With the recent advancement of electric vehicles (EVs), the time has finally come for us to begin switching from the now “old-fashioned” internal combustion engines (ICE) to the battery-operated ones. While you are looking at a new car you probably have considered whether or not you should get a fully electric vehicle. In this article, we discuss on whether or not you should as this depends on your lifestyle and the current infrastructure that supports electric vehicles.
The fuel efficiency of modern-day petrol vehicles is about on average 15km/l which would cost about $2.18 after discount at the time of writing. Whereas electric vehicles have a of about 6km/kWh which would cost approximately $0.50 per kWh at fast charging speeds.
Duration | Charging Costs | Petrol Costs | Net Savings |
1 year | $1,458 | $2,543 | $1085 |
5 year | $7,291 | $12,717 | $5,425 |
10 year | $14,580 | $25,433 | $10,850 |
(using an the average of 17,500km travelled a year, RON 95 at $2.18 after discount)
You can see that you save $1085 a year just by making the switch. While that may not seem a lot, these savings can be used on costs that may be “hidden” when owning a vehicle such as parking charges and toll charges that many do not factor in when buying a vehicle.
Buying an EV as compared to an ICE vehicle at the same price can provide additional savings in the form of electric charging as seen in the table.
While the latter part of the article discusses on whether or not this is a valid reasoning to switch to an EV solely based on cost, the prices of petrol are not constant and will change overtime. It is to note where petrol prices rise, the savings from switching to an EV increases and it may be well worth to switch if petrol prices are high in the long run.
In additional to that, it is also fact that maintenance for your EV will be cheaper. There are fewer moving parts which translates to less parts that can fail on you as well as having no oil to change
While EVs generate no carbon emissions nor greenhouse gases on the road, by switching from combustion to electric allows a reduction of the overall pollution and environmental damage when considering that they are still powered by electricity that must come from somewhere.
Besides the environmental benefits, you pave the way for more infrastructures to be built around EVs. The faster the switch from petrol to electric, the more charging stations, faster technological advancement can happen. Which also will attract others who may still be on the edge to switch.
Currently, the technology for charging electric vehicles is not as fast as refilling a tank of petrol. While both have similar range, EVs take a minimum of about 45 minutes to an hour to fully charge. If where you stay does not have a charging station, you will have to spend some time idling before getting on the road again. In addition to that, if you have plans to visit Malaysia using your vehicle, it may not be as convenient. While you will still be able to get your vehicle charged, it is not as easily accessible at the moment. Even in Singapore, charging stations are still being developed rapidly. Which brings forth a point to consider when committing into such a purchase.
Electric vehicles are still priced at a premium as compared to its petrol counterpart as the technology is still considered new. The cheapest EV here in Singapore as of writing costs about $160,000 and can easily reach $200,000. Whereas the cheapest vehicle in the market would cost about $115,000. Of course, if price is the main concern, it may be well worth buying a petrol vehicle.
However, if we look at two vehicles that of similar specifications, an EV will cost about $20,000 to $30,000* more. However, there will be savings from purchasing an EV in the form of maintenance, repairs and electric charging and that it may end up being that an EV cost only at a slight premium as compared to its petrol counterpart. That being said, it is still worthwhile especially after considering the environmental benefits alongside a quieter and more refined experience as compared to internal combustion engine which causes vibrates and produces more noise. Not to mention that some of these EVs look incredible and futuristic.
*Compared using (Hyundai Avante Elite ($145,999) vs Hyundai Ioniq Electric ($174,888)
While there are benefits to owning an EV in Singapore, there will also be factors that discourages many to not purchase one. Where our article aims to evaluate on both sides. It is undeniable that mass adoption of EVs has just begun and as these disadvantages or inconvenience of EVs gradually decrease, more make the switch. We hope that this brings insight and allows you to make a decision on whether or not it is a viable choice for you to make the switch yourself.