Cost savings with the Chevy Volt
Information about the Chevy Volt
The Chevy Volt is a political vehicle that is surrounded by a lot of propaganda both for and against the vehicle. The left will say that drivers get 150 miles per gallon, and the right will say that the volt is a $40,000 Chevy Cruze. The truth is that they are both right, and neither side is completely honest about the issue. This article is to give you the unbiased truth about the Chevy Volt.
The more that I look into the Chevy Volt the less I like, and I wanted to like the Chevy Volt in the beginning. I like the idea of energy independence and having America as a leader in technology. At first glance I thought that the volt would get about 30 miles of gasoline free miles on a full charge. That sounded reasonable enough. Most people could make it to work then recharge and make it home without using gasoline. Then I found out about the performance effects of cold weather and the battery loss that is caused from the use of the heater and air conditioning. For those of us in the north, any reports concerning the negative effects from cold weather and use of the heater are major problems. Once that battery is used up we are stuck with a heavier version of a Chevy Cruze that costs $40,000.
Cost Savings with the Volt
A CNN report featured a Chevy Volt owner that uses his Volt for all of his daily driving. He said that he saves $1800 a year in energy. That is his total savings taking into account the cost of electricity. Based on these figures, and a base cost of $17,000 for a Chevy Cruze, the Chevy Volt will take 12 years to pay for its cost over a Chevy Cruze. That is probably being generous since 2 gallons of gas at $4/gallon for 5 days a week only costs $2088 per year. Then factor in $40/month to charge the vehicle according to Edmonds which adds up to $480 in at home electrical costs per year, and we get $2088-$480=$1608 in gas savings per year. This means that you will have to drive your Chevy Volt a whopping 14 years to overcome the exorbitant sticker price.
Tax incentives and hidden costs
To be fair, the Chevy Volt does offer a $7500 tax rebate as well as additional rebates depending on your state. I did not take these numbers into account with my cost savings figures because there are just as many factors that will increase the cost of the Chevy Volt. The Chevy Volt requires premium gasoline which adds an extra cost to your daily driving. You will also need to add thousands of dollars to the price of your Volt if you want the special charger that will decrease your charging times at home. In addition to these costs, the $40,000 sticker price for the Volt is the base price. The actual price of the Volt can go as high as $46,000. Finally, the Volt might have to use charging stations in the future which currently charge $5 for a complete charge. If you are forced to use one of these charging stations while you are on the road your cost savings will disappeared. Factor in the cost of expensive repairs and possible battery problems, and I think that it is safe to say that you will lose money in your Chevy Volt.
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