How much does it cost to run an EV? Tyres, Insurance, Servicing, RESALE? | The CarExpert Podcast

You based the 3 evs on 30 klm around town and plugging in at home the toyota can do 67 klm on hybrid with no plug in power and fuel is hardly used .Travel to Sydney and give proper electric charge prices

EV will have their time under the sun, probably another at least 5 years due to constant battery chemistry evolution, reason i purchased toyota hybrid, which is fantastic

Problem being, idiots like me can't absorb all the details guys.

You can't assume insurance companies will give you agreed value at list price .I could only get an aggreed value at purchase price for my ford Everest from RAC , the next best value was $15000 less from the other companies.

Tesla model Y, insurance $1k, rego $650, tyres and servicing $0 so far after almost 2 years. Tyres look new still. Electricity close to $0 using electricity retailer Ovo's FREE power window!

You forgot to mention that the more km you do the cheaper the EV gets - if you can still charge at home for cheap.

You also forgot to mention that the other side of the depreciation coin is cheap second hand EVs. They all have long battery and drivetrain warranties (usually 8 years), so the concern about battery tech is just typical journo FUD.

Incidently, lots of car brands advertising on CarExpert! But not Tesla. You guys should have to put the companies that sponsor you on your shirt like racecar drivers!

The Kia a ‘sensible family sized car’. Get out of it - it is an expensive monster of a thing.

I don’t agree with Paul about the novated lease issues. All cars depreciate some makes worse than others. The savings you got from the pre tax savings, running costs no Fringe benefit tax etc where if you did the same with the ICE car you would have greater running costs, had to pay the fringe benefit tax more servicing costs. I bet you would still be ahead with the EV.

Model 3, 30yold male NSW, $900 premium through auspost full comprehensive. $1500 excess (make it high if you don’t plan on crashing)

I own a Model Y and got quotes from all these other insurers you've tested and NRMA came out the lowest. I'm early 40's in Canberra. Renewed just last month April 2024. Base premium was about $1350.

Depreciation always the biggest cost item of a car. Would have been interesting to have included that in your total numbers. RAV4 would have been cheapest to own then.

Of course R17 tires on the basic-spec RAV are going to be cheaper than larger wheels on the EVs lol

So if we factor in depreciation and charging away from home at public chargers, EV’s appear to be a poor investment financially. Look forward to when you do a part 2 on the whole of life environmental impact of EVs which also does not paint a great picture when also compared to a Rav 4.

Geez, insurance premiums have gone absolutely bonkers of late...

My BMW 330i is far cheaper to run in all aspects. My RAA insurance ($1700 pa) means I don’t have to worry about the value of the car because if it is written off, RAA will for the life of my car, provide a brand new car of the current model as long as I keep insurance with them. Potenza RFTs are far cheaper than tyres for EVs. Fuel cost me was $1400 last year for 10,000 kms and I have just renewed my BMW service agreement for the next 5 years for $936. Depreciation on most EVs is disastrous and the unknown factor of battery life is something that will affect all EVs. Take into account the worry of public charging availability with a EV and it is a ‘no brainer’. Why would I want an EV? Paul’s example of the depreciation factor was a real eye opener. There is a huge question mark over the back up and availability of parts for many of these new EVs hitting the market. Established manufacturers selling in Australia are generally going to have the experience and excellent parts inventory.

Wow I pay $1950 for my GV80 3.5tr agreed value of $138k.

Huh? Did Ford Ranger V6 would chew through fuel compared to EV that could run on solar... wasn't factored in?

What about the intangible benefits of owning a car with the latest tech innovations in it? It is just like people pay $2k for smart phone when they can grab a similar phone from Woolies for $200. People do pay for those “Experiences”.

AAMI INSURANCE
Driver male over 60 years of age.
Not used for work.
BOTH CARS 2021. BOTH 15,000KM P/Yr
Both insured $62,600
EVEREST................TESLA MODEL 3 
Premium $1002....$1125
$123 prices difference
Minimum Excess selected in each case.
Excess$750...........$1325


Driver male over 60 years of age.
BOTH CARS 2021. BOTH 20,000KM P/Yr
Both insured $62,600
If used for 5+ days pw for work.
EVEREST................TESLA MODEL 3 
Premium $1251....$1511
$260 prices difference
Minimum Excess selected in each case.
Excess$750...........$1325 

Driver male 30 years of age.
BOTH CARS year 2021. 
BOTH 20,000KM P/Yr
Both insured sum $62,600
Driven during peak times
If used for 5+ days pw for work.
EVEREST................TESLA MODEL 3 
Premium $2031.......$2870
$839 prices difference
Minimum Excess selected in each case.
Excess$750...........$1325 

Attempted tesla insurance Australia.
Web Page crashes.

Using ovo to charge a model 3 on 3 phase. We can drive 3-4 days to work and back before battery gets down to the high 40%. We then Charge from 44% to 80% from 11am to 2pm, also heat the water, run ducted ac. It’s fantastic. Use gas stove to avoid peak tarrif rates.

Interesting. The major ‘running cost’ here appears to be depreciation rather than the fuel source (electric v petrol). Gone are the days when you could sell your car for what you bought it for Paul. By aggressively cutting prices Tesla has accelerated depreciation whereas restricting supply and long wait times for loyal buyers Toyota has slowed depreciation. Let’s how this plays out long term.

Guys great presentation as usual but quick question, why did you use last years purchase price for the Tesla & Ora when prices were artificially inflated due to availability issues but current price for the Rav 4?

With my experience in the tyre industry and hearing of the tyre wear tendencies on EV's I think factoring in 2 rotate and balances would be a good idea per annum.

I'm a bit disappointed that you didn't do a PHEV. The figures for them would be quite different.

Surely if you can get a still great tyre at a lower cost it’s worth it, even if it marginally lowers your range you still saved a lot of money on the tyres.

The new 2024 sonata review soon?? 🥹

What about insurance costs for your House Insurance? (Sorry if I missed it) but I’ve heard that if charging your EV in your home garage will dramatically increase your house insurance costs ?

I sold my hybrid RAV4 (2020 model) mid last year to get into a Model Y - my first EV. I managed to sell the RAV4 back to Toyota (not a trade in) for $4000 less than what I paid for it, with over 65,000km on it. I was really impressed with that part! Our running costs for the MY is less than what you quoted because we can charge from solar, and charge for basically free at my workplace. However as you mentioned the cost of insurance and tyres are more expensive compared to the RAV4, so it almost offsets the "fuel" savings. BUT I absolutely LOVE driving the MY, much more than the RAV4. I think the actual driving and "user" experience during car ownership should come into play, not just the financials. I've never bought a car as a financial investment to make money, I buy them to get to and from work, to use for long distance travel, and just the pure enjoyment of driving. Sometimes this costs a lot of money - but for me it's bloody worth every cent!!

The biggest shock will come in depreciation when 5 plus years old when you go to trade. Nobody will want a second-hand EV .😊

As far as I'm concerned EV,s are crap. Hybrids are the best choice in Australia.😊

Wow insurance quotes are expensive. When I do the Tesla Y for a man in his 40's, no finance, clean history and it came out at $1200 with a $800 excess. That was with Allianz.

What no PHEVs, math too hard? Oh thats right you don't talk about those!!

I agree EVs are a depreciation risk and this has been exasperated by offering rebates and discounted stamp duty on new cars and for EVs newer than June 2022 salary packaging via FBT exempt novated leases. China's capacity to undercut traditional car maker prices, their dominance in battery technology and to some extent EVs in general is also factor. It is very hard to believe though that a supply of cheap new and used EVs coming onto the market are not going to bring down the price of ICE vehicles ultimately with them. EVs will keep getting better and better, lower weight, better range, faster charging, lower battery degradation, ICE vehicle won't, there will be a tipping point where there will be little reason for the average person not to move across.

A lot of embarrassment? 🤔

jeepers !!! next time i need an omelette unscrambled ill give you lads a call
kudos, now have beer, many's

@CarExpertAus what if you did this same breakdown but for the petrol, hybrid, and electric Hyundai Kona? That would give you a far more direct comparison of costs.

Brake fluid needs to be changed every 2-3 years.

Aging brake fluid will become contaminated with water and metal particles from the parts that make up the braking system, changing the fluid will prevent corrosion and the components eventually failing.

If you don’t change the brake fluid, the moisture absorbed by the fluid builds up throughout the braking system. As the water content increases, the boiling point of the brake fluid becomes lower. This can cause excessive heating and make the fluid boil, rendering your brakes inefficient.

A brake fluid tester measures the percentage of water in the fluid and will tell you when the fluid needs to be replaced.

idk what kind of people who go buy brand new car and just to worried about resell value for a year of driving?

That was a very informative chat. I’m thinking to buy a BYD Atto 3, but the new Sealion 6 is also very impressive. What do you guys think of the PHEV technology vs EV in 5 years time? Do you think as an early adopter, should I go with EV or PHEV? I think PHEVs will be becoming obsolete soon when faster chargers and better batteries come out. Do you think they will stay in demand in 5 years time specially in Australia when they didn’t really pick up sales that much.

Model Y vs RAV vs EV9 isn't really an apple for apples comparison.. BYD Atto 3 vs RAV 4 & EV9 vs Ford Everest V6 Platinum maybe. But it would be interesting if a comparison is done say a Kona Hybrid vs Kona Electric or XC40 petrol vs XC40 BEV & over a more realistic period like 4 years factoring in the cost of finance. I would think with zero FBT liability a leased EV would be the more tax effective option.

I would be careful here guys. Sounds like most people in Australia would be better off not even buying a car. Seems like the best outcome if you add cost of the car as well is around 10K a year over 5 years. Rideshare door to door is close to $1 a km these days. Maybe more people should not bother buying a car as they dont drive far enough to justify the cost and just use public transport to save a packet or jump in an uber if they want to hob knob it. Maybe we should reduce the cars we own and do more km's in the ones that are owned. Would solve alot of problems other than just saving money.

Mascot... they most likely live in an apartment

I think the depreciation of EVs is mostly due to the consumers having experience with EVs and especially used ones don't exist yet and it will take some time. At some point there will be people on the used market that will know how to buy an EV and what to look for. This will change things a lot. Demand will inevitably increase for used EVs over time. Also the question is what will happen to oil because if we continue to socialize the real cost of burning fossil fuels then this will cost us all not l more longer

An oversized cell phone on wheels is not a car

Overall it just make sense to go BEV. Running two petrol car on a single income is a struggle.

Thanks for the great video. My two cents: market value may be a better option than agreed value, especially for new car. Most of the insurers have the new car replacement policy that is if the car is to be written off they will just give you a new car, instead of cash settlement. Even without this, market value option provides some room for bargaining. Just find some similar cars from carsales and tell the assessor that's the amount you are looking for. They usually quite good.

Agree in general to all your cost analysis. Insurance is a different case. Our 2016 Skoda Superb with all options cost and Service Plan cost us $55,000,-. Our new EV6 November 2023 (MY24) top of the line all options and service plan cost us over $100,000,-. The difference in Top Level Insurance from the same Insurer NRMA was less then $300,- more for the EV6. We pay less then 1/2 of your costs quoted due to long membership/no claim bonus etc.
One last comment: My personal believe is that an EV at this stage has to be a long term purchase. Nothing under 7 years minimum to get the true cost benefit out of it. Otherwise, a Hybrid is your better option.

Good info

I’m guessing your road maintenance tax is built into your petrol prices like it is here in NZ. Up until a few weeks ago electric cars got away with this but today they now pay a road user charge (per km traveled) because they finally realised they weren’t contributing to our roading repairs. Here in NZ I think it’s roughly $80 per 1000km and my guess is Aussie will very shortly do a similar thing to recoup some missing income for govt. Think they won’t do it? I wouldn’t hold my breath mate.
And finally, depreciation is a true cost of a car so why was this not included in your final breakdown…you have the figures for it so that should be really be included. I know it’s not what it cost to RUN, but it is the true cost of ownership

As a general rule, would you expect that if you bought a European EV you would have far cheaper servicing than with a European ICE vehicle? I've always been warned about European cars being money pits with servicing but I'm thinking they might be viable options for an EV.

Paul saying price cuts hurt consumers is peak out of touch journalism. Who sells a car after 2 years? Who leases for 2 years? Insane.