Car sales may be falling, but EVs are on the rise



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Australians are likely to buy fewer cars in 2019, but are expected to buy more new-generation models, according to new data.

Roy Morgan Research surveys in December 2018 found that the number of respondents who planned to buy a new vehicle in the next four years was 6.0 per cent lower than in December 2017.

The surveys also found that 8.0 per cent of those who do expect to buy a vehicle will choose a hybrid – a big increase on the 0.9 per cent of buyers who chose a hybrid in 2018.

Another 2.1 per cent of respondents will choose a fully electric vehicle, which would also be a big increase on the current EV market share of 0.1 per cent

Electric vehicle running costs

While electric vehicles are better for the environment than traditional vehicles, they have significantly higher running costs, according to the RACQ:

Vehicle category Cents / km Average cost per week
Small 55.2 cents $159.21
Medium 70.1 cents $202.16
Large 86.9 cents $250.73
Electric 118.2 cents $340.85
Large prestige 141.7 cents $408.68

The RACQ averages are based on typical vehicles in various sizes, and cover the likely areas of expense such as fuel consumption and maintenance.

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Electric vehicles in Australia

There are currently seven different types of new electric vehicle on sale in Australia, according to My Electric Car:

Model Starting price
Hyundai Ioniq $49,253
Renault Zoe $53,589
Renault Kangoo $55,007
BMW i3 $74,789
Tesla Model S $115,600
Tesla Model X $127,200
Jaguar I-Pace $171,152

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Electric vehicle car loans

Here’s how much a five-year car loan would cost if you borrowed 100 per cent of the purchase price and made monthly repayments:

Model Price/loan Total repayments at 6% Total repayments at 8% Total repayments at 10%
Hyundai Ioniq $49,253 $57,132 $59,920 $62,789
Renault Zoe $53,589 $62,162 $65,196 $68,316
Renault Kangoo $55,007 $63,806 $66,921 $70,124
BMW i3 $74,789 $86,753 $90,987 $95,343
Tesla Model S $115,600 $134,092 $140,637 $147,370
Tesla Model X $127,200 $147,548 $154,749 $162,157
Jaguar I-Pace $171,152 $198,531 $208,221 $218,188
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