Recent research completed by Compare the Market’s reveals a surprising win for Aussie motorists, with Australia ranked as the cheapest country to replace an EV battery out of warranty.
Key findings:
- Australia tops the global index with a score of 7.42.
- Battery replacement cost: US$10,242.75 (lowest in the study).
- Labour cost: US$172.63 for an 8-hour replacement.
- Australians would typically spend 23.21 per cent of their annual wage on a battery replacement.
Electric vehicles are becoming increasingly common sights on roads across the world, with sales exceeding 17 million globally in 2024. Whilst adoption has been steadily growing, some still remain cautious about electric vehicles, with many citing battery replacement costs as a main barrier to buying an EV. Most new EVs come with eight-year/160,000km warranties but if you needed to replace one out of warranty, it could cost between AUD$6,000 and AUD$20,000, depending on the battery’s size.
With battery replacement costs being a major concern for potential EV buyers, the energy comparison experts at Compare the Market were curious to work out which country had the cheapest out-of-warranty replacement costs.
To do this, they ranked 25 countries on battery pack cost, labour cost, and affordability (as percentage of annual wage), normalised to a 0–10 scale and weighted, to find the cheapest country for replacing a 75kWh BEV battery.
Meredith O'Brien, head of energy at Compare the Market, says that while EVs are paving the way for a cleaner future, it's crucial for households to understand the hidden costs that come with ownership.
"Electric vehicles are an exciting step toward a more sustainable future, but they also introduce new considerations for households," she said.
"Battery replacement costs can be high, and they're often overlooked when people think about the total cost of owning an EV.
"By understanding these costs, people can make smarter choices about how they manage their energy consumption costs and are prepared for this possible large expense."
Sources:
Compare the Market - ICE vs Hybrid vs Electric Cars: What Do People Really Think?
Explore the full global rankings below and see the feature and methodology here:
Story supplied by Compare the Market