Best Electric Car 2022: Ownership costs

This year heralds a change in methodology for ownership costs with carsales’ Best Electric Car.

Previously, we assessed contenders based on key factors in the aftersales area such as warranty periods, roadside assistance provisions, servicing costs, tyre replacement costs and depreciation.

We’ve still included details on the warranty (vehicle and battery), service intervals, servicing network and roadside assist in our specs panel below.

However, our cost of ownership scoring and rankings are now based on two distinct categories – running costs and depreciation – over a five-year period, sourced from the vast real-time data amassed and analysed by the valuation experts at RedBook.com.au.

For our EVs on test, we’ve calculated running costs based on 75,000km of electricity use, 75,000km of servicing, an average cost for two sets of replacement tyres, as well as comprehensive insurance and registration.

For insurance, we’ve incorporated two ownership profiles into our calculations: a female owner in the Melbourne suburb of Oakleigh who parks her car on the street; and a male owner in the Sydney suburb of Chatswood who parks in a garage.

Similarly, for registration we’ve combined annual renewal costs from the two biggest markets in Australia – NSW and Victoria – to come up with an average figure. (This is the same number for each EV on test, but serves as a representative sample to establish the greenslip component.)

Our second major category is depreciation, which was previously based on 12 months of ownership.

Now, however, each car’s resale value is determined after a five-year/80,000km period, based on RedBook data provided exclusively to carsales.

Used car price ranges for specific models are freely available on the RedBook website, but for resale values on a particular model, a RedBook Valuation Report is available for purchase.

We’ve based our calculations on the latter, so resale rankings and scores are listed here instead of the exact depreciation values on which they’re based.

The table below shows our total cost of ownership rankings and scores for the 13 models in contention for carsales’ Best Electric Car 2022, including a detailed breakdown of running costs.

As per each major category in Best Cars assessment, cost of ownership scoring is out of 20. We’ve weighted the results slightly in favour of depreciation (out of 11), compared to running costs (out of 9). This reflects the fact that in most cases depreciation accounts for a little over half the total cost of ownership over five years.

So let’s dive into the results to discuss each model’s strengths and weaknesses in this area, starting at the bottom…

The Lexus UX 300e Luxury has a better than average energy use and therefore electricity cost over a five-year period, as well as tyres that won’t break the bank when it comes time to swap them for new ones.

However, servicing costs are higher than average, while depreciation is comparatively high too.

The Mazda MX-30 Electric E35 Astina is cheaper than most for servicing over five years and insurance is below average. But tyres are more expensive than the average for this group, and energy costs are among the highest.

What’s more, money lost in depreciation for the Mazda over five years/80,000km is relatively high.

The Hyundai IONIQ 5 Dynamiq RWD and Polestar 2 Standard Range Single Motor share equal 10th ranking for ownership costs, but for different reasons.

The Hyundai has competitive running costs overall, although energy costs and tyre replacement are on the high side. Resale value is on the average side rather than spectacular for the group.

While the Polestar’s servicing prices could not be any cheaper (it’s free for five years), other elements of its cost of ownership equation pull it down. Energy costs are quite high, while tyre and insurance costs are higher than the average.

Meanwhile, the Polestar has below-average retained value over the five years.

Next up in ninth position is the Kia EV6 Air RWD, which has a better than average depreciation rate over five years of ownership, and insurance and service costs are reasonable too.

However, electricity costs and tyre replacement costs are on the higher side.

Equal in seventh position on the table is the Kia Niro EV S and Tesla Model Y RWD.

The Niro runs average costs for energy use over the five years, and is relatively low-cost for tyres, servicing and insurance over that period. The Niro’s depreciation is, however, higher than the average here.

Meanwhile, the Tesla Model Y offers very strong resale potential in five years’ time, and energy use is on the lower-cost side. Servicing costs are average for the group, but insurance and tyres are costly compared with the rest of the group.

Coming sixth in ownership costs is the MINI Electric Hatch Classic. Resale values are below average while insurance and service costs are about average in this group.

Slightly better than average energy costs and relatively low insurance bills cap off the costs during a five-year tenure with the battery-powered MINI hatch.

With an equal third position ranking for cost of ownership we find the new BYD Atto 3, MG ZS EV Excite and the Nissan LEAF.

The BYD’s expected depreciation rate over five years is only just less than average, while the costs associated with comprehensive insurance, energy use and tyres are about average for the period.

Meanwhile, servicing costs are a touch on the higher side.

The MG ZS EV promises an average decline in value over five years. Middle-ranking electricity costs mean you’ll also be pumping in the electrons at an average rate over the same period.

Better than average tyre, insurance and servicing costs fill in the picture for the MG.

Also at the pointy end of the field, the Nissan LEAF offers the likelihood of above-average resale value in five years. Tyre and insurance costs over that period are looking better than the average too.

In equal pole position for total ownership costs are the Hyundai Kona Electric Standard Range Elite and Tesla Model 3 RWD.

The Kona has among the most affordable tyres and insurance renewal costs, while energy costs and servicing costs also stack up well for those looking to keep to a budget.

The depreciation rate for the Kona is also about average for the EVs assembled here.

Finally, the Tesla Model 3. The EV named carsales Best Electric Car in 2021 is still looking good where ownership costs are concerned, with strong resale value if you decide to sell in five years, and low energy costs in the meantime.

Tyre replacement costs and servicing are about average for the group, while insurance is on the high side. Overall, however, the Tesla Model 3 and Hyundai Kona Electric have the lowest cost of ownership of all models on test here.

BYD Atto 3 Standard Range
Warranty years/km: 6 years/150,000km
Battery warranty: 8 years/160,000km
Service intervals months/km: 12 months/20,000km
Dealer service network: 40
Roadside assist period/linked to servicing: N/A

Hyundai IONIQ 5 Dynamiq RWD
Warranty years/km: 5 years/unlimited
Battery warranty: 8 years/160,000km
Service intervals months/km: 12 months/15,000km
Dealer service network: 32
Roadside assist period/linked to servicing: 1 year free/Yes

Hyundai Kona Electric Standard Range Elite
Warranty years/km: 5 years/unlimited
Battery warranty: 8 years/160,000km
Service intervals months/km: 12 months/15,000km
Dealer service network: 32
Roadside assist period/linked to servicing: 1 year free/Yes

Kia EV6 Air RWD
Warranty years/km: 7 years/unlimited
Battery warranty: 7 years/150,000km
Service intervals months/km: 12 months/15,000km
Dealer service network: 138
Roadside assist period/linked to servicing: 1 year free/Yes

Kia Niro EV Sport
Warranty years/km: 7 years/unlimited
Battery warranty: 7 years/150,000km
Service intervals months/km: 12 months/15,000km
Dealer service network: 138
Roadside assist period/linked to servicing: 1 year free/Yes

Lexus UX 300e Luxury
Warranty years/km: 5 years/unlimited
Battery warranty: 10 years/unlimited
Service intervals months/km: 12 months/15,000km
Dealer service network: 30
Roadside assist period/linked to servicing: 5 years/No

Mazda MX-30 Electric E35 Astina
Warranty years/km: 5 years/unlimited
Battery warranty: 8 years/unlimited
Service intervals months/km: 12 months/15,000km
Dealer service network: 134
Roadside assist period/linked to servicing: 5 years free/No

MG ZS EV Excite
Warranty years/km: 7 years/unlimited
Battery warranty: 7 years/unlimited
Service intervals months/km: 24 months/20,000km
Dealer service network: 73
Roadside assist period/linked to servicing: 7 years free/No

MINI Electric Hatch Classic
Warranty years/km: 3 years/unlimited
Battery warranty: 8 years/100,000km
Service intervals months/km: Condition-based servicing
Dealer service network: 20
Roadside assist period/linked to servicing: 3 years free/No

Nissan LEAF
Warranty years/km: 5 years/unlimited
Battery warranty: 8 years/160,000km
Service intervals months/km: 12 months/20,000km
Dealer service network: 92
Roadside assist period/linked to servicing: 5 years free/No

Polestar 2 Standard Range Single Motor
Warranty years/km: 5 years/unlimited
Battery warranty: 8 years/160,000km
Service intervals months/km: 24 months/30,000km
Dealer service network: N/A
Roadside assist period/linked to servicing: 5 years free/No

Tesla Model 3 RWD
Warranty years/km: 4 years/80,000km
Battery warranty: 8 years/160,000km
Service intervals months/km: 24 months
Dealer service network: 9
Roadside assist period/linked to servicing: 4 years free/No

Tesla Model Y RWD
Warranty years/km: 4 years/80,000km
Battery warranty: 8 years/160,000km
Service intervals months/km: 24 months
Dealer service network: 9
Roadside assist period/linked to servicing: 4 years free/No