Total Cost of Ownership of a Fiat 500E as a Second Car
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Total Cost of Ownership of a Fiat 500E as a Second Car
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The following is a short assessment of the cost of leasing a Fiat 500E to get from my house in Redwood Shores to work in Santa Clara in time to have a life.
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This 70 minute commute is killing me. This calculator will give me some idea how much it will cost to shorten my commute time.
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Three Year TCOFiat 500E Lease - 12K Miles a YearFiat 500E Lease - 15K Miles a YearNotes
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Operational Cost
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Down (net of State Credits)-$51.00-$51.00Pay $2450 down, and file for a $2,500 rebate from CA.
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Return Fee$495.00$495.00Return fee paid at end of the lease. Let's not worry about time value of money since it's about 0 these days.
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3 Yr Lease & Tax$5,148.00$5,508.00For 12K miles, $132.13 lease payment base, and $143 a month with taxes. $11 more a month to go with 15K miles a year.
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3 Yr Insurance$1,728.00$1,728.00Same coverage as the BMW, but a $500 deductable per lease agreement.
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Estimated Charging Cost$-$-Company offers 3 hours of charging free at work using Chargepoint. Drive the BMW everywhere but to go to and from work.
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Maintenance$-$-Maintenace included in lease.
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Parking$-$-No cost to park at home and work.
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Occassional Car Washes$360.00$360.00$10 a month.
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HOV Sticker$8.00$8.00
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3 Yr Total Fiat 500E Operational Cost
$7,688.00$7,930.00
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Gas Savings
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Miles to work, round trip32,34032,34044 miles round trip each weekday. Commute 49 weeks a year.
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Gas cost per gallon$4.00$4.00Premium gas average cost over a 3 yr period. It's $3.75 right now at ARCO.
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MPG of my BMW2121
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3 Yr Gas Savings$6,160.00$6,160.00
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Depreciation Savings on BMWCalculated by looking at the blue book values for two BMW 3 series convertibles that are currently 7 years old (the age my 4 year old car will be in 3 years), with one having 34k more miles than the other.
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7 yr old BMW with 50,000 (2008)$17,753.00$17,753.00VG, Private Party Sale
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7 yr old BMW with 82,340 (2008)$14,461.00$14,461.00VG, Private Party Sale
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Depreciation Savings on BMW$3,292.00$3,292.00
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Other Finacial Benefits
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Rental Car Savings$1,500.00$1,500.00The current lease offers a $500 per year credit on car rentals for long trips. This can be used anywhere, not just for local trips. I spend more than $500 on car rentals annually.
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Net TCO-$3,264.00-$3,022.00Currently own a 2011 BMW 3 series convertible. Reduced BMW maintenance is not accounted for here.
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Monthly TCO-$90.67-$83.94This car is "free". I can afford free.
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3 Year Time Savings (Minutes)22,05022,050Commuting 49 weeks a year. Savings 30 minutes a day. A conservative number. Do not include the cost of lost time behind the wheel.
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Time Savings a Month (Hrs)10.2110.21Hrs
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Benefits:
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Going green
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Saving time - Get my life back.
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Saving aggrevation - Going 60 mph when everyone is going 15 is pretty cool.
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Saving money.
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Risks to Consider:
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Potentially leaving current employer and not being able to use or need the electric car.
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Moving within 3 years to a place where parking isn't free.
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