jtr1962
Storage? I am Storage!
It's actually worse than that now:Avg cost of car ownership is $10k per year? Where does that number come from? I've never come close to that number or know of anyone else that has.
What Is the Total Cost of Owning a Car? - NerdWallet
Your total car costs include a lot more than your monthly loan payment. Use NerdWallet’s cost of ownership calculator to see how much you’re really spending.
www.nerdwallet.com
The average monthly cost of owning a car has surpassed $1,000.
The figures are from AAA. A car, even a decent used one, would easily cost me over $10K. Just the insurance alone would be $5K+, given that I'd be considered a new driver. Remember you have insurance, repairs, maintenance, fuel, tickets, interest on car loans (almost nobody can afford to buy a car with cash these days). If you're in a city and don't have a driveway, add in the cost of parking, which can exceed $500 a month in NYC.
For what vehicles cost I just don't see the value. If a person's time might be valued at, say $25/hour (the average wage), that car costing them $1,000 a month would have to save 40+ hours over taking public transit/walking/biking just to break even. I'd walk 10 miles each way to work before I'd pay that kind of money. Point of fact I kind of did in the past. I used to walk both ways to the subway station each day (6 miles total) to save the double car fare. Not an issue now because double-fare zones were eliminated when we went to Metrocards.
The vast majority of vehicles, whether ICE or EV, aren't worth putting any money into once they hit a quarter million miles. Your friend more than got his money's worth with his two Priuses.Unfortunately in their situation a new battery replacement is far, far more costly compared to the value of the car so he isn't going to replace it. It's just too old with too many miles to bother.
With battery life you need to go by averages. I'm sure there are exceptions like Sed mentioned, but by and large EV batteries are lasting hundreds of thousands of miles. Some car manufacturers are saying they may well outlast the vehicle. Remember once a battery is no longer useful in a EV because the capacity drops under, say, 75% of new, it can have decades in a second life as grid storage. Eventually it'll need to be recycled of course, but by the time we have large numbers of dead EV batteries the ecosystem for that will be in place.