How to Offset Electric Vehicle Expenses Effectively (at least one way) for a 2023 Ioniq 5 SEL

Background

Curious about what costs you will run into with owning an electric vehicle? Well, here is the data to show it! Also, below you will find a unique lifestyle choice to offset the overall car cost.

In 2023, my 2009 Toyota Prius was totaled so my insurance company paid out $8000 to me. After the incident, I decided to go with the 2023 Ioniq 5 SEL. The new car ended up costing around $38500 after the manufacturer rebate and insurance payout. Below are the expenses, and the offset costs that I have documented after about two years of ownership.

Car Expenses

Here are all the “Car Expenses” I ran into:

Move to California from Massachusetts Taxes	$2200
Geico Insurance Cost 2023-2026	$800 (2023)+$3000(2024)+$3000(2025) = $6800
Cabin Air Filters 2023-2026 (~$20 each)	$100
Windshield Wipers and Fluid	$60
Battery Jumpkit – my 12V Battery died and the high voltage battery couldn’t start my car	$80
Tire Replacement – Sidewall damage because of a screw	$380
0.20/kWh at ChargePoint – Charging Cost (~$2/day) After Free Charging Ended October 2025	$60
Total A	$9780

After I purchased my car in October 2023, I drove across the country because I took a job in California. Good old California and that welcome tax…at least the weather is nice. The highest maintenance cost was getting a new tire after a random screw went into the side of the tire. The other unexpected cost would have been replacing the 12V battery, which would have been around $200. Luckily, replacing the battery was free at the dealership since it was under warranty. One thing I learned is to have a battery jumpkit on-hand. If the 12V battery is dead, the 2023 Ioniq 5 will not turn on.

Offset Costs

Ways I “Offset Cost”

Work Mileage to PA	-$600
Chose to Drive 10 days from MA to PA Work Mileage	-$2310
Free Electrify America Miles for 2 years (Used 12135kWh), slow charging puts this at ~$2400	-$7200
Living in my EV since April 2025 (~2000/mo)	-$12000
Total B	-$23110

I had the choice to reimburse mileage instead of spending company money on flights. This took a good chunk of time out of my day, but I took advantage of my free charging network. Also, I made the choice to only use the free Electrify America stations for the first two years of ownership. When I moved to California, my first apartment was a 1 bedroom for $2800 without utilities included. In April 2025, I decided to go full time car camping to offset the cost of rent. I will continue this lifestyle until at least April 2026.

Total Cost of Ownership (TCO) Breakdown

Cost of Ownership Breakdown

Total A + Total B	-$13330
Value of Car + Total A + Total B	$25170
Carmax Valuation on October 19 2025 of my 2023 SEL Ioniq 5 with 41000 miles	$21500
Overall October 2025 TCO	$3670

The October 2025 TCO is positive, meaning that the car has depreciated more over the time of ownership.

The TCO will eventually be negative assuming:

No major upkeep expenses
Continue living in my car until ~February 2026

***this does not account for my “covert car camping” buildout which comes to about $2500, but these are also items I use in my personal life

Estimated April 2026 TCO

Overall October 2025 TCO	$3670
Carmax Estimated Depreciation (~$800/mo)	$4800
Car Insurance	$1500
Charging Cost (~$2/day)	$360
Potential Rent ($2000/mo)	-$12000
Estimated April 2026 TCO	-$1670

By April 2026, the TCO is negative, meaning that I made it past the break even point of car ownership.

Final Thoughts

The most effective way to offset the my ownership was by car camping and choosing to not rent a home. The minimalist lifestyle fit and the weather in Southern California made car camping an easy choice for me. While car camping is not be for everyone, it is one way to offset your Total Cost of Ownership (TCO).

If you have any other ideas, comments, or shared experiences – please comment below!

Simply Minimalist

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