Lifecycle Cost: BEV Vs. ICEV — Pickup Truck Edition
was well received, so I thought I’d write another one, this time looking at trucks now that many OEMs are producing them — or are about to. A lifecycle cost analysis captures the full financial impact of BEVs across the vehicle’s entire lifetime for all owners. The more common 5-year comparisons are great, but they do not capture the full value of the vehicle to society.
The consulting firm Strategic Vision surveys 250,000-people yearly to understand, among other things, how people use their vehicles. In their 2019 survey, they found that a full 75% of truck owners only tow once a year or less, and nearly 70% only go off-road once a year or less. Further, 35% of truck owners report using their truck to haul stuff just once per year or less. Clearly, most truck buyers do not tow, and they really do not carry loads as much as one would think.
I should note that to fairly compare costs for the plus-50% models, I simply multiplied ICEV costs by 1.5 so that we were directly comparing costs at the end of 240,000 miles driven either way. The math for the BEVs in this model, however, is not simply 1.5 times the 10-year BEV costs, since repair costs go up substantially as vehicles age. These models, in fact, suggest BEV repairs toward the end of their 240,000-mile life increase above end-of-life ICEV repair/maintenance .
Again, as expected, increasing fuel use due to towing simply resulted in even higher savings for BEV trucks. The added savings over the baseline model this time saved an additional $7,000–$14,000.I thought I’d include a specific towing example calculating the real-world time and fuel cost/savings of our BEVs over a long day of towing.
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