The FI Case for Electric Vehicles | With Chris Terrell | Ep 530

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.8 • 5K Ratings

🗓️ 20 January 2025

⏱️ 73 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Chris Terrell shares his personal journey with electric vehicles (EVs) and discusses the financial implications of owning one. Highlighting key incentives like the Inflation Reduction Act and the benefits of home charging, the conversation delves into the affordability, practicality, and simplicity of EV ownership, providing insights for financial independence enthusiasts contemplating the switch to electric.

Chapters

Introduction
Host Brad and guest Chris Terrell discuss the transition from gas vehicles to electric vehicles, emphasizing the financial independence perspective.
Benefits of EVs
Chris highlights the increasing affordability of EVs, the practicality of home charging, and the advantages of a growing used car market.
The Impact of Inflation Reduction Act
Chris explains the significance of the Inflation Reduction Act and how it provides substantial tax credits for new and used EV purchases.
Cost Comparison: EV vs. Gas
In-depth analysis of the total cost of ownership, showcasing the long-term savings on fuel and maintenance.
Charging Options
Discussion on the various charging methods for EVs, including level one and level two charging, and their impact on daily use.

Key Takeaways:

EV Affordability: The market for EVs has become more accessible; prices are declining with incentives, making EVs a viable option for many.
Inflation Reduction Act: Offers up to $7,500 in rebates for new EVs and $4,000 for qualifying used EVs, significantly reducing upfront costs.
Home Charging Benefits: Charging at home can lead to savings of approximately $8,000 on fuel costs over time compared to traditional gas vehicles.
Lower Maintenance Costs: EVs generally require less maintenance, resulting in lower expected repairs and upkeep versus gas-powered vehicles.
Used EV Market Growth: With the depreciation of EVs, many used models are available at prices significantly lower than new models, sometimes under $25,000, making them eligible for the $4,000 tax credit.

Actionable Takeaways:

Consider an EV: If you can charge at home, an EV can be a smart choice financially.
Look for Used EVs: Take advantage of the growing used electric vehicle market and potential tax credits to save on purchase price.
Calculate Savings: Before making a decision, calculate potential savings on fuel and maintenance based on your driving habits.

Transcript

Click on a timestamp to play from that location

0:00.0	Hello and welcome to Choose a Phi. Today in the show, we have our good friend Chris Terrell back here on Choose a Vi. He was on episode 429 talking about five frugal hobbies and episode 439 talking about adjusting to life after Phi before you actually get there. And he's just a good friend of mine. He's a great guest and he really prepared something wonderful for us today. So this is
0:21.1	a thorough analysis of electric vehicles. Chris has actually purchased two EVs in the last
0:27.0	basically 24 months or less and he's done a real significant amount of analysis. I've seen him
0:33.0	post on Facebook. I'm friends of his obviously and he is just trying to educate people. And I think
0:38.0	that's what's so fun about our community is we have really passionate, brilliant people who
0:43.1	do the research and figure it out for themselves and then want to talk about it and bring it to
0:47.6	all of us. As we've talked about from literally episode one of Chuzafi, this is the ultimate
0:52.5	crowdsourced personal finance show, and this is the
0:54.8	perfect example of that. I think you're really going to enjoy this episode. And with that,
0:59.2	welcome to Choose That Buy.
1:07.8	Chris, my friend, it is good to see you. It's funny. I'm seeing you much more frequently recently
1:13.1	because you and I have been working out together a couple times a week, which has been a lot of fun.
1:17.4	It's been fantastic, although I am quite sore from this on more than that occasion.
1:22.5	Yeah, a couple times. But yeah, it's been fun. Obviously, I had Dean Turner on the podcast a couple
1:27.1	times now, and I've just talked so highly about this program. And it was cool that, you know, we connected about it and just decided to work out together and makes it a heck of a lot more fun. I've talked about how I just walk around the gym for an hour, essentially, and work out for 15 minutes. But now I get to chat with you every time. So it's pretty darn cool. Yeah, I
1:44.9	know we're not talking about strength training today, but I'm just going to pile on to the,
1:50.2	yes, this is something that you need to be doing. And you and I have a little bit of an age
1:54.7	difference. I'm in my late 50s now, and I think it's even more important to do it as you age
2:00.2	to keep up with your health.
2:02.0	Yeah, wholeheartedly agree.
2:03.4	So, yeah, that'll be another talk show for sure.
2:06.1	But yeah, so today we're talking about cars and specifically electric vehicles, which I know you have jumped into.
	...

Transcript will be available on the free plan in -25 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Brad Barrett | Choose FI Media, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Brad Barrett | Choose FI Media and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.