Would I be an idiot to "upgrade" from my 2015 Fiesta ST to a cheap Chinese EV?

[ritay]

I adore my Fiesta ST, however since moving to Pimpama and needing to commute to/from work on the disaster that is the M1, I find instead of having fun driving, I'm instead usually crawling through traffic. With my only commuting really being to work and around Pimpama, it makes me think an EV could suit me quite well since I never do any extraordinarily long commutes.

I did some quick calculations this morning based on the weekly $121 I have budgeted for all car related costs for my Fiesta ST ATM, and the projected costs (based on kWh usage from our last electric bill and online quotes for car repayments, insurance etc.) for a few cheap EVs.

In the next 3-4 years I would need a new car with rear doors for kids, but realistically I could keep my current car for another few years if I needed to.

https://preview.redd.it/l32m371gea0...bp&s=2b8d882acfff4b9c850bd2a6aca286c3f39bb475

 

[jonahvime]

@ritay You've done the figures yourself, looks like any of the EV options are going to cost you more - drive the Fiesta into the ground and upgrade into something bigger for the family in 4-5 years time like you suggested.

 

[ritay]

@jonahvime I think you're likely right and this was what I expected. Another commenter suggested putting the extra I'd be spending per week on an EV aside for 2-3 years and then upgrade to a new car then, which isn't a bad idea. I just hope the $6k QLD rebate will still be available then.

 

[smachen]

@ritay That's a wise idea. Putting that extra aside to reduce the cost of purchase.
I will mention that some states like ACT are doing no rego fees for two years and other incentives for EV adoption. That may reduce your EV costs.

That said, I am really enjoying my MG4 64 and don't regret trading in my Hybrid Corolla.

Perhaps buy a second hand one next year. The battery will still be good as new. A little bit of tyre wear.

 

[dphantom]

@ritay Never buy a Chinese EV they are unsafe garbage with poor resell value.

 

[camillecosby]

@dphantom The ones that are big enough to go international have quite comparable safety data…where did you get your data from?

 

[justtrying]

@camillecosby Their arse.

 

[rob_aston]

@dphantom Poor resell value is only an issue if you plan on selling it.

 

[thehappypeanut]

@dphantom Poor resale? Buy a second hand one then.

 

[elizecornforth]

@dphantom Not necessarily all of them are unsafe. The ATTO 3 has a five star ANCAP rating. Even the cheap and cheerful MG ZS EV got a five star rating when it was introduced on 2019, although it looks like that’s expired now so maybe a newer model hasn’t been retested.

I think a lot of EVs struggle on the resale value part. I certainly wouldn’t feel comfortable shelling out for a 6 or 7 year old Tesla with a questionable battery.

 

[dpki8p]

@elizecornforth All of the Chinese EVs sold here are very safe. The MG4, GWM Ora, BYD Dolphin and Atto 3 all have 5 star ANCAP ratings.

The person you're replying to is talking complete nonsense.

 

[elizecornforth]

@dpki8p Yeah, just an example of the usual brand biases. Chinese car companies are now probably where Korean car brands were 20 years ago. In 20 years from now maybe we will have Vietnamese or Indian brands take over that space while the Chinese graduate to become mature companies in this market.

 

[gambarola]

@dpki8p My guess is that the reports of so many crashed Chinese EV's in China with failed airbags is impacting brand perception internationally.

 

[refrigerantcomp]

@dphantom Seen Tesla's lately?

 

[yeshuaisonlyhope]

@ritay No doesnt look like it from your numbers. Did you factor in the sale value of the current Fiesta?

I think when doing these spreadsheets you are looking at best case scenario on future costs, as you likely only can work out reasonable costs for your current car. Plus you may be tempted to over state maintenance costs for example.

It would possibly make sense if you werent financing. But since you'll need a bigger car later, i think it would make more sense to save the difference now (as keeping is the cheapeest option) and work towards that in 2-4 years.

It appears that electric cars are just getting cheaper and better. I dont think you need to rush into it this year.

 

[justinsmith]

@yeshuaisonlyhope I'd throw on top that new cars and dealer used will come with a warranty. After a once upon a time particular 10k critical engine failure on an aging fiesta worth 8k in good condition that was sold for scrap, I value those warranties now.

The numbers straight up don't add up as you say, unless you would enjoy the car more and value a bit of peace of mind.