Despite the higher upfront price tag, a key selling point of battery-electric vehicles is cheaper running costs compared to traditional internal combustion engine counterparts.
On average, driving an EV will save you $1,600 per year. Let's take a closer look at the electricity rate from state to state.
Beyond that initial purchase price, EV ownership is significantly cheaper than owning a petrol-powered car. The most savings come in how much you'll pay to keep it mobile. Most people pay between 25 and 30 cents per kilowatt-hour of electricity at home and an electric car typically uses between 12 and 25kWh per 100km.
With the return of the full fuel excise, more Australians drivers are considering the potential cost benefits of making the switch to an electric vehicle. Our calculations show people who drive as little as 13,000 km a year could save money by ditching petrol-thirsty cars.
Plug-in hybrid electric vehicles and battery electric vehicles have a registration duty rate of 2% (compared to 4 cylinder vehicles which have a registration duty rate of 3%). Battery electric vehicles attract the lowest level of registration.
Eligibility. You do not pay FBT if you provide private use of an electric car that meets all the following conditions: the car is a zero or low emissions vehicle. the first time the car is both held and used is on or after 1 July 2022.
Prices for electricity are stable
In general, it can cost about half as much to drive an electric vehicle (EV) as an equivalent gasoline vehicle. Using national averages, EV drivers pay $1.22 to drive the same distance a conventional car could go on a gallon of gasoline.
According to a study from the U.S. Department of Energy's National Renewable Energy Laboratory and the Idaho National Laboratory, EV owners can save as much as $14,500 on fuel costs by owning an electric car for 15 years. That's almost $1,000 in savings for every year of driving.
Cost of running an electric car vs a petrol car. To many, the decision comes down to the simple matter of cost. An electric car is cheaper to run, and servicing and maintenance costs tend to be lower than for petrol cars.
Expense #3 - Power and Fuel Costs
In Australia, it costs between $0.30 to $0.60 per kWh to charge your car. This means you'd likely be paying roughly $22.45 per charge of your Atto 3 for a driving range of 345 km.
Buying an electric car can save you money in the long run, and it's worth considering if you're environmentally conscious. But they can be expensive to buy and may take some lifestyle adjustments, particularly when it comes to charging times and conserving battery power.
Considering the electricity cost of Rs 8.71 and a range rate of 7.28 km per kWh, Manu M claims that the Tata Nexon EV is giving him a charging cost of Rs 1.2 per km and an ownership cost of Rs 1.58 per km, excluding the service costs.
EV owners have experienced chronic problems with the display screens, exterior door lights, failing temperature sensors, mismatched paint, and seals and weatherstripping. It's not just that these problems occur, but that they occur at a higher rate than with conventional vehicles.
Generally, electric cars are more costly to insure than conventional vehicles. Because electric vehicles are pricier to both buy and repair, insurance providers charge their drivers more for coverage. That said, the savings you earn on gas and tax incentives might more than make up for your policy's extra cost.
Charging Speed and Time
The most common problem that electric vehicle owners complain about is the time it takes to charge the vehicle. You are likely to spend more time charging your electric car than you would filling your ICE car with fuel.
Do electric cars lose range over time? Yes, but not as much as you may think or as fast as you may fear. Under current estimates, most EV batteries will last between 15-20 years or 100,000 to 200,000 miles before they need to be replaced, it is more likely that the battery will outlast the car.
“Today, most EV batteries have a life expectancy of 15 to 20 years within the car – and a second life beyond.” It's also worth noting that EV battery technology is still evolving, so as tech develops we expect batteries' lifespan to increase – as well as becoming cheaper, smaller and even lighter.
When it comes to the cost of car batteries, electric vehicles take the trophy for the most expensive type. Depending on the make and model of your vehicle, a battery can run you between $4,000 and $20,000.
That depends. Mild-hybrid cars cost about the same to insure as a petrol or diesel, plug-in hybrid model tend to cost a bit more because their large batteries are more expensive to replace.
Average cost of an electric vehicle
EV drivers spend around 60% less on fuel than gas-burning vehicle drivers, according to a Consumer Reports Study. Over the average 200,000 mile lifespan of their vehicle, the total cost of a gas-powered car would be $94,540, while a similar EV would cost $90,160, according to CNBC.
Level 1 chargers can take 40-50 hours to charge a battery electric vehicle (BEV) from empty and 5-6 hours to charge a plug-in hybrid electric vehicle (PHEV) from empty.
There are a range of unique hurdles to EV adoption in Australia, from the lack of infrastructure in the form of public recharging stations to the limited range, higher initial price of the cars and a lack of government (at all levels) subsidies to help offset the cost.
Charging an elecric vehicle at a fast charging station
Level 3 fast Public Charging Stations usually charge about $0.30 – $0.60 per kWh.
Interstate EV travel is possible, but until the infrastructure catches up, it's far from enjoyable. We asked Hyundai Australia to help us understand a few of the driving range and charging speed inconsistencies experienced during our interstate trip.