ICE Vehicles vs Electric Vehicles Savings

[BabyBlade]

There's been so much going on about how EVs are the future and how EVs are cheaper to run than ICE cars because of the low maintenance cost - technically the only maintenance for an EV would be your tyres, brakes, fluids, battery and wiper blades lol - and how electricity (per km) is cheaper than fuel (per km). Our colleague Desmond takes the BMW X3 and its electric counterpart the iX3, for an apple-to-apple comparison to figure out if it's really cheaper to go electric.

Copied the table above from the article just for those who are lazy to click in but it's an interesting read so click here if you can afford the 5 minutes read. Some might also argue there are intangible costs not mentioned in the article e.g. time and inconvenience costs while waiting for your EV to charge up. EV owners will be asking everyone to look at the bigger picture - not so much about cost savings but doing our collective part to reduce emissions and help fight global climate change. The current electric cars in the market are much more expensive than ICE cars and will probably put off most car buyers from switching over (at least for now), but the early adopters will be key to driving technological advancement and improvements.

What do you think? Do you see yourself changing to an EV in the next 5 to 10 years? 

[Volvobrick]

To pay 4k for petrol means about 20k km a annual mileage. Anyone with less than this number will incur more taxes/depreciation. 

For me at most 12k km, sticking to dead dinosaur fuel. 

PS Road tax for EV will be increased too. 

[Thaiyotakamli]

My mileage low so i rather go Petrol and EV still ex

[Rickster]

49 minutes ago, BabyBlade said:

What do you think? Do you see yourself changing to an EV in the next 5 to 10 years? 

For me, as long as the price and convenience factor makes sense, why not? 

Afterall, not many would want to pay more for reduced convenience factor, right?

 

Edited November 20, 2022 by Rickster

[Carbon82]

Of all the 4 keys factors listed,

1. Annual Depreciation is heavily manipulated by the AD / seller (profit margin of iX3 is much higher than X3 after taking into consideration the VES and EEAI rebates which amount to $45K)
2. Road tax are calculated based on different formula (highly disadvantageous to EV since they need higher horsepower to offset the heavier weight due to battery pack), and not forgetting the increasing AFC, which will bring the RT of iX3 to $2,147 come Jan 2023
3. Insurance premium may come down in the next 2 - 3 years when more EVs are put on the road and claim statistics can be better established, but will also have to depend on the cost and reliability of battery pack (say damaged during an accident, or battery fire)
4. Petrol / Electricity cost is highly dependent on the owner / driver themselves. Basing on manufacturers' figure and user experience can yield totally different results, for example some may use their EV as a temp meeting room which will increase electricity bill significantly

For me, the biggest hurdles are the exorbitant road tax (I am not willing to pay extra $2K / 170% more for road tax for an EV with the same amount of horsepower of my current ride) and lack of charging facilities (btw, actual charging time may varies with the number of users sharing the same charging network). 

[Rickster]

16 minutes ago, Carbon82 said:

Of all the 4 keys factors listed,

1. Annual Depreciation is heavily manipulated by AD / seller (the profits of iX3 is much higher than X3 after taking into consideration the VES and EEAI rebates, which work out to be $45K in total)
2. Road tax are calculated based on different formula (highly disadvantageous to EV since EV need to have higher horsepower to offset the heavier weight due to battery pack), and not forgetting the increasing AFC, which will bring the RT of iX3 to $2,147 come Jan 2023
3. Insurance premium may come down in the next 2 - 3 years when more EVs are put in the road and the claim statistic can be better established, but heavily dependent on the cost and reliability of the battery pack (say damaged during an accident, or fore triggered by battery)
4. Petrol / Electricity cost is highly dependent on the owner / driver themselves. Basing on manufacturers' figure and user experience can yield totally different results, for example some may use their EV as a temp meeting room which will increase electricity bill significantly.

For me, the biggest hurdles are the exorbitant road tax (I am not willing to pay extra $2K / 170% more for road tax for an EV with the same amount of horsepower of my current ride) and lack of charging facilities (btw, actual charging time may varies with the number of users sharing the same charging network). 

For me, the single biggest turn off is the charging infrastructure, which I think will be addressed in the next 2 or 3 years.

I guess the convenience of being able to drop by a petrol station anywhere, anytime and pump up a full tank in under 3 minutes and being back on the road is a big factor. Plays a very big part in the convenience and peace (no need to even think/plan of refueling) of mind factor.

Even going into Malaysia needs planning. If it's a day trip, you wouldn't want to go in with 30% battery and going further in for a few days would need even more planning.

My next car will also very likely be an EV. No doubt EV is the future, but maybe, just not now for singapore.

Edited November 20, 2022 by Rickster

[inlinesix]

35 minutes ago, Carbon82 said:

Of all the 4 keys factors listed,

1. Annual Depreciation is heavily manipulated by the AD / seller (profit margin of iX3 is much higher than X3 after taking into consideration the VES and EEAI rebates which amount to $45K)
2. Road tax are calculated based on different formula (highly disadvantageous to EV since they need higher horsepower to offset the heavier weight due to battery pack), and not forgetting the increasing AFC, which will bring the RT of iX3 to $2,147 come Jan 2023
3. Insurance premium may come down in the next 2 - 3 years when more EVs are put on the road and claim statistics can be better established, but will also have to depend on the cost and reliability of battery pack (say damaged during an accident, or battery fire)
4. Petrol / Electricity cost is highly dependent on the owner / driver themselves. Basing on manufacturers' figure and user experience can yield totally different results, for example some may use their EV as a temp meeting room which will increase electricity bill significantly

For me, the biggest hurdles are the exorbitant road tax (I am not willing to pay extra $2K / 170% more for road tax for an EV with the same amount of horsepower of my current ride) and lack of charging facilities (btw, actual charging time may varies with the number of users sharing the same charging network). 

For your mileage, you definitely get more savings paying high road tax upfront.

The biggest mental hurdle is pay more for saving in the next 12 months.

Stationary EV consumes about 5kw/h of power.

[Inlinefour]

1 hour ago, Volvobrick said:

To pay 4k for petrol means about 20k km a annual mileage. Anyone with less than this number will incur more taxes/depreciation. 

For me at most 12k km, sticking to dead dinosaur fuel. 

PS Road tax for EV will be increased too. 

mine maximum 500km per month

 

so how huh 🙉🙊🙈

[Fitvip]

27 minutes ago, Rickster said:

For me, the single biggest turn off is the charging infrastructure, which I think will be addressed in the next 2 or 3 years.

I guess the convenience of being able to drop by a petrol station anywhere, anytime and pump up a full tank in under 3 minutes and being back on the road is a big factor. Plays a very big part in the convenience and peace (no need to even think/plan of refueling) of mind factor.

Even going into Malaysia needs planning. If it's a day trip, you wouldn't want to go in with 30% battery and going further in for a few days would need even more planning.

My next car will also very likely be an EV. No doubt EV is the future, but maybe, just not now for singapore.

That is the main point. Report says the certain petrol station is going to  incorporate charging points. How many spaces can they provide? 

A more convenient way could be battery swapping, provided all EV makers subscribe that.

On local scene, there is no guarantee that 3/4 charge sign will not be erected before the check points, like below.

 

[inlinesix]

Just now, Inlinefour said:

mine maximum 500km per month

 

so how huh 🙉🙊🙈

CMI la.

Every month needs 1.7k km to break even the difference btw road tax and fuel savings 

[Inlinefour]

1 minute ago, inlinesix said:

CMI la.

Every month needs 1.7k km to break even the difference btw road tax and fuel savings 

then ev not worth? 

how about eb? 

[inlinesix]

1 minute ago, Inlinefour said:

then ev not worth? 

how about eb? 

E-bike no idea.

[Volvobrick]

8 minutes ago, Inlinefour said:

mine maximum 500km per month

 

so how huh 🙉🙊🙈

Change to B, M, W. 

[Inlinefour]

3 minutes ago, Volvobrick said:

Change to B, M, W. 

mine low mileage

Becos

Me BMW daily 🙈🙊🙉

[Mkl22]

2 hours ago, Volvobrick said:

To pay 4k for petrol means about 20k km a annual mileage. Anyone with less than this number will incur more taxes/depreciation. 

For me at most 12k km, sticking to dead dinosaur fuel. 

PS Road tax for EV will be increased too. 

Yeah…. Since when going green is cheaper. If the manufacturer don’t ketok you. You can bet your last dollar, Ah gong here will. 
i realized that even on landed with own charger. Ah gong says must have annual checks and licensing. Sort of negates any saving by using own charger Liao. 

Edited November 20, 2022 by Mkl22

[inlinesix]

10 minutes ago, Mkl22 said:

Yeah…. Since when going green is cheaper. If the manufacturer don’t ketok you. You can bet your last dollar, Ah gong here will. 
i realized that even on landed with own charger. Ah gong says must have annual checks and licensing. Sort of negates any saving by using own charger Liao. 

Bicycle is 天下无敌

[Mkl22]

4 minutes ago, inlinesix said:

Bicycle is 天下无敌

PMD you mean. Can Chiet cars in tunnel

[Soya]

The table of comparison didn't include annual depreciation after deducting the VES ripoff......opps, i mean 'rebate' for EV 

And if one is so free to revolve their time and planning around charging their EV probably is rich enough not to bother about cost differences

Till then, dino juice for me