Expensive to buy
Price points will soon match!
The upfront costs of EVs are currently more expensive than conventional vehicles, however powering your EV is much cheaper – about 70 per cent cheaper per kilometre in fact. That means the average EV driver saves $1,600 on fuel costs each year. There are also lots of new mid-range EVs available in Australia this year. These include the MG ZS EV ($43,990), Hyundai Ioniq ($48,970), and Nissan Leaf ($49,990).
EVs are only going to become more affordable with time. According to Bloomberg, falling battery prices mean that the total ownership costs of EVs is already the same as conventional vehicles and that upfront costs will be cheaper by 2025. As competition, investment, and innovation increase, the costs of EVs will continue to fall while conventional vehicle prices stay the same.
Expensive to run
Fuel is getting more expensive!
EVs have lower running costs than internal combustion engine vehicles (ICEVs). Fewer moving parts mean that EVs require less maintenance. With an EV you don’t need to replace filters and spark plugs, change oil, or repair the transmission, head gasket or engine. In 2018, maintenance and servicing savings of an EV were estimated at $300-400AUD/year.
Contrary to a popular myth EV batteries last as long as the lifetime of your car. Battery costs are continually falling. With current forecasts: today a 40 kilowatt (kW) battery (for example like that in a Nissan Leaf) would cost around $USD 8,000 to replace, but in 2030, the same battery is expected to cost $USD 2,800. Most vehicle manufacturers offer a 10-year or 160,000km warranty on batteries.
Another massive saving from EV ownership is fuel. Battery EVs don’t need any petrol or diesel and are charged with electricity. The average Australian drives 15,000km and spends around $2,160 on petrol per year ($0.14/km). An EV traveling 15,000km would cost around $600 per year ($0.04/km) in electricity costs.
If an EV user has a solar panel, charging is free!
EVs are inferior performers
Tesla’s new model can go from 0km to 100km in 1.1 seconds!
Unlike conventional vehicles, EVs deliver full torque instantly, meaning they can accelerate much faster than equivalent combustion engine vehicles.
EVs also often have their batteries placed along the bottom of the vehicle, lowering the centre of gravity and providing better handling and cornering.