	{"id":124111,"date":"2026-07-14T12:23:57","date_gmt":"2026-07-14T02:23:57","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/ballarat\/?p=124111"},"modified":"2026-07-14T12:23:57","modified_gmt":"2026-07-14T02:23:57","slug":"budgeting-for-an-ev-key-costs-to-consider-in-your-green-shift","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/ballarat\/living\/budgeting-for-an-ev-key-costs-to-consider-in-your-green-shift\/","title":{"rendered":"Budgeting for an EV: Key Costs to Consider in your Green Shift"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">With fuel rates rising nationwide, more Aussie drivers are making the switch to EVs in droves, with EV adoption trends <\/span><a href=\"https:\/\/timesnewsgroup.com.au\/ballarat\/news\/fuel-worries-boosting-local-ev-sales\/\"><span style=\"font-weight: 400;\">rising astronomically<\/span><\/a><span style=\"font-weight: 400;\"> in recent months. EV sales rates rising in direct response to fuel fluctuations also comes after extensive investment from both Federal and State Governments in EV rebate programs, spanning from the ongoing Zero Emission Vehicle Threshold safeguarding EV models up to a certain value from the Luxury Car Tax, as well as programs that are now closed, like the Zero Emissions Vehicle Subsidy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the fact that no rebates are currently available for supporting Victorians looking to make the switch to EV driving, buyer interest in EVs remains steady, which means one thing: consumers are recognising the cost-value of EV driving independently.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s natural to want to avoid being gouged at the bowser, but consumers are also advised that making the switch to EV cruising isn\u2019t a decision that can be made overnight \u2013 especially for households who\u2019ve already got a full garage. So how do you know you\u2019re ready to pull the trigger on a newer, greener ride?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Outside of the initial purchase price of your new EV, there are additional ownership costs that need to be considered when establishing your buyer\u2019s budget. Keep reading to learn what these costs are so you can make a more informed decision on whether purchasing an EV is the right choice for your household.<\/span><\/p>\n<h2><\/h2>\n<h2><span style=\"font-weight: 400;\">Insurance and registration<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Whilst most drivers may be happy enough with 3rd party car insurance for a secondhand combustion engine vehicle, this option isn\u2019t the safest insurance strategy for EVs. In most cases, EV drivers benefit from securing <\/span><a href=\"https:\/\/www.racv.com.au\/insurance\/car-insurance\/comprehensive.html\"><span style=\"font-weight: 400;\">comprehensive car insurance<\/span><\/a><span style=\"font-weight: 400;\"> for their electric vehicles. This is not only to ensure cover for these higher value vehicles in the event of an at-fault motor accident, but also to ensure cover for EV accessories like charging cables and adaptors, which can be expensive to replace if lost, stolen, or damaged.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EV values for secondhand models are also still trending higher than their used combustion engine vehicles \u2013 so even if you buy your first EV from a secondhand dealer, you should still anticipate taking out comprehensive insurance cover.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alongside annual insurance premiums, EV drivers will naturally also need to factor in vehicle registration costs. Note that Victoria\u2019s EV registration discount <\/span><a href=\"https:\/\/www.greenvehicleguide.gov.au\/pages\/LowAndZeroEmissionVehicles\/ElectricVehicleInformation\"><span style=\"font-weight: 400;\">ended on January 1st 2026<\/span><\/a><span style=\"font-weight: 400;\">, so all EVs purchased this year will maintain the same registration rates as combustion engine vehicles.<\/span><\/p>\n<h2><\/h2>\n<h2><span style=\"font-weight: 400;\">Repairs and maintenance<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Less moving parts translates to simpler routine maintenance for EVs in comparison to combustion engine vehicles. But this doesn\u2019t make EV servicing and maintenance substantially cheaper than traditional cars. In fact, with the price of EV batteries still soaring high, repairs or battery replacement for your EV may even end up being more expensive than what you\u2019d comparatively spend on servicing for a combustion engine vehicle under 10 years old.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Repair and maintenance cost estimates may also be impacted by the specific operational issues of the vehicle you end up purchasing. This is where pre-purchase research can potentially help you save tens of thousands of dollars. Assessing vehicle buy and sell history alongside checking for a full servicing and maintenance history with no gaps and other points of due diligence, can help reduce your risks of buying a lemon.<\/span><\/p>\n<h2><\/h2>\n<h2><span style=\"font-weight: 400;\">Electric charging<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While owning an EV or hybrid will help your household cut down significantly on fuel expenses, there are still costs involved with charging your car daily. If you don\u2019t have access to an exterior power point for vehicle charging at home, for instance, then you may need to factor in electrician fees for having the necessary works completed on your property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The alternative to home charging is of course, taking advantage of <\/span><a href=\"https:\/\/timesnewsgroup.com.au\/byroncoasttimes\/news\/new-ev-chargers-to-support-tourism-and-the-environment\/\"><span style=\"font-weight: 400;\">public charging stations<\/span><\/a><span style=\"font-weight: 400;\">, which are growing in number across Victoria\u2019s regions. However, even though there is still undeniably strong civil investments into public EV charging stations, there still aren\u2019t enough public chargers for every local EV driver. And if you\u2019re counting on the same charger being available daily (i.e. a charger located by your workplace, for instance), you may end up waiting more than you end up charging.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Over the long term, using a home EV charger is more time- and cost-effective than relying solely on public EV chargers. And if you\u2019re using rooftop solar panels to power your EV charger, the cost savings grow even more competitive.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prospective EV drivers are encouraged to consider the costs and convenience of home charging infrastructure when preparing their car buying budget. Even if you don\u2019t invest in home charging immediately after your vehicle purchase, accounting for an EV charger investment in even just the first few months following your purchase can help keep you smiling behind the wheel.<\/span><\/p>\n<h2><\/h2>\n<h2><span style=\"font-weight: 400;\">Vehicle values and depreciation<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As mentioned above, EV market values are still higher on average when compared to combustion engine vehicles, even in secondhand markets. Despite this, EVs still fall victim to depreciation, and this should be factored into your EV buying strategy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, if you\u2019re looking to buy to sell (i.e. buy at a higher market value and sell at a similar value after a period of personal use), a more discerning approach will be needed when finding the right investment opportunity for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Contrastingly, if you\u2019re looking to drive your EV for years before you consider reselling, depreciation rates might not be as big a factor for you when comparing different makes and models. Ultimately, it\u2019s up to every car shopper to decide what metrics matter most to them in their purchasing decision and investment strategy.<\/span><\/p>\n<h2><\/h2>\n<h2><span style=\"font-weight: 400;\">Finetune your EV buying budget with these considerations in mind<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For families looking to upgrade to a brand new electric vehicle, shopping for an EV can naturally be very exciting. But like most big purchases, it\u2019s best to proceed with a slow and measured approach. After all, there\u2019s no rush. With supply lines steady and consumer interest maintained, more EVs are landing on Australian shores annually, meaning choices for car shoppers will only continue to grow across both new and used car markets. Consumers can freely wait for their budget to build and for the stars to align before embarking on their green shift.<\/span><\/p>\n<p style=\"text-align: right;\"><strong>\/\/This content is provided by a third party<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With fuel rates rising nationwide, more Aussie drivers are making the switch to EVs in droves, with EV adoption trends rising astronomically in recent months. EV sales rates rising in direct response to fuel fluctuations also comes after extensive investment from both Federal and State Governments in EV rebate programs, spanning from the ongoing Zero [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/timesnewsgroup.com.au\/ballarat\/living\/budgeting-for-an-ev-key-costs-to-consider-in-your-green-shift\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":153,"featured_media":124113,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"featured_section_post":"","home_featured_section_post":"","footnotes":""},"categories":[26],"tags":[],"post_folder":[],"class_list":["post-124111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-living"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Budgeting for an EV: Key Costs to Consider in your Green Shift - Ballarat Times<\/title>\n<meta name=\"description\" content=\"Budgeting for an EV? 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