EV running costs
Our golden rule at generalQ is an EV should not cost more to run than a hybrid, petrol, or diesel vehicle - environmental ambitions should go hand in hand with commercial viability, and they do when it comes to EVs.
There's a lot to consider when comparing EVs to petrol or diesel vehicles, and you should compare.
What's the same:
Rego and WOF: Unavoidable, and identical across vehicles. The first three years of WOF are exempt for all new vehicles.
Insurance: Again a must have, and is based on a number of factors. EVs should have the same price range for insurance, if insured at a similar risk level.
Maintenance: Although consumer advertising suggests EVs do not need regular maintenance, when commerically operated, we recommend annual or bi-annual checks and servicing, to ensure wear and tear like tyres, brake fluid, and safety are maintained. It is likely EVs will have lower maintenance costs.
Road user charges: There will be road user charges in place from April 2024, and all financial modelling should take this into account. The actual amount is subject to consultation occuring now, but to be safe, assume the current $76 per 1000km rate applied to diesel vehicles.
Depreciation: EVs are still new and there isn't a good understanding of depreciation, early indications suggest EVs depreciate the same as conventional vehicles, but this may change if EV technology improves considerably, quickly.
What's different is fuel. This is where the primary cost saving is with an EV, where the running cost is considerably lower due to the price of electricity. However, it's important to consider:
Future cost of electricity and fuel: Although we can't predict the future, it is wise to consider if locking in electricity rates for a fixed time period can provide assurance for EV costs, especially in fleet situations.
On-site vs public charging: Public charging is considerably more expensive than charging on-site, and it's important to analyse your usage patterns, where your vehicles go, and for how long, to determine your expected costs. Do your staff make it back to base every day? Are they "hot swapping" cars? Do they take it home?
Time of charging: Most power retailers offer significantly cheaper rates when charging between 9pm and 7am. Can your organisation embrace this to make use of cheaper power and reduce charging costs by up to 50%?
Sample - Cost to run
We've done some quick back of the napkin math here on some of New Zealand's most popular EVs to look at how they stack up against other popular cars. Engage with us to get a far more detailed understanding of your vehicle operating costs.