Hubs and I are considering buying a Chevy Volt to replace our Mini Cooper, partly because he can charge it for free at work. THAT MEANS FEWER GAS BILLS! It’s a big decision and one I am still hashing through, so of course I want your opinion.
Should we buy a Chevy Volt?
Pros of buying a Chevy Volt
- We can charge it for free at Hubs’ work, a perk of working at a smart grid company. That would save us $980 per year in fuel.
- The monthly payment would be $439 with 0 percent interest for 72 months, at which point we would pay off the car in full to avoid paying interest.
- Or we could use our savings to pay for the $31,645 Volt outright. That price includes a $7,500 federal tax credit. (If paying for a car in full comes as a surprise to you, we save 26% of our income.)
- The Volt is bigger than the Mini, so all three of us could fit in it comfortably.
- The Volt has a lot of features that the Mini lacks, like a touch screen information system, a remote vehicle starter, and Bluetooth.
- The Mini is 10 years old and has 114,000 miles. It drives nicely but is starting to look a tad beat up. Would be fun to have a new car.
Cons of buying a Chevy Volt
- The 2013 Volt costs $31,645, including the federal tax credit of $7,500.
- The Volt only gets 38 miles to a charge before the gas engine kicks in. (The total range on one tank and one charge is 380 miles). Hubs can charge the car for free at work to cover the drive home, but for the drive into work we’d have to charge it at home on our tab or pay for the gas.
- Our Mini Cooper is paid off and only requires oil changes every 15,000 miles and maintenance when something breaks. Hubs often repairs the car, saving us a ton.
- Our car insurance would go up.
- Unclear how much maintenance the Volt will need. If it does break, we’d have to take it to the dealer because what other mechanics know the car well enough? Years ago readers helped me avoid a $4,500 dealer car repair bill, an option we won’t have with the Volt.
- Resale value is totally untested. Worse case scenario, we drive it into the ground or sell the Volt at a loss.
- We can all fit in the Volt, but the trunk is too small for road trips. So it would really just be a commuting car and around town car, like the Mini is now.
Now I’m thinking that the Nissan Leaf may be a better car for us, or even the plug-in Prius.
Sarah says
If you are a one car household a prius or plug in prius would be a much better choice, because the Volt isn’t that great of a hybrid. My husband and I have a prius and a nissan leaf, and we love the leaf. However, the leaf isn’t a great option if you want to take a roadtrip yet. But if you take only a few long trips a year and don’t mind renting a car for those trips it is fantastic!
Bargain Babe says
@Sarah You guys have a Prius and a Leaf? How eco-friendly of you! We are a two car household, so the hybrid/electric car doesn’t have to be our roadtrip car. But it would be nice if we could all fit comfortably in it for trips up to an hour. I may well blog about the Nissan Leaf and would love to know more about your experience with it. What do you love most about it? What would you change? How long have you owned the Leaf?
Sarah says
Yup! We have had a 2012 leaf since December of 2011. It is supposed to go 100 miles on a charge, but the most we have done is 62 with 4 adults in the car. The 2013 model has better efficiency.
We are actually in the process of getting a lease on a 2013 leaf, because since the technology is improving so quickly it seems to actually be more economical to take an extremely low cost lease instead of purchasing and finding out that the next year’s model has improved significantly!
LOVE THIS CAR. No gas stations and charging at home is so cheap and easy! We figure it costs about 6 cents/mile to fuel our prius, and only 3 cents/mile in the leaf.
Way to much to talk about in one reply. Feel free to email if you want to chat more!
Bargain Babe says
@Sarah Wow, I’m so enticed by your comment to find out more about the Leaf! While I’m not a fan of buying brand new cars, we’d probably buy the 2013 model if it is such an improvement over 2012, as you say. Maybe Hubs and I will test drive it this weekend?!
How long does it take to charge? Do you have a special charging station at home, or do you plug it into a regular outlet?
Thanks!
Michelle Ventresca says
I’m not going for the electric car until it is perfected and more mechanics know how to fix them when they break down. And, I want something that I can take on a road trip longer than an hour if I want to! I wonder what happens when we have a blackout or something like that – I’m just going for survival mode. My husband wants me to get a 4 wheel drive, but I told him most of those are gas guzzlers, and in the current economy we’d have to eat ketchup for a long time!
Bargain Babe says
@Michelle In LA, an electric car that can’t drive more than an hour on a single charge is not practical. Hello? Traffic! But to be fair, the Volt can go about 380 miles on a single charge + tank of gas. So it’s not like you’ll get stuck anywhere (unless you are the type to run out of gas).
I am interested in either 4WD or AWD, but it didn’t take much research to realize that mid-20s was the best mpg I was going to get. My one requirement for a new car is that it gets AT LEAST 30 mpg. In this day an age, that seems pretty low, really! I do recall that the Toyota Highlander was a nice 4WD/AWD choice because there is a hybrid model and it seats 7 (I think). Downside is it is very expensive!
The Unethical Man says
I, too, would like to lessen my dependence on gasoline. My mother loves her Prius for the most part, but she did point out that when one of her headlights died, the bill to replace the entire unit (apparently they cannot just replace the bulb) was well over $300! So that is another thing to consider with these electric / gas hybrids. For me, the key to purchasing a hybrid vehicle or an all-electric vehicle is the total range I can get in a single charge, since charging a car’s battery takes hours. I’d like the car to be able to travel at least 300-miles before refueling / recharging. I drive a 2006 model Honda Civic LX. The car is rated at getting 26mpg city / 34mpg hwy. In 2006, I spent a total of $960.48 on gas. In 2007, it was $818.57. In 2008, it was $1,612.85. In 2009, it was $1,311.97. In 2010, it was $1,512.23. In 2011, it was $1,845.60. In 2012, it was $2,028.63. And so far this year, I have spent $659.95. So in the last 7.5 years of owning this car, I have spent a grand total of $10,750.28 for an average cost of $1,433.37 per year in gas. Any practical and reliable real-world technology that can reduce this unavoidable cost, for me, is something I would want.
Sarah says
The headlights have nothing to do with the fact that it is a hybrid. HID lights, which are included with many types of cars, are just expensive to replace. Upgrade to LED and you will never have to worry about it again!
Diane says
@Sarah ~ You must have been listening to my husband say the same thing at dinner the other night when I told him about The Unethical Man’s comment. 🙂
Bargain Babe says
@The Unethical Man I’m amazed that you have your total gas spending by ear on hand. Kudos to you for watching your spending! I wonder why you haven’t invested in a hybrid, though. You can calculate how much gas savings per year you’d expect, and how long it would take to amortize the cost of the car because of those savings.
Or perhaps you, like me, are hesitant to invest in a new car, albeit one that is more efficient, simply because right now it costs more per month to own than an older car that is 100% paid off. Am I right?
Karen says
I don’t own these kind of vehicles but I am open to the idea. I read a short column the other day about the cost of battery replacement. So you need to take that in to consideration as well I ‘m betting costs vary between manufacturers. The cost ran into the thousands with installation (also in the thousands) on top of that. The upside was that these batteries have a life of between 7 & 10 years. But that varies too.
Bargain Babe says
@Karen I agree, it’s important to know about the lifespan of all your car’s parts. But with any car, parts wear out…clutch, brake pads, drive train, transmission, etc. So just because you may have to replace a hybrid’s battery doesn’t mean the maintenance is going to be any more than another car.
Diane says
OK, BB, we need to have a little chat–just the two of us. 🙂 The “pros” and “cons” you’ve listed are all well and good. But there’s something else rather vital to consider besides $: SAFETY. This is even more important than being frugal! What is your family’s (and your) life and health worth to you? While I think they are very cute, your Mini is an example. My recollection is you’ve had it for several years, having bought it used. But safe they’re not, so I’m pretty sure you didn’t check that out at the time. I hope you don’t drive with Lucy in that vehicle!
How does the Volt rate in the safety tests performed by the National Highway Traffic Safety Administration (http://www.nhtsa.gov/), Insurance Institute for Highway Safety (http://www.iihs.org/ratings/default.aspx), and Consumer Reports research? This should be a vital part of your research. (While you’re at it, how does your Mini rate?)
Back to the financial aspect, you mentioned “free electricity.” Obviously, SOMEONE is paying for it. I trust this has the blessings of your husband’s employer.
Well, BB, I’m glad we had this little chat.
Bargain Babe says
@Diane Thanks for your concern about the safety of me and my family. I may well add safety ratings to future posts on cars.
As for the free electricity, I’m surprised you would imply that we would steal electricity. As I said, it’s a perk of working at that particular company. All employees with electric cars are allowed to plug in at work. The company paid for the charging station and pays for the electricity used. Pretty nice perk if you ask me!
Diane says
@BB ~ Apologies–I must have read that pro too fast–or my memory is going, possibly from gasoline fumes. 🙂 I agree that it’s a very nice perk. I’m glad you took my comments about safety as I’d intended them. This should be a vital concern for all.
Bargain Babe says
@Diane No harm done. I suffer from a poor memory too! Not sure if I can blame it on motherhood, genetics, or my own sloppiness.
Jenny @ Frugal Guru Guide says
Financially speaking, it is VERY unlikely to be a good decision, especially compared to just keeping the Mini Cooper. The battery pack is only expected to last about 100,000 miles, and replacing it with a new one costs $15k. At that rate, you’re really prepaying your fuel rather than avoiding fuel costs….
Ron says
We’ve recently purchased a 2014 Volt. The drive profile that we have to and from works allows us to go there, do some errands, return home and not use any petrol. So, it works for us. We looked at other sedans and all were comparable in features, other than the pure “eff you gas station” element that all other vehicles in the price range do not have. The plus for us with the volt is that we can go anywhere we want with it and still beat the fuel mileage that non electrics get! No need for a second car. Besides, the car is smooth, roomy, and down right fun to drive. We also looked at the consumer reports on the vehicle. It’s rated top in all categories, and only comes in second to the 80,000.00 dollar Tesla! With the rebates we received for the car and the 240v charging station, we took the plunge. The warranty that they offer with it shows how they are standing behind this product. With all the factors mentioned the warranty was the tipping point in the decision to go ahead and purchase this vehicle. We’ll see….
Glen says
So this is a necro post but I was researching volts and found this. I bought a used one for 15K (as they are coming off lease the 2012-2013 models). I got a 2013 under 36K so I could buy the GMPP extended warranty (GM factory warranty). That cost me another 1100. Here is my driving. I drive 39 miles one way to work. My work, like BB’s husband offers free 240V charging stations for electric drivers. So my weekly communte nets me ZERO gas costs (78 miles a day). I am only paying for charging overnight..which so far has maybe cost me 3-4 dollars a day. Previously I had a 30 MPG car, That cost me about 200 dollars a month, I now pay 80 dollars a month in electric. Weekends if my spouse is working I rarely go anywhere unless i have a shopping list or something. That is well under 39 miles so my overnight fri-sat charge covers me. Sundays we take mom out to dinner, again nothing out of that 40 ish mile range. So even with my 78 mile a day commute I am using almost no gas. Sometimes with traffic the engine will fire up and when I go visit family it does on my 200 mile drive, but literally I use almost no gas. It is insane how much money we save not using gas. You just don’t realize it.
Bargain Babe says
@Glen That is fantastic! The Chevy Volt is really working for you. I’m so glad you’re saving a ton of money each month – $110 – and you’re driving only when you need to. Win – win!
Infinity says
I think it’s a good car. If you need charging or ev charging cable for it, then go to the site and choose the right cable.
Henry says
If you have a one-car/vehicles household, opting for a Prius or a plug-in Prius would be a more suitable choice compared to the Volt, as the Volt doesn’t excel as a hybrid. In our case, my husband and I own a Prius and a Nissan Leaf, and we are fond of the Leaf. However, if you’re looking to embark on road trips, the Leaf may not be the best option just yet. Nevertheless, if you only take a few long trips annually and are open to renting a car for those occasions, the Leaf proves to be fantastic in everyday use!
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