Car sales may be falling, but EVs are on the rise
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.
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 |
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 |
Disclaimer
This article is over two years old, last updated on March 18, 2019. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent car loans articles.
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Product database updated 21 Apr, 2024
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