To answer your questions, I will need some typical data for the Mitsubishi Mirage, Toyota Prius, and Tesla, including purchase prices, fuel efficiencies, maintenance costs, and electricity costs. Here's a general assumption based on commonly known facts.
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Cost Comparison Between Tesla and Prius:
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Purchase Price:
- Tesla Model 3: Approx. $40,000
- Toyota Prius: Approx. $25,000
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Fuel Efficiency:
- Prius: Approx. 50 miles per gallon (MPG)
- Tesla: Electric, with energy consumption typically calculated around 4 miles per kWh, which will vary based on charging costs.
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Gas Prices:
- Assume $4.00 per gallon.
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Electricity Costs:
- Assume $0.13 per kWh.
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Lifecycle Cost Calculation: For the Prius: \[ \text{Cost of Gas per mile} = \frac{4.00}{50} = 0.08 \text{ (cents per mile)} \] For the Tesla: \[ \text{Cost of Electricity per mile} = \frac{0.13}{4} = 0.0325 \text{ (cents per mile)} \]
To find the break-even point (where the total costs equalize), we'll set up the equation: \[ 25,000 + 0.08m = 40,000 + 0.0325m \] Solving for \( m \): \[ 25,000 + 0.08m - 0.0325m = 40,000 \] \[ 25,000 - 40,000 = 0.08m - 0.0325m \] \[ -15,000 = 0.0475m \] \[ m \approx \frac{15,000}{0.0475} \approx 315,789 \text{ miles} \]
Thus, you would have to drive roughly 315,789 miles over the lifetime of the car for it to make sense to purchase the Tesla over the Prius.
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Equal Cost Calculation Between Tesla and Honda Civic:
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Purchasing Costs:
- Tesla Model 3: Approx. $40,000
- Honda Civic: Approx. $22,000
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Civic Mileage:
- Assume 30 MPG: \[ \text{Civic:} \quad \text{Cost of Gas per mile} = \frac{4.00}{30} \approx 0.1333 \text{ (cents per mile)} \]
Let \( m \) be the number of miles driven for the total cost to be equal: \[ 22,000 + 0.1333m = 40,000 + 0.0325m \] Rearranging gives: \[ 22,000 - 40,000 = 0.0325m - 0.1333m \] \[ -18,000 = -0.1008m \] \[ m \approx \frac{18,000}{0.1008} \approx 178,571 \text{ miles} \]
Hence, you would need to drive approximately 178,571 miles for the costs of the Tesla and Honda Civic to be the same.
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Best Option for Josh Driving 250,000 Miles:
Using the earlier calculations of cost per mile:
- Honda Civic: Cost per mile = $0.1333 \[ \text{Total cost for 250,000 miles} = 22,000 + (0.1333 \times 250,000) = 22,000 + 33,325 = 55,325 \]
- Toyota Prius: Cost per mile = $0.08 \[ \text{Total cost for 250,000 miles} = 25,000 + (0.08 \times 250,000) = 25,000 + 20,000 = 45,000 \]
- Tesla: Cost per mile = $0.0325 \[ \text{Total cost for 250,000 miles} = 40,000 + (0.0325 \times 250,000) = 40,000 + 8,125 = 48,125 \]
Comparing the total costs:
- Honda Civic: $55,325
- Toyota Prius: $45,000
- Tesla: $48,125
Josh’s best option based on total lifetime cost is the Toyota Prius as it has the lowest total cost at $45,000.