Electric Cars Vs Petrol Cars: How Much Can You Save?

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Resale Price Of Conventional Cars Will Plummet

If you buy a conventional car instead, not only will you miss out on these savings, I’m certain your vehicle’s value will soon plummet as EVs destroy demand for internal combustion engine (ICE) vehicles.

Second-hand cars currently command high prices thanks to the pandemic, but the next few months may be your last chance to unload a petrol or diesel-powered car at a good price.  We’ve seen Tesla electric cars drive down the resale value of luxury cars they were competing with over the past few years.  Now the Tesla Model 3 has fallen in price and more affordable electric cars are becoming available, we’ll see the same happen with mid-range and lower cost conventional cars.  

Australians already recognize the advantages of EVs.  This CarsGuide article says the Tesla Model 3 may outsell Toyota Camry this year.  I’m tempted to buy a Tesla Model 3 myself.  The only thing holding me back is — if I buy a nice car, I’ll need a nice place to keep it and next thing you know, I’ll have spent over $200 renovating my home

Making My Own Estimate

I will estimate how much it costs to charge and service an EV driven 12,600 km per year.  This is the average for Australian passenger cars in the 2017/18 financial year.  I chose the year so the result won’t be affected by the pandemic3.  I’ll compare it to costs for the average Australian petrol-powered passenger car driven the same distance. 

To do this, I’ll need figures for…

  • The cost of electricity — both from the grid and rooftop solar panels.
  • The range an EV gains when charged with 1 kilowatt-hour of electricity.
  • Annual servicing costs. 

I’m going to assume the cost of replacing tyres is the same for both types of vehicles and ignore that expense.  I’ll also assume they don’t smack into anything and not account for crash repairs.  Another assumption is they won’t break down out of warranty and leave the owner out of pocket for repairs.  Because very little can go wrong with an electric car, this is a reasonable assumption.



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