shesadreamer
New member
@scott1988 I own several Lexus and Toyotas and my parents have 2 RX350's. I call BS on spending $8500 a year on maintenance on an RX350.
Better idea to finance an electric car?$300
- Thread starter scott1988
- Start date
@shesadreamer Number includes ~$100 a week on petrol = $2800-$3300 maintenance.
A dealer service alone costs us $1000-$2000 p.a, and there’s also an under 18 driver on the insurance which drives up the cost.
A dealer service alone costs us $1000-$2000 p.a, and there’s also an under 18 driver on the insurance which drives up the cost.
shesadreamer
New member
@scott1988 Ah I see. I thought $8500 was just repairs which reminded me of the not so fun times when I had a Porsche and Audi.
@scott1988 The RACV publish an annual car running cost survey.
Many new petrol cars are still cheaper to own and run than the cheapest EV.
The advantage would be way more with an older petrol car, like your parents Lexus
You can check it out here:
https://www.racv.com.au/royalauto/transport/cars/car-running-costs-survey.html
Many new petrol cars are still cheaper to own and run than the cheapest EV.
The advantage would be way more with an older petrol car, like your parents Lexus
You can check it out here:
https://www.racv.com.au/royalauto/transport/cars/car-running-costs-survey.html
joelthebaptist
New member
@scott1988 You need to take into account depreciation, charging and charging infrastructure installation. When I did the calculations it appeared to me last year that if petrol was over $2.68/l it would make sense for me, that's not beyond the realms of possibility if we ever have a price shock.
That said it's something I'll keep looking into as second hand EV prices come down. Frankly, just from an environmental perspective, I'd like to get an EV.
If you want a cheap ride maybe try an e-bike?
That said it's something I'll keep looking into as second hand EV prices come down. Frankly, just from an environmental perspective, I'd like to get an EV.
If you want a cheap ride maybe try an e-bike?
lecraefan116
New member
@scott1988 Great idea. Best thing about it is if you live at home and mum and dad don't expect you to put in for the electricity you have no expense for running costs. Even if you put in for the electricity it's less than $10 for the equivalent of a tank of petrol to get 400km range
@scott1988 EV or not, a $30k car is not a good thing for anyone not yet established to buy.
I didn’t buy my first car worth that much until 40 when I was earning $200k. Why? Because that is opportunity cost - that money when young can be so much better spent investment or on a house deposit.
I didn’t buy my first car worth that much until 40 when I was earning $200k. Why? Because that is opportunity cost - that money when young can be so much better spent investment or on a house deposit.
@scott1988 It doesn't matter whether you're choosing or electric or not as an 18 year old kid. Don't finance 30k for a car unless you want to work for a few years getting back to square one. Buy something you can afford and worry about a nice car later. Being able to afford the repayments doesn't mean you can afford the car unless getting ahead isn't important to you
@scott1988 The lesson you need to learn is the human mind can rationalise or halicuinate ideas which seem good.
We like to justify like a chat gpt.
Stick with the boring. Now there is a riskier model of buying Toyota ravs and selling them brand new.
We like to justify like a chat gpt.
Stick with the boring. Now there is a riskier model of buying Toyota ravs and selling them brand new.
@scott1988 14% interest rate on the depreciating asset? Dude, please no. In Thailand, the car loan interest rates are around 3%. Never buy the car with finance in Australia, especially not through the dealer’s finance. They will rip you off.
Find some car you can pay in cash. If you can’t, you cannot afford it.
It seems that you like to crunch the numbers. I will do one for you. If you put in $10k initial deposit into ING saver @5.5% interest and add $699 every month, the compounding interest will give you your $40k in 3 years instead of 5 years.
Find some car you can pay in cash. If you can’t, you cannot afford it.
It seems that you like to crunch the numbers. I will do one for you. If you put in $10k initial deposit into ING saver @5.5% interest and add $699 every month, the compounding interest will give you your $40k in 3 years instead of 5 years.
@laurentia I completely understand the stupidity of financing a car at that rate, however my initial point was more so if you are instead spending monthly on repaying the car versus pouring the money into a 20 year old car to cover expenses, why wouldn’t you choose the EV as you’ll also end up saying in the long term (no petrol).
Unfortunately the whole $699 monthly contribution to an ING saver (who I’m already with btw) isn’t possible as the $699 number is the current cost of the old car. I wasn’t suggesting to just add that amount to monthly expenses - it’s what I’d already be spending if I bought this car off my parents!
Unfortunately the whole $699 monthly contribution to an ING saver (who I’m already with btw) isn’t possible as the $699 number is the current cost of the old car. I wasn’t suggesting to just add that amount to monthly expenses - it’s what I’d already be spending if I bought this car off my parents!
@scott1988 As some body that loves the idea of EV's, if you have access to an ice car, it most likely makes the most sense to keep driving it.
If you want to compare the costs of buying a new EV vs ice, that's where you'll see the EV pull ahead.
This also goes for the green credentials - it's better to keep your existing vehicle, no matter the type, vs buying a new ev
If you want to compare the costs of buying a new EV vs ice, that's where you'll see the EV pull ahead.
This also goes for the green credentials - it's better to keep your existing vehicle, no matter the type, vs buying a new ev
resjudicata
New member
@scott1988 It is possible to justify purchasing a new ev on finance. I know as I’ve done it.
Firstly, you need to be doing huge km’s. I’m talking about 40,000km/ year.
Secondly, you need to be in the market to get a new (or used) car.
Thirdly, I wouldn’t be recommending taking out that amount of money for someone your age.
Give it 3-5 years and pick one up secondhand. You’ll end up saving about 50%.
Firstly, you need to be doing huge km’s. I’m talking about 40,000km/ year.
Secondly, you need to be in the market to get a new (or used) car.
Thirdly, I wouldn’t be recommending taking out that amount of money for someone your age.
Give it 3-5 years and pick one up secondhand. You’ll end up saving about 50%.
busymom340
New member
@resjudicata Hi,
Do your calcs factor in rooftop solar at all?
I am in the category of person you speak of.
Do your calcs factor in rooftop solar at all?
I am in the category of person you speak of.
@busymom340
They said you need to be doing huge kilometres. Are you going to do that, and have the car at home parked during solar hours?
They said you need to be doing huge kilometres. Are you going to do that, and have the car at home parked during solar hours?
busymom340
New member
@busymom340 Itll cost 5k to have a big rooftop solar installed. Youll also want some ither electrical work done for the charger.
If your leaving for work in winter when its dark. And returning when its dark. Your paying grid prices for charging. Still cheaper.
There are hidden costs of electric cars. Its a very personal costing to determine if its right for you.
If your leaving for work in winter when its dark. And returning when its dark. Your paying grid prices for charging. Still cheaper.
There are hidden costs of electric cars. Its a very personal costing to determine if its right for you.
busymom340
New member
resjudicata
New member
@busymom340 They’re talking out their arse. The only ‘hidden’ cost I’ve had in 9 months is floor mats and seat covers.
It can be a bit of a shock when you get your first electricity bill, but if you’ve factored that in and then also compare it against your petrol bill, you smile a little bit.
You don’t need a charger, you can get by with trickle charge. If you do want to upgrade, a dedicated 15a will increase your charge by 50%, or a fast charger will set you back $1-2k with installation. Do some research if going those route as some of the smart chargers can be too smart.
It can be a bit of a shock when you get your first electricity bill, but if you’ve factored that in and then also compare it against your petrol bill, you smile a little bit.
You don’t need a charger, you can get by with trickle charge. If you do want to upgrade, a dedicated 15a will increase your charge by 50%, or a fast charger will set you back $1-2k with installation. Do some research if going those route as some of the smart chargers can be too smart.