I consider myself lucky to have been one of only 450 drivers of a 100% electric MINI E for the past 8 months. It’s been a fantastic experience – I get to drive a peppy sports car, I prevent thousands of pounds of CO2 from entering the atmosphere, and I have a front-row seat on the pros and cons of using electricity to fuel an automobile, which satisfies my curious nature.
It hasn’t been without its costs however. The MINI E is a crash program – which means they took a base-model MINI, ripped out the backseats and tossed a huge battery pack in it’s place. That’s fine for doing a real-world test of how consumers would use and experience an all-electric car, but it isn’t how you’d design such a car from the ground up. As a result I have only 2 seats, almost no “extra’s” (I miss cruise control and a built-in nav system most), I need to maintain my gas car in case this pioneer-mobile develops a busted flux capacitor (or I need a back seat), and yet I’m paying $800/month to lease it.
Why the high cost? It isn’t the profit motive – an engineer at BMW told me early on that the battery pack alone cost $40,000, and that they’d still be losing money on each lease even at this rate. The fact is, electrical cars still cost significantly more than gas cars. And that’s not surprising, given that gas cars have had years of manufacturing efficiencies built in. So I knew I’d be paying a premium, and they were clear from the start that we were “pioneers” here on the experience – I have not complaints, either on the finances or the use.
But BMW/MINI has now offered to extend our lease for another year, and that has caused me to question the value of an all-electric car – and this car in particular – in a way I hadn’t before.
Here’s the deal: for a reduced rate of $600/month, I can keep driving MINI E #217 for another 12 months. That’d give me about 20,000 miles – and at my current electrical rates that would mean I’d save about a dime for each of those miles in fuel costs. So in exchange for $7,200 in cash, I’d save $2,000 in fuel charges and about $400 in oil change/maintenance costs. Those numbers don’t add up.
If I were able to own the car, I could easily swallow the premium cost of an electric car. But in the lease model, I’d be paying that difference for nothing more than…my earnest desire to do good for the planet. Fact is, I could spend that $4,500 on plenty of other worthy causes, and even save some more $ to buy an electric car (Tesla S, Fiskar, Chevy Volt…they are a comin’).
As much as I love this car, and have really enjoyed this experience, I think I’ll close this chapter in June when this lease is done. I still have a few more weeks to make up my mind, but as of now I just don’t think the price is right for this particular electric car.