The RACV Motoring Club, in partnership with RACQ, has released its 2023 Annual Cost of Ownership Report, providing valuable insight into the purchasing and operating costs of electric vehicles (EVs) in Australia. The report shows that the new GWM Ora is the most cost-effective option over five years, priced at under $40,000.
Although the survey was conducted before the launch of the new MG4 and the upcoming BYD Dolphin, both of which are in the same price range as the GWM Ora, the report finds the GWM Ora to be the current winner in terms of affordability.
The report also includes a breakdown of the five-year total cost for popular electric models based on driving 15,000 kilometers per year. Notable models and their corresponding costs include:
Tesla Model Y RWD: $96,598
Tesla Model 3 RWD: $85,399
WORLD Atto 3: $69,240
Polestar 2: $106,622
MG ZS EV: $61,825
– Hyundai Ioniq 5: $105,902
– Kia EV6 RWD: $106,268
The Tesla Model Y, Australia’s most popular electric vehicle in 2023, would cost an average of $1,609.97 per month over five years, for a total of $96,598. This includes loan payments, registration and insurance, loading, maintenance and tires.
As for fuel costs, the report highlights that the monthly cost for the Model Y is $55.17 for a 15,000 km trip per year. This value is significantly lower than the fuel cost of $181.80 for a similarly priced internal combustion engine (ICM) vehicle, such as the Volkswagen Passat. The lower fuel costs of electric vehicles are even more evident for owners who have rooftop solar panels, as most charging can be done at home.
Additionally, the report notes that electric vehicles have a higher residual value compared to traditional MCI vehicles. For example, while a Volkswagen Passat depreciates to $29,500 after five years, a Tesla Model Y retains its value better and depreciates to $36,200. This has a significant impact on the used car market, making electric vehicles not only a financially viable option for owners, but also a smart choice for those who want to eventually sell their vehicles.
The full report provides a comprehensive breakdown of electric vehicle ownership costs and expenses across different models, highlighting the long-term affordability and benefits of transitioning to electric vehicles.
