Think EVs Save You Money? Think Again… | TechManPat

The comparison and assumptions

The analysis is based on Pat’s 2024 Tesla Model Y purchased from inventory in Western Australia. He mainly works from home, has three-phase power and can park the vehicle on his driveway, making home charging practical. He says an EV may be unsuitable for people who regularly travel more than 350 kilometres each way, need to tow frequently or cannot charge at home.

The Model Y replaced a 2012 Toyota Land Cruiser Prado. Because the Prado is relatively thirsty, Pat also compares the Tesla with a 2012 Volkswagen Tiguan diesel, rated in his comparison at 7.6 litres per 100 kilometres in real-world use. This is intended to provide a fairer comparison with a more efficient vehicle.

Purchase and ownership costs

Pat says the Model Y cost $59,539.60 including government on-road charges. He also received an inventory discount of about $1,200 and refers to a Western Australian zero-emissions vehicle rebate, although the rebate figure is unclear in the transcript. A home charger and installation cost about $1,500, while accessories such as mats and wheel covers added approximately $800.

Insurance for the Tesla was $1,491.69 per year, around $447 more than the Prado’s policy. Pat also includes Tesla’s connectivity subscription at about $10 per month, although it is optional. Registration remains a cost for both vehicle types.

Maintenance and charging equipment

Electric vehicles require less routine maintenance, but they are not maintenance-free. Pat estimates that Model Y tyres may need replacement at about 40,000 kilometres or earlier, with a quoted cost of roughly $2,000 for a premium set. Tyre rotation every 10,000 kilometres was quoted at $30 to $75, depending on the provider.

Other items mentioned include windscreen washer fluid, cabin and HEPA filters, a brake-fluid check every four years, and some less frequent air-conditioning and brake-related work. Tesla says the oil in the drive-unit gears does not need to be changed, although Pat notes that some owners recommend checking or replacing the filter at higher mileage.

Pat installed a Tesla Level 2 wall charger. He says the charger can provide up to 22 kilowatts, although vehicle charging limits vary. A standard mobile connector is slower, while Tesla Superchargers can provide much faster charging but generally cost more than charging at home.

Electricity costs versus fuel

Using Synergy’s standard A1 Home tariff of 32 cents per kilowatt-hour, Pat calculates a Model Y running cost of about 6 cents per kilometre. His quoted off-peak EV tariff of 9 cents per kilowatt-hour reduces that to about 2 cents per kilometre, while overnight charging at 18 cents per kilowatt-hour works out at about 4 cents per kilometre. Tesla Supercharging at approximately 53 to 56 cents per kilowatt-hour is around 9 cents per kilometre in his calculations.

Pat says the Tiguan costs approximately 14 cents per kilometre at the fuel price used in the video. The Prado averaged about 20 cents per kilometre in his use. At roughly 1,200 kilometres per month, the Prado cost him about $240 in fuel, compared with approximately $24 for the Model Y using the off-peak tariff. Against the Tiguan, the estimated monthly energy cost was about $168.

Solar charging and the longer-term result

Although Pat can charge during the day, he found that only 28% of the electricity used by the car came directly from his solar system. Solar-only charging can also take longer because the car is restricted to the power currently being generated. He found a time-of-day tariff more practical, particularly because daytime electricity can be cheaper when solar generation is high.

Including energy and insurance, Pat estimates that the Model Y leaves him about $169 better off per month compared with the Prado, or approximately $2,028 per year. Over 10 years, he estimates a saving of about $20,280 against the Prado. Compared with the Tiguan, he estimates a saving of about $80 per month, or $960 per year, producing roughly $9,600 over 10 years. These figures do not mean the vehicle pays for itself, especially given the Model Y’s purchase price.