Many years ago the guys on Car Talk compared lifetime car ownership costs depending on if you bought a new car every year, every 3 years, or bought used. I think used was cheapest except maybe they had one alternate called “heap” where you bought a 10 year old car and paid a lot in maintenance. I ran numbers of my own which showed you could buy a car and keep it for 10 years and it wasn’t that expensive, plus you get the joy of a new car every 10 years. 12 years ago I bought a Mazda 3 to replace my 10 year old Honda Civic. I was due to replace the Mazda in 2018, but I put unexpectedly low miles on the car, so it was only up to 50,000 or something like that and prices on new Mazda 3’s were a lot higher than when I bought mine ($22,000 instead of $18,000). If I was going to pay a bunch of money, then I had to look at more options. Plus with retirement a couple of years away, a small car might not be the best fit for me if I was going to travel a lot and/or have a second home somewhere.
If I am going to take long trips, then an electric car won’t work for me because at best they can only go a few hundred miles on a charge and the fastest chargers can do 80% full in 30 minutes. But now they are making plug-in hybrids with larger batteries that will let you run the car on battery power for 20-35 miles, which covers 95% of my trips. Essentially I could have an electric vehicle with a gas engine as backup. I found the Kia Niro, a small SUV (really more of a hatchback almost), which got amazing mileage of 50 mpg and had a new plug-in hybrid model available. I have to be careful with miles per gallon because I don’t put that many miles on a car. In fact, I have only spent $5300 on putting gas in the Mazda over 12 years and 56,000 miles. So better mileage would only reduce that number somewhat, not make it go to zero. If a hybrid could get twice the mileage of the Mazda, it might only save me $2650, so if the hybrid cost an extra $3000, I would lose money. Right now I only fill up about once a month in a car that gets 25 mpg. With a plug in hybrid, I would only need to fill up when I go out of town, which isn’t that often, maybe a few times per year.