Car replacement analysis
I can tell you right off the bat that an electric bicycle is worth it financially speaking if it replaces a car.
If you live within 15 to 20 km from work, you can easily commute with an e-bike. I know, because I did and I live in a rainy climate.
The cost of buying and operating a car purely for commuting to work is astronomical when compared to the cost of buying and operating an electric bike.
The monthly cost for owning and operating a car:
Please note that the following figures are based on a $25,000 car with nothing down and financed at 2.99%.
Monthly car payment: $332
Monthly car insurance: $150
Monthly car repairs/maintenance: $200
Monthly gasoline cost: $100
TOTAL MONTHLY COST FOR A CAR: $782
The monthly cost for owning and operating an electric bike:
The following assumes a $4,000 purchase price plus $1,000 for biking apparel/gear financed at 2.99%. Note, it’s not usual to finance an electric bike but I did this to break down the cost by month so it’s apples to apples with comparing it to the monthly cost of a car.
Monthly payment: $66
Monthly repairs: $30 (I find to keep bikes running smoothly they need servicing once every year).
TOTAL MONTHLY COST FOR E-BIKE: $96
There you have it. The cost of owning and operating an electric bike is a fraction the cost of owning and operating a car.
One BIG assumption
The above analysis assumes you will ditch a car or go without.
If you keep your car and then buy an electric bike, you aren’t nearly as far ahead.
That said, even if you keep your car but drive much less and get a less frequent driving insurance policy, you may break even which means you get a car and an electric bike.
