| | | Tom i asked for ChatGPT AI for one more calculation===>>
GAS MILAGE VRS EV...SHOW A formula for payback in Miles AND ELECTRIC...compare a $30,000 gas car vs. a $65,000 EV.
ChatGPT said:
ChatGPT
Here’s the formula and calculation for the payback period in miles and energy cost savings when comparing a $30,000 gas car vs. a $65,000 EV.
1. Formula for Payback in MilesThe break-even mileage is the point where the total cost savings from fuel/energy offset the extra upfront cost of the EV.
Break-even Miles=EV Cost-Gas Car Cost(Gas PriceMPG-Electricity PriceMiles per kWh)\text{Break-even Miles} = \frac{\text{EV Cost} - \text{Gas Car Cost}}{\left( \frac{\text{Gas Price}}{\text{MPG}} - \frac{\text{Electricity Price}}{\text{Miles per kWh}} \right)}Break-even Miles=(MPGGas Price?-Miles per kWhElectricity Price?)EV Cost-Gas Car Cost?Where:
- EV Cost = $65,000
- Gas Car Cost = $30,000
- MPG = Fuel efficiency of the gas car (e.g., 30 MPG)
- Gas Price = Cost per gallon (e.g., $3.50/gallon)
- Miles per kWh = Efficiency of the EV (e.g., 4 miles per kWh)
- Electricity Price = Cost per kWh (e.g., $0.15/kWh)
2. Example CalculationStep 1: Cost per mile- Gas Car Cost per Mile
$3.5030=0.1167 USD per mile\frac{\$3.50}{30} = 0.1167 \text{ USD per mile}30$3.50?=0.1167 USD per mile - EV Cost per Mile
$0.154=0.0375 USD per mile\frac{\$0.15}{4} = 0.0375 \text{ USD per mile}4$0.15?=0.0375 USD per mile - Savings per mile
0.1167-0.0375=0.0792 USD per mile0.1167 - 0.0375 = 0.0792 \text{ USD per mile}0.1167-0.0375=0.0792 USD per mile
Step 2: Break-even Mileage65,000-30,0000.0792=35,0000.0792=442,929 miles\frac{65,000 - 30,000}{0.0792} = \frac{35,000}{0.0792} = 442,929 \text{ miles}0.079265,000-30,000?=0.079235,000?=442,929 miles3. Conclusion- The EV would only break even after 442,929 miles, which is extremely high and not practical for most drivers.
- EVs still have lower maintenance costs and potential tax incentives, but fuel savings alone take too long to justify the extra $35,000 upfront.
- Gas car might be the better financial choice unless there are incentives, high gas prices, or very high mileage usage.
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