A new RAC survey has found the cost of owning and running an electric vehicle is becoming more affordable in Australia, as increasing fuel prices put more pressure on household budgets.
The 2023 Car Running Costs survey tested more than 90 popular cars across 11 categories, considering costs such as fuel, electricity, licencing and servicing.
The average weekly cost of owning and operating a vehicle in WA is now $313 a week, which is slightly cheaper than in 2022, but still nearly $100 more expensive than the average four years ago.
RAC Manager Vehicles and Fuels Alex Forrest said the survey’s cheapest car was the Kia Picanto at $162.71 a week. The Subaru Outback was the cheapest large SUV for the fifth year running, at $315.73.
“Higher fuel prices and interest rates, plus car price increases, are continuing to push costs up across most of the categories,” Mr Forrest said.
“Our survey looks past the driveaway price. For example, the Toyota Camry Hybrid came out as the cheapest in the medium car range, and even though it costs more at the dealership, it was $7 a week cheaper to own and run than the non-hybrid Camry.”
This year’s survey also looked at more electric vehicles than ever before, testing the value of 15 models including the BYD Atto 3, Tesla Model Y and Kia EV6.
One of the newcomers to the Australian market, the GWM Ora, came in cheapest – at $224.05 a week.
“Comparing that with petrol-powered small cars, the GWM Ora was the fifth cheapest amongst the popular small cars,” Mr Forrest said.
“EVs are not affected by fluctuating fuel prices, and they often cost a lot less to service. It’s important to factor in the cost of charging, but overall, the weekly cost of owning and running an EV can now be cheaper than many equivalent petrol or diesel vehicles – particularly when it comes to small and medium cars.”
Helping drive down expenses are incentives available for selected EVs, including the WA Government rebate and the Federal Fringe Benefits Tax exemption, for financing through a novated lease.
“We calculated the benefits of these incentives and found households could make serious savings over a five-year period, if they opt for an electric vehicle,” Mr Forrest said.
The Nissan Patrol V8 was again the most expensive vehicle to own and operate, coming in at $567.70 a week.
Mr Forrest said it’s also important to consider a vehicle’s safety rating, before buying.
“All car categories offer a range of options, and most are packed with safety features, but it’s worth checking the ANCAP rating to ensure you choose the safest vehicle for you and your family.”
The detailed findings are available on the RAC website.
2023 Vehicle Operating Costs – Category Winners
| Category | Vehicle | Overall Operating Cost ($ per week) | ANCAP Safety Rating |
|---|---|---|---|
| Light | Kia Picanto S 1.2 4spd Auto Hatch | $162.71 | 4 |
| Small | Toyota Corolla Ascent Sport 2.0 CVT Hatch | $215.96 | 5 |
| Medium | Toyota Camry Ascent Hybrid 2.5 CVT Sedan Hybrid | $238.28 | 5 |
| People Mover | Kia Carnival S 3.5 V6 8spd Auto | $351.93 | 5 |
| SUV Small | Hyundai Venue (base) 1.6 6spd Auto FWD | $205.63 | 4 |
| SUV Medium | Honda CR-V V1 FWD CVT Wagon | $249.23 | 5* |
| SUV Large | Subaru Outback AWD Petrol CVT Wagon | $315.73 | 5 |
| SUV All Terrain | Mitsubishi Pajero Sport GLX Diesel 4WD Auto Wagon | $356.44 | UNRATED** |
| 2wd Ute | Isuzu D-Max SX Dual Cab 1.9l Diesel Auto | $308.79 | 5 |
| 4wd Ute | GWM Cannon L Dual Cab 2.0l Diesel 8spd Auto Utility | $310.14 | 5 |
| Electric / Plug-in | GWM Ora Standard Range Hatch | $224.05 | 5 |
*Based on tests of model range Jul 2017 - Aug 2023.
**Not currently rated as of Dec 2022.
ENDS
Media Contact: Laura Gardiner, 0401 703 719 or media@rac.com.au
