@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.
@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.
@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 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.
@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!
@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.