Seeking Advice on Next Car Purchase - EV/PHEV or Petrol?

Hello everyone,

I'm on the hunt for my next car and could use some advice. My current vehicle is showing signs of aging (it's 11 years old) and the mechanic suggested that it's time for a replacement.

My employer offers novated leases and there's an appealing price for EV and/or PHEV cars, thanks to their exemption from FBT. I've narrowed down my options to a few choices within my budget (~200 PW), including EVs, PHEVs, and a traditional petrol car. Here they are:

  1. EV - BYD ATTO-3 Extended Range (53K) ~180PW
  2. PHEV - Ford Escape ST-Live PHEV (59K) ~200-210PW
  3. PHEV - Mitsubishi Outlander PHEV 5 seats (61K) ~ 200-210PW
  4. Petrol - Toyota RAV 4 (~44K) ~ 230 PW
  5. EV - Tesla Model Y (69K) ~ 230-240PW

My goal is to find a cost-effective, economical, and durable car that will ideally last for the next 10 years. I'm drawn towards a Toyota RAV4 EV, but unfortunately, it doesn't exist yet.

It's worth noting that I'm planning to buy the car at the end of the lease, which will be 3 years at the residual value (46.88% of the original price).

Each option has its own set of concerns, and I'm trying to weigh the pros and cons. Here are some of the key points I'm considering:

EV Concerns:

  • BYD: While it's reasonably priced, it is a Chinese brand, and there's a stigma associated with the durability of Chinese-made cars. I'm worried it might not last 10 years, and if I decide to sell after 3 years (post lease), it might not recover the residual value (46.88%).
  • BYD: The car has a smaller trunk than I'd prefer, and the warranty is fragmented, with different components covered for varying lengths of time. Additionally, BYD's local network of service/support is just starting.
  • Upcoming EVs: Numerous promising EV models are expected to hit the Australian market in the next 12 months.
  • EV Price: Prices have been trending downward, largely thanks to Elon Musk's influence, but this seems to have plateaued recently due to what appears to be an oligopoly in the market.
  • Technology Advancements: There's a high chance of a major battery breakthrough in the next few years, which could make current EV technology obsolete, much like older iPhone models once a new one is released.

PHEV Concerns:

  • Cost-Benefit: Is the additional cost of a PHEV worth it, especially when considering long-term durability and potential resale value?
  • Future Regulations: PHEVs might lose their "low-emission vehicle" status soon, and their FBT benefits could disappear.
  • Mitsubishi's Future: There's uncertainty about Mitsubishi's plans, as it has been pulling out of major markets like Europe, India, and China. It's unclear if they will maintain their quality as they seem to be targeting the economy segment.

Petrol Concerns:

  • Price Fluctuation: Will petrol prices continue their upward trend? It's hard to say.
  • FBT Benefits: Since petrol cars are not FBT exempt, I end up paying the same for a Toyota RAV 4 as for a base model Tesla Model Y, which changes the cost-benefit calculation.

So, I'd love to hear your thoughts on which option you would choose and why.

Poll Options

  • 3
    Any other option (provided it's within the 70K budget)
  • 16
    BYD ATTO-3 (EV)
  • 1
    Ford Escape (PHEV)
  • 6
    MG (EV)
  • 4
    Outlander (PHEV)
  • 42
    Tesla Model Y (EV)
  • 35
    Toyota (Petrol)

Comments

                • -2

                  @Euphemistic: Meaning you can't reach my standards = failure on your part.

                  • @Leadfoot6: Oh no. I failed to convince a sky news viewer that sky news lies.

                    Im not trying to convince you. There’s no point.

                    • @Euphemistic: I obtain my information from sources other than Sky as shown, for example, by my references to The Guardian, or the Express.uk.

                      Broaden your horizons.

                      Engage in some research yourself, rather than the insular position you adopt currently.

                      P.S. How is your trip planning going to the Chinese embassy.

                      Not happening?…..Hypocrisy at it's finest.

                      P.P.S. It might surprise you to know that my Freeview TV channels include those other than Sky.

                      My TV remote controller allows me to watch other channels if I want to.

                      I am not limited to 1 or 2 channels like in the DPRK or similar communist regimes.

                      • -1

                        @Leadfoot6:

                        My TV remote controller allows me to watch other channels if I want to.

                        That comment implies you can, but you don’t watch other channels.

                        • @Euphemistic: Sky does not have the V8 Supercars, or F1, or Indy Cars, or The Chase, Millionaire Hot Seat, World War 2 documentaries, or Mastermind(for which I have been accepted for next year's intake - I was approved for this year's intake, but got Covid a week before).

                          • +1

                            @Leadfoot6: What a wide and varied choice of viewing. I’m sure you’ll do well with mastermind, showing how well you can remember stuff.

          • @Leadfoot6: 🤣🤣🤣🤣

  • For a PHEV, check out the cost of replacing the battery. As it is a PHEV, the battery will cycle a lot more than a pure EV assuming you are charging every night.
    outlander battery price is around 12-15, while mazda's CX-60 battery is 36k

  • Imo PHEV are advertised as best of both worlds but they are more like worst of both worlds. I'm actually in the same boat as you (employer offering NL) and have put a fully refundable deposit for a BYD Seal. I will make my decision before 31/12 to make use of NSW EV Free Stamp Duty. I'm also considering some other options: Tesla M3/MY, Volvo EX30, Hyundai Ioniq5, MG4, Polestar 2.

  • +1

    I bought the BYD atto 3 and it is a great family car. If it were only up to me, I would have picked the MG 4, which drives so well.

Login or Join to leave a comment