We compared the costs between an ICE car and its electric variant. Here are our findings!
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Are you still undecided on purchasing an Internal Combustion Engine (ICE) car or the EV variant? We help you calculate the cost and time savings and hopefully provide you with adequate information to choose.

Category: Car Buying Advice

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

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