Hyundai Iconiq Electric, Hyundai Kona Electric, Renault Zoe, Nissan Leaf, and Kia e-Niro are all cheaper than a Tesla but they still cost above $40,000 to own. However, while it comes with a higher price tag compared to cars that run on fossil fuel, EV don’t only make environmental sense but financial too – especially in the long run. There will be a significant reduction in overall running costs. Firstly, there are fewer moving parts in an EV so oil changes, fuel filters, spark plug replacements, and emission checks are things of the past. Heck even the brake pads won’t need to be replaced as frequently or at all because in an EV you simply lift your foot off the accelerator to slow down and only use the brake to come to a complete stop. Batteries only need to be replaced every 7 years! Secondly, charging your vehicle will end up costing a lot less than petrol ($0.25/kWh versus $1.42/litre). A small car will approximately need 7.5 litres to travel 100km which means you will spend $10.65 in petrol. According to Ergon Energy, it takes 18kWh to travel 100km so that adds up to $4.50. That’s more than half in savings alone! Plus your electricity bill can get cut even further with economy electricity tariffs and/or the solar power option. This makes EV a truly worthwhile investment.
For more info on EV, RenewEconomy and The Driven are co-hosting the inaugural Electric Vehicle Transition on Australia conference at UTS on August 26 and 27 which may provide very interesting insights.
Are you making the switch to electric? Share your thoughts and comments with us!