 ### Electric Vehicle Cost Per Mile

Electric vehicles are one of the few previously “futuristic” ideas that is finally coming to fruition. While the majority of electric vehicles are still out of the price range of many Americans, there are some models of EV’s that are beginning to shift the paradigm. Two such vehicles are the Chevrolet Bolt EV and the Tesla Model 3. Both of these vehicles will soon be widely available to the public and will forever change the transportation sector. Electric vehicle gurus will often look at the following two factors to calculate the third:

• Cost of Vehicle
• Miles Per Charge
• Cost Per Mile of Range

Cost of Vehicle

The cost of both of these vehicles fall under \$40,000 which is a first for electric vehicles that have this type of range. The Chevy Bolt EV has an estimated cost of \$37,500 before incentives which can reach upwards of \$7,500 depending on the state the car is purchased. The Cost of the Tesla Model 3 is \$35,000 before incentives.

Miles Per Charge

Both of these vehicles have a single charge range of roughly 200 miles which isn’t unheard of but is unheard of at the previously mentioned price points. The fewer times the car needs to recharge, the more cost effective it is.

Cost Per Listed Mile of Range

When both up front cost and range are considered we see that the Tesla Model 3 is a bit cheaper on a cost per mile of range basis. The Model 3 is \$181 per mile of range while the Chevy Bolt EV comes in at about \$187 per mile of range. This is calculated by taking the total cost of both vehicles and dividing that amount by 200 since both vehicles can travel 200 miles on one charge.

Both the Bolt and the Model 3 are all electric and have horsepower of 200 and 258 respectively. The exact cost to travel one mile for each care is dependent on your cost of electricity. The Chevy Bolt battery holds 60 kWh meaning if the cost was 10 cents per kilowatt hour the cost of a charge would be roughly 6 dollars. Over 200 miles this equals about 3 cents per mile. A Tesla Model 3 requires around 50 kWh to fully charge so by the same calculation the cost of a full charge is 5 dollars and the cost of a single mile is about two and a half sense. While some gas powered vehicles are certainly cheaper than electric vehicles up front, the total cost of operation is far greater due to the higher cost of its fuel. Electric vehicles are certainly changing the way we look at transportation.