RACQ Vehicle Operating Costs 2023
Read full report Integrated EV report
The Club’s 2023 Vehicle Operating Costs report found increased competition and government incentives have significantly driven down the cost of owning Electric Vehicles (EVs) in Queensland, making them cheaper than some of their petrol counterparts.
RACQ’s Motoring Editor Ged Bulmer said in the popular medium SUV category, an EV was cheaper than nearly all the internal combustion powered counterparts in its class.
“The BYD Atto 3 was the third cheapest out of a group of 13 medium SUVs on the Australian market, costing $1,154 per month to own and operate over a five-year loan,” Mr Bulmer said.
“We’ve come from only having expensive European EVs on the market, to now having much more competitively priced models, with even more heading our way in the months ahead.
“EVs tend to have lower servicing costs and with record-high fuel prices, the overall ownership costs of some EVs have come down over the past 12 months.”
June sales figures show battery electric vehicles accounted for 8.8% of monthly sales and 7.4% of all new vehicle sales in the first half of 2023.
Some of the most affordable EVs available right now are from China, which is the world’s biggest manufacturer of EVs, including new models from MG and BYD launching with sub-$40,000 recommended retail prices.
Of the cars that were available during RACQ’s survey period, the BYD Atto 3 came in at just $31 more per month more than the cheapest petrol medium SUV (the Honda CRV Wagon) but had better features as standard.
“Safer and cleaner cars should be available to everyone, not just the wealthy, and now
Queenslanders can now choose electric over petrol without being penalised on price,” Mr Bulmer said.
“With increased competition due to a recent influx of EVs onto the Australian market and boosted financial incentives from governments, we expect the ownership costs for certain electric cars to continue trending down.
“We do however need to see different EV models coming into Australia, particularly in the small vehicle, Ute, and 4WD segments, which is why the RACQ supports the Federal Government’s new vehicle Fuel Efficiency Standard.”
Mr Bulmer said if EV owners have a home solar system installed, or were purchasing their vehicle on a novated lease, their ownership costs had the potential to be even more affordable.
Related topics
-
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the PDS and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.