This week, the New York Times offered the key data points for car buyers considering the choice between the Government Motors’ battery car – the Chevy Volt – and your run-of-the-mill fuel efficient gas-powered car:
The [Chevy] Volt, which cost nearly $40,000 before a $7,500 federal tax credit, could take up to 27 years to pay off versus a Chevrolet Cruze, assuming it was regularly driven farther than its battery-only range allows. The payback time could drop to about eight years if gas cost $5 a gallon and the driver remained exclusively on battery power.
The Lundberg Survey, which tracks fuel prices, said in March that gas prices would need to reach $12.50 a gallon for the Volt to make sense purely on financial terms.
Barack Obama driving the flagship car of his new Government Motors.
Of course, these calculations do not include the fact that you will need to replace the $25,000 battery pack long before you would reach break even on the cost of the original car. Ah, the unintended consequences of socialism.