With eBikes costing less than a dollar a week to recharge, Hugo from Trendy eBikes give a very detailed financial analysis on the cost benefits of these electric wonders.
The financial comparison: car vs eBike
Electric bikes are a great alternative to many car trips. Just think about the 10km commute every day, the quick visit to the supermarket, or having a coffee with a friend. eBikes won’t necessarily replace all car trips but it’s safe to say the electric bike could replace your second car, the car you or your partner uses to get to work. In previous blogs I wrote about reasons for choosing an eBike. In this blog I’ll zoom in on the financial arguments to choose an eBike. So be prepared for some numbers and calculations here!
Electric Bike versus Car
Just to be conservative, we’ll compare the costs of a small car to the costs of an electric bike. For the small car we’ll use the Suzuki Celerio, announced by Royal Automobile Association of South Australia (RAA) as the cheapest car to run . For the electric bike, we’ll use the eZee Sprint. A high quality robust electric bike that takes the effort out of cycling and puts the fun back into commuting. To make sure we’re comparing apples with apples, we’ll do the calculations based on 6,000km a year (10km commute 5 days a week for 48 weeks per year, plus another 1,200km a year for some shopping or other short trips) and we’ll assume you purchase the car or eBike out of pocket to avoid extra financing costs.
CAR – SUZUKI CELERIO
So the Suzuki Celerio is the cheapest car to run. According to the RAA, and assuming you buy this car new and sell it again after 5 years, the depreciation costs are $30.98 per week. Insurance, registration, stamp duties and RAA membership are determined to add up to $23,81 per week. Other running costs (such as maintenance, tyres and fuel) are set to be $791.40 per year (based on 6,000km per year). That all adds up to a total of $3,640 per year, or $70 per week. If you need to pay for parking in Adelaide CBD, add another $60 or so per week, or $2,880 per year (based on early bird rates at the cheapest Wilson parking in Adelaide CBD I could find).
In summary; $130 per week with parking, $70 without parking.
Now you might be thinking: “I don’t buy a car new, I’ll get a used one”. Fair enough, so let’s assume you buy this car second hand, 10 years old, for say $7,000 (Yes, I know the Celerio was first produced in 2014, but let’s just go with it for the sake of the comparison okay?). You use it for 5 years before trading in for say $3,000. That is a depreciation of $15.38 per week. Fingers crossed you don’t have major maintenance issues, the total costs add up $2,840 per year, or a bit over $54 per week. Again, if you need to pay for parking in Adelaide CBD, add another $60 or so per week, or $2,880 per year.
In summary: with parking $114 per week, without parking $54 per week.
ELECTRIC BIKE – EZEE SPRINT
Now it’s time to do the maths for the electric bike. Say we buy an eZee Sprint. Why this eBike? Because it is a high quality robust electric bike which is both pedal assisted and has a throttle, making it the best comparison to a car based on functionality (that means: you don’t need to pedal with this bike, so if you want to, the ride can be as low effort as your car trip). We’ll get the eZee Sprint with the 17Ah battery, which will take you about 45 to 50km on maximum assistance, or further if you choose to do some of the leg work. This is plenty for your everyday commute.
Purchase and depreciation
The costs for this eBike are $3,045. Add a decent helmet and proper panniers, that’ll make the total purchase costs around $3,250. Although you will enjoy this ebike for many more years, let’s assume you fully depreciate it in 5 years, for the sake of argument. That is $12.50 per week, or $650 per year.
Based on the 6,000km per year, we’ll assume you’ll charge the 17Ah battery 3 times a week on average. Now stay with me here: a 36V 17Ah battery equals 612Wh. Add 20% energy loss during the charging process, makes it 734Wh, or 0.734kWh to fully charge the battery. With the standard costs per kWh being approx. $0.33, a single charge costs around $0.24. Do this 3 times a week, makes it $0.72 per week, or $37.44 per year. Still with me? If not, no problem. It will cost you 72 cents per week to charge your battery.
It’s good to have your eBike serviced regularly, definitely if you use it often. So let’s not be stingy here. Say you have it serviced twice a year, add the occasional new tyre, brake pad and other regular maintenance, and you might spend about $500 per year on your electric bike maintenance.
There is no legal requirement for you to insure your electric bike against damage or theft. However, if you choose to do so, first check with your current home content insurance, as electric bicycles might already be covered in that. If you choose a separate theft insurance, insurance for the eZee Sprint costs $268.40 per year (VeloSure.com.au). This is $5.16 per week.
Total cost of the electric bike
Adding up these costs, the eZee Sprint electric bike costs approx. $1,185 per year, or $22.80 per week. Or if you add the optional insurance, the total costs are approx. $1,450 per year, or $28 per week.
TIME TO COMPARE!
Let’s put the yearly costs in an overview…
|eBike||Car – new||Car – used|
|Insurance, rego, taxes,||268.40 (optional insurance)||$1,238.12||$1,238.12|
|Maintenance, fuel and other running costs||$500||$791.40||$791.40|
|Parking||–||$2,880 (optional CBD parking)||$2,880 (optional CBD parking)|
|Total costs including car parking and ebike insurance||$1,450||$6,520||$5,720|
Save heaps with an electric bike!
By choosing the eZee Sprint electric bike for your daily commute, you save anywhere between $2,200 and $5,400 per year compared to the cheapest car to run. When you choose a second hand car, the eBike will still save you between $1,400 to $4,500 per year. Savings will even be higher when you’re driving a car other than the Suzuki Celerio, or when you need financing to buy your car. Just think about what you could do with all that money… And the fun and health benefits that come with electric bikes are just a bonus!
Try an eBike
Curious to try one? Give us a call today for more information and to arrange a free test ride. Visit us, or we’re happy to visit you at home, work or anywhere else you want to try an electric bike. Check our website www.trendyebikes.com.au and Facebook page for our range of eBikes, more blogs and more information about our services.