THAT until enough of us write our congress people to get the $7500 Tax credit changed to a rebate so it benefits everyone equally - As it is now, it really is only for the 'rich'

Don, whereas I agree with you that this should be a straightforward and immediate rebate and not a tax credit, I dispute your assertion that an EV is only for the 'rich' -

1. With an average new vehicle price in the US now around $33,560
(Ref: http://www.usatoday.com/story/money/cars/2015/05/04/new-car-transaction-price-3-kbb-kelley-blue-book/26690191/)
there are a number of EVs currently on the market (especially our little i-MiEV) that fall below that number, without including the tax incentives. Does that make the 'average' vehicle purchaser 'rich'? A three-year-old used i-MiEV with relatively few miles and under $10K seems to me should be affordable by a significant 'non-rich' segment of the population? Include the low operating cost and 'affordability' only gets better.

2. After all is said and done, are you saying that you have to be 'rich' in order to have a $7500 Federal tax liability? I tried looking this up but couldn't find a clear-cut answer, as the plethora of deductions convolute this entire issue.

 

[iwatson]

A three-year-old used i-MiEV with relatively few miles and under $10K seems to me should be affordable by a significant 'non-rich' segment of the population? Include the low operating cost and 'affordability' only gets better.

This is how we bought ours and we are not rich! We are lower middle class. We saw that the fuel savings and low maintenance would offset the purchase price quite easily within 6-7 years. So if our i-miev lasts longer than that it paid for itself, if not then we come out on the losing end of the equation. In our calculations we're not counting on the car to have any residual value, believing that advances in design and batteries will kill any chances to sell it for any significant amount. Basically after 6-7 years we can throw it away (if necessary), sell it for a few bucks or if it's still providing good reliable service and we're still content with the unusual design, we can continue to drive it longer. The longer we go over the target life, the more we save!

Doubtful if many people consider operating costs when looking to purchase a vehicle. Everyone seems to be hung up on stylish nameplates or what cars look pretty or having lots of room and leather seats and lots of tech! We all know that the i-miev has none of these things and I think that's why it sells so poorly. It is a perfect car for those on a tight budget, trying to save some money but the less affluent want to buy the stylish luxo-cruisers to make themselves believe they are rich!

BTW: If anyone is reading this in Tennessee, you should know that the Tennessee legislature just passed a bill which allows a $2500 rebate on a BEV (i-miev qualifies) or a $1500 rebate on a PHEV(such as Chevy Volt). The dealer has to apply for the credit from the state. There is also the $7500 federal tax credit but beware the lower earners/taxpayers may not qualify for the full credit based on your income and tax liability.

Problem is (In Tennessee) Good luck finding a dealer that has a new i-miev in stock! At Gossett Mitsubishi in Memphis they will only order it if you want one. Hallmark Mitsubishi in Nashville doesn't have any in stock either. Don't know about east Tennessee!

 

[PV1]

I agree that the i-MiEV is the least expensive to purchase and operate. The only thing that may keep it from being the cheapest car overall are expensive replacement parts. Regardless, there isn't much to go wrong with the i-MiEV, and the slight efficiency difference between it and the LEAF won't make up the difference in the price tag for the LEAF to come out on top.

On a separate note, why do people think we only buy hybrid or electric cars to save money? While that is (usually) a big factor in the decision, it isn't the only one. I usually retort with, "What's the payback on a gas car?" People just give me a weird look. :lol: Even if it were more expensive, I'd still drive the i-MiEV. It is overall the best car I've driven.

 

[tigger19687]

This is how we bought ours and we are not rich! We are lower middle class. We saw that the fuel savings and low maintenance would offset the purchase price quite easily within 6-7 years. So if our i-miev lasts longer than that it paid for itself, if not then we come out on the losing end of the equation. In our calculations we're not counting on the car to have any residual value, believing that advances in design and batteries will kill any chances to sell it for any significant amount. Basically after 6-7 years we can throw it away (if necessary), sell it for a few bucks or if it's still providing good reliable service and we're still content with the unusual design, we can continue to drive it longer. The longer we go over the target life, the more we save!

Doubtful if many people consider operating costs when looking to purchase a vehicle.

This is exactly why I bought mine Used. Great price. I was spending about $300 a MONTH in Diesel, I bought my 'i' for $8600, so in 2.something years it will have paid for itself. I bought it to use n my 16 mile round trip work car.
With having almost NO maintenance, I will be ahead of myself.
Now I try to find things to go to so I can drive around.

I already hit all the local chargers (there are not that many), and posted info on them on PlugShare.

 

[Phximiev]

The tight buget point is quite valid when you also consider the repair costs that you avoid. For instance, in 2014, we spent over $8,000 in gas, oil changes, and repairs to our 2006 Dodge Caravan. We were spending $250-$300 per month in gas alone. The two combined was frankly appalling and distressing.

This year, since buying our iMiev, we have spent less than $1,000 in repairs to the van and not more than $200 on gas. We expect to defer any more major repairs to the van for some time. We spend an additional $100 or so per month on insurance and electricity, but the economics, ROI, and short breakeven are obvious with our iMiev, which we bought for $10K and miles of 2,342 or so.

We unfortunately still need the van for longer trips, trips with friends, and for hauling stuff. Otherwise, we would dump the damn thing. If something electric with a decent range (and cost) comes along to replace it, it will disappear in an instant (or if we can find a way to complete those tasks without the van that is cost justified).

We also just feel better about having an electric car and not buying or burning gas. ;-)

To further this point about the least expensive cars, I am just amazed at the low prices of low mileage iMievs on the autotrader, ebay, and cars.com apps./sites Without having all of the background data, but believing and echoing others that they are mostly former leased vehicles that are coming back to the market, we would expect the market of inexpensive electric cars to continue or get even better. The same appears to be true with Leafs and other 'lectrics'.

This means that there will be more 'lectrics' available for those who cannot afford the purchase of a new vehicle, a result that we heartily agree with. It will only get better.

 

[jray3]

since buying our iMiev, we have spent less than $1,000 in repairs to the van and not more than $200 on gas. We expect to defer any more major repairs to the van for some time. We spend an additional $100 or so per month on insurance and electricity, but the economics, ROI, and short breakeven are obvious with our iMiev, which we bought for $10K and miles of 2,342 or so.

We unfortunately still need the van for longer trips, trips with friends, and for hauling stuff. Otherwise, we would dump the damn thing. If something electric with a decent range (and cost) comes along to replace it, it will disappear in an instant .

Amen, brother! We have regular grandparental visitations for weeks at a time, during which our van makes a lot of six person trips. Our van is about to roll past 200,000, and if a Voltec minivan were available, I'd be on it in a jiffy. The PHEV Outlander won't quite fill that role, so right now, the only 6+ passenger alt fuel vehicle seems to be a Tesla Model S with the rumble seats. Hard to justify that kinda bank to replace a van with 100% uptime but a book value of $2k!

 

[davidricardo86]

If I really needed it, I'd buy a second i-MiEV. I fully enjoy how inexpensive it is to operate. It truly is a car or low-income folk such as myself. I'm on $9.50/hr and I can afford it. Hopefully that will change in the near future.

 

[jray3]

If I really needed it, I'd buy a second i-MiEV. I fully enjoy how inexpensive it is to operate. It truly is a car or low-income folk such as myself. I'm on $9.50/hr and I can afford it. Hopefully that will change in the near future.

dittos to davidricardo86. Most all of us have spent time at that end of the pay scale, but with continued wise economic choices like an undervalued i-MiEV, I'm sure you'll be climbing that economic ladder quickly! I hope that more folks of limited means will see the sense of an i-MiEV. There are efforts underway around the Puget Sound to ensure EV charging access at apartment complexes and in areas of on-street parking.

Automotive thrift was a good lesson from my old man. Back during Jr High when we had a Dodge and a Pontiac in a neighborhood full of Mercedes and Cadillac and some kids tried to rub that in on me, he showed me how our house was going up in value, while the fancy cars lost a lot more value than basic transportation did...

unFortunately, that logic doesn't seem to apply to TESLA... Were I not a stockholder, I'd love for those cars to be undervalued!!!!

 

[Lithim]

Federal tax credit.
I think the tax credit is a good approach rather than a rebate. However, what need to change is to allow the credit to be used over multiple tax years. In IRS language, allow the credit to be carried forward to future years until the entire amount is used up. That way a person who may not have a tax liability of $7500 in one year can still fully benefit.
This may be all mute if the credit expires in 2016. If it does continue we need to contact our representatives and change the carry forward rule.

2012, silver ES with QC
18400 + miles

 

[Phximiev]

Said bye, today, to the Dodge Grand Caravan, 145k miles at 15 mpg. What a relief, 9 years of gas, oil leaks, maintenance/repairs.

Now all we own is the 'Miev.

 

[PV1]

Congrats on leaving the ICE age :lol: .

Don't forget to update your signature.

 

[GMoney]

I live in Orange County CA and the most amazing thing about this car that you can't quantify a value is the CARPOOL Sticker. I save 30-60 min a day driving to work!

The iMiev is the cheapest car to own that get's you in the carpool lane!

 

[JoeS]

...The iMiev is the cheapest car to own that get's you in the carpool lane!

The i-MiEV is THE cheapest car to own AND it gets you in the carpool lane as a bonus, never forgetting that it has ZERO EMISSIONS :!: :mrgreen: