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Chevrolet Spark pricing gets official

Chevrolet has offered up the official pricing on its Spark EV -- the little vehicle will carry an MSRP of $27,495. Even though the outright purchase price for the Spark is $27,495, people who qualify for the $7,500 federal tax credit will be able to get that purchase price down to $19,995.
People interested in the Spark EV that live in certain areas of California could also qualify for up to an additional $2,500 off purchase price.
Chevrolet is also offering a very attractive lease option for the small electric vehicle that most people will probably choose. The lease option is for 36 months at $199 per month. That lease price puts the monthly out-of-pocket cost for the Spark on par with the Nissan Leaf and the Fiat 500e. The Spark lease does require a $999 down payment, which doesn't include tax, title, registration and other dealer fees.

The EPA estimates that the driving range for the vehicle on a full charge will be 82 miles. The vehicle also uses a SAE combo charger able to recharge the battery to 80% in only 20 min.

A regular, gasoline-engined Spark has an MSRP of $12,185 and get EPA estimated 32/38 mpg (city/highway).

"The Chevrolet Spark EV is the most efficient – and now one of the most affordable - EVs you can buy" said Chris Perry, vice president, Chevrolet Marketing. "Combined with outstanding infotainment and great design, the fun-to-drive Spark EV is engineered to impress."
The Spark EV will be offered through select Chevrolet dealers in California and Oregon beginning in June of 2013.

Source: Autoblog Green

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RE: Thoughts
By Mint on 5/24/2013 4:22:07 PM , Rating: 2
While I do not disagree, the target market of this is not likely the most sophisticated people who will view the refund as an excuse to buy something else.
You're really reaching, aren't you...
Who cares about 1200/yr in fuel cost?
WTF? Did you just say that?

First of all, it's $14k for the 1LT auto model, which still isn't as well equipped as the EV. The vast majority of cars sold today are autos, whether you like it or not.

Run some car loan figures for $20k and $14k:

Then tell me with a straight face that $130/mo of gas doesn't matter.
That is a 6.7 year payback period
No it's not, because your comparing it against a poorly equipped car.

It's a 5 year payback, and even less if you include maintenance. EVs need no oil changes and have minimal brake wear due to regenerative braking.

Then, after the 5 years, the EV is worth more as well, because it keeps saving the owner money.

RE: Thoughts
By SuperFly03 on 5/24/2013 4:38:04 PM , Rating: 1
You're really reaching, aren't you...

Unfortunately, not really but a debatable point.

WTF? Did you just say that?

Yes, I did. When you compare the premium over the base, exclusive of the options they force you to buy, the cost of fuel is not significant.

If you compare the monthly payments you are ignoring the total cost and comparing on a monthly basis not a total out of pocket number which should be economic reality. Unfortunately, many in this segment take the short term approach.

As to your point about 5 yr return, you are again missing the big picture. If you break even after 5 yrs and save approximately 6k over the next five (assume the increase in insurance offsets oil changes which are cheap as crap) then ou will have made 6k on yournpurchase over 10 years. Then annualize that against the purchase price of 20k (I will give you net). That gives you a 3% return per year on your investment. Hate to tell you but that barely cracks the inflation barrier which makes the entire model total crap. Which is my whole point. The economics are not there, yet.

Now, that analysis assumes zero cost for a battery replacement within 10yrs which is conservative but reasonable based on the warranty.

RE: Thoughts
By Mint on 5/25/2013 6:24:41 AM , Rating: 2
If you compare the monthly payments you are ignoring the total cost
No, when you look at up front cost only YOU are ignoring total cost.

If you're a short term kind of guy, then you lease, and you save with the EV from the very beginning.
Then annualize that against the purchase price of 20k (I will give you net). That gives you a 3% return per year on your investment.

Your math sucks. The gas car isn't free, genius.

If you had $20k and decided not to get the EV, you can buy a $14k gas car and invest only $6k . Do you know how difficult it is to make $6k worth more than $100/mo after 10 years? You need over 20% ROI.

Even 10% is dreaming nowadays. $100/mo @ 10% nets you $20k in 10 years. $6k fixed @ 10% nets you only $15.6k in 10 years. The difference gets larger for more reasonable, lower rates.
assume the increase in insurance offsets oil changes which are cheap as crap

It's not just oil changes. It's all engine maintenance/repair plus brakes as well (regenerative braking takes away most break wear).

That plus the difference in resale value after 5 or 10 years will more than make up for the difference in insurance.

RE: Thoughts
By flyingpants1 on 5/26/2013 12:00:44 AM , Rating: 2
I dunno what kind of math you guys are doing, but $20k is $333 x 60 months, plus electricity which is almost negligible.
$14k is $233 x 60 months, plus gas which could be easily be over $100/mo depending.
So not only is there no "payback period", the EV may start putting extra money in your bank account every month from the very first day you drive it.

Compare 96 months and add more miles and more expensive gas, you can put like $12k in the bank with the EV version.

RE: Thoughts
By Mint on 5/26/2013 9:07:08 AM , Rating: 2
That's exactly what I've said repeatedly to these calculator inept fools.

If you lease, the EV is cheaper when including gas.

If you finance over 5 or more years, the EV is cheaper when including gas.

If you buy outright, with the gas car you save $6k but pay $100/mo extra for the life of the car. Nobody can get that rate of return on a $6k investment.

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