Comparing costs between an ICE car and its electric variant

The demand for Electric Vehicles (EVs) has spiked in the past year, with more automotive manufacturers producing electric variants of ICE cars to encourage consumers to adopt EVs. Before you decide on which variant to purchase, read on to find out about the benefits of each variant!

For the ease of calculation, we will make several assumptions:

• Petrol: 95 Grade @$2.60/L
• Approximate charging cost: $0.50/kWh (DC charging)
• Average mileage: 17,500 km/year
• Ownership period of a car is 10 years

 
Comparison 1: Mini Cooper S 5-Door Vs Mini Electric

By purchasing the Mini Cooper S 5-Door, your monetary savings will be minimal, as opposed to opting for the Mini Electric due to its cheaper cost price of $32,000 and fuel savings of $1,750 per year.

However, purchasing the Mini Cooper S 5-Door compensates with more than ample time savings during your refuelling sessions over the years!

Breakdown	Mini Cooper S 5-Door	Mini Electric
Price	$218,888 Inclusive of EEAI: NA VES: $15,000 ARF: $42,022	$186,888 Inclusive of EEAI: $20,000 (Rebate) VES: $25,000 (Rebate) ARF: 1,862 Save $32,000
Annual Road Tax	$1,210 Save $197	$1,407
Range	608km	232km
Fuel/Battery Capacity	40L	32.64kWh
Fuel Consumption	15.2km/L	6.6km/kWh
Estimated Refuel/Recharge Duration	10 minutes	30 minutes
Cost of Fuel per km travelled	$0.18	$0.075
Estimated Annual Fuel Costs	$3,150	$1,400 Save $1,750
Estimated Number of Refuels Annually	29	76
Estimated Time spent refuelling	4 hours 50 minutes Save 33 hours 10 minutes	38 hours
Maintenance Cost	Varies	Varies

Comparison 2: BMW X3 Vs BMW IX3

Like the Mini comparison above, if you purchase the BMW X3, your monetary savings will be minimal compared to purchasing the BMW iX3.

With both BMW SUVs being desirable family cars, purchasing the BMW X3 saves you a significant amount of time that you can spend at home with your children.

Then again, purchasing the BMW iX3 provides you with more opportunities to head out and spend some quality family time while you charge your car!

Breakdown	BMW X3	BMW iX3
Price	$310,888 Inclusive of EEAI: NA VES: $15,000 ARF: $75,106	$281,888 Inclusive of EEAI: $20,000 (Rebate) VES: $25,000 (Rebate) ARF: $34,672 Save $29,000
Annual Road Tax	$1,210 Save $637	$1,847
Range	930km	460km
Fuel/Battery Capacity	65L	80kWh
Fuel Consumption	14.3km/L	5.2km/kWh
Estimated Refuel/Recharge Duration	10 minutes	60 minutes
Cost of Fuel per km travelled	$0.18	$0.10
Estimated Annual Fuel Costs	$3,150	$1,750 Save $1,400
Estimated Number of Refuels Annually	19	39
Estimated Time spent refuelling	3 hours 10 minutes Save 35 hours 50 minutes	39 hours
Maintenance Cost	Varies	Varies

 
 
Comparison 3: Hyundai Kona Hybrid VS Hyundai Kona Electric
&
Comparison 4: Hyundai Ioniq Hybrid VS Hyundai Ioniq Electric

When it comes to hybrid variants, they are unexpectedly the most bang for your buck and save you the most time when it comes to refuelling.

Since there aren't a lot of ICE cars with electric variants, we're adding the Kona and Ioniq as bonus content for this article.

The Ioniq hybrid was first introduced in 2017, while its electric counterpart was later introduced in 2019. Meanwhile, it is the opposite for the Hyundai Kona - with the electric variant launching first in 2019 and its hybrid counterpart launching later in 2020.

Undeniably in recent years, you can simply tell that Hyundai is doing something right, judging by the sheer number of them on the road. Hyundai has been producing not only good-looking cars but practical ones as well.

Not only do both the Hyundai Kona Hybrid and Ioniq Hybrid cost significantly less than their electric counterparts by up to $38,000 - $41,000, but they also save you a considerable amount of time of up to 45 hours when it comes to refuelling.


Unfortunately, the electric variant of the Hyundai Kona and Ioniq provide owners with an inconsiderable fuel savings of $525 to $700 a year.

The hybrid versions are undoubtedly a better choice that provides you with the best of both worlds.

Breakdown	Hyundai Kona Hybrid	Hyundai Kona Electric
Price	$128,999 Inclusive of EEAI: NA VES: $15,000 (Rebate) ARF: $14,180 Save $37,889	$166,888 Inclusive of EEAI: $19,351 (Rebate) VES: $25,000 (Rebate) ARF: $0
Annual Road Tax	$806 Save $396	$1,202
Range	886km	305km
Fuel/Battery Capacity	38L	39.2kWh
Fuel Consumption	23.3km/L	7.7km/kWh
Estimated Refuel/Recharge Duration	10 minutes	50 minutes
Cost of Fuel per km travelled	$0.10	$0.07
Estimated Annual Fuel Costs	$1,750	$1,225 Save $525
Estimated Number of Refuels Annually	20	58
Estimated Time spent refuelling	3 hours 20 minutes Save 45 hours	48 hours 20 minutes
Maintenance Cost	Varies	Varies

Breakdown	Hyundai Ioniq Hybrid	Hyundai Ioniq Electric
Price	$123,999 Inclusive of EEAI: NA VES: $15,000 (Rebate) ARF: $12,414 Save $40,889	$164,888 Inclusive of EEAI: $19,636 (Rebate) VES: $25,000 (Rebate) ARF: 1,862
Annual Road Tax	$806	$1,202
Range	1184km	311km
Fuel/Battery Capacity	45L	38.3kWh
Fuel Consumption	26.3km/L	8.5km/kWh
Estimated Refuel/Recharge Duration	10 minutes	30 minutes
Cost of Fuel per km travelled	$0.10	$0.06
Estimated Annual Fuel Costs	$1,750	$1,050 Save $700
Estimated Number of Refuels Annually	15	57
Estimated Time spent refuelling	2 hours 30 minutes Save 26 hours	28 hours 30 minutes
Maintenance Cost	Varies	Varies

 
Now that you are armed with the relevant knowledge and benefits that each car type provides, the next thing for you is to figure out the type of savings you prioritise - monetary or time savings?

Don't fret if you cannot decide on your priorities because there will always be a suitable car out there for you!

*All prices are accurate as of January 2022


Here are some related articles that might interest you

EV charging locations in Singapore

Are electric cars cheaper to insure compared to petrol cars in Singapore?

What do these hybrid and electric car indicator lights mean?

5 value-for-money electric cars you can buy right now

EV ownership costs in Singapore - can you afford an electric car?