EVs: Cheaper to run than ever before

author-avatar By on September 13, 2021
EVs: Cheaper to run than ever before

RACQ has revealed it's cheaper than ever before to purchase an electric vehicle (EV), with the most affordable model costing $10,000 less than it did five years ago.

The 2021 Annual Vehicle Running Costs survey examined 81 popular cars on the market, and measured all expenses per month associated with normal private car ownership including loan repayments, fuel, tyres, servicing, insurance and government
charges.

The report found that the MG ZS-E is the cheapest EV on the market in Queensland, costing $1,086 per month to own and run. 

The MG ZS-E was by far the cheapest EV on the market to purchase outright, at $43,990 when it arrived in Australia. 

RACQ spokesperson Lauren Ritchie said going green had never been more affordable.

"Other EV models available include the Hyundai Ioniq Elite EV at $1,207 [per month], the Mitsubishi Outlander PHEV at $1,263 and the Nissan Leaf, $1,306," Ms Ritchie said.

"An equivalent petrol-run car costs on average $195 per month less than the cheapest EV. But with more models coming onto market and more EV charging infrastructure being rolled out in Queensland, now might be the right time to consider switching.

"Those drivers who are keen to transition to lower emissions transport but are concerned about range can also consider a plug-in hybrid or hybrid option - for example a $30,000 Toyota Corolla Ascent Sport Hybrid costs $821 per month."

Ms Ritchie said the most affordable petrol-powered car in the survey was the MG3 Core costing $607 per month and the most expensive was the Nissan Y62 Patrol Ti at $2,220pm.

Top 7 EVs to Own & Run

Five are fully electric, and two are plug-in hybrid models.

Electric Vehicle Estimated on-road cost Monthly cost
MG ZS EV $43,990 $1,085.90
Hyundai Ioniq Premium Plug-In Hybrid 1.6  6sp DSG $49,199.65 $1,151.91
Hyundai Ioniq Elite EV $51,260.05 $1,207.05
Hyundai Kona Elite EV MY21 $64,550.65 $1,470.23
Mitsubishi Outlander PHEV ES 2.4 MY21 $52,055.45 $1,263.01
Hyundai Kona Elite EV MY21 $64,550.65 $1,470.23
Nissan Leaf EV $53,547.95 $1,306.21

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In the market for a new car? The table below features green car loans with some of the lowest interest rates on the market for low-emissions vehicles.


Image by Michael Marais via Unsplash

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Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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