When speaking about how expensive Electric Vehicles are, we can’t get away from the fact that, despite the TRAIN and EVIDA laws already being implemented, EVs are still prohibitively priced. For the sake of argument, though, there are calculations that can be done to see if it’s actually going to save you money in the long run.

Let’s take the cheapest available EVs in the Philippines, the Wuling Mini EV, and the BYD Dolphin.

Why the two, you may ask?

Officially, the BYD Dolphin is the cheapest EV in the Philippines today, priced at ₱1,888,888. The reason it’s officially the most affordable because BYD has a fully functioning dealership and service network, which the importers of Wuling do not. But because the Wuling Hongguang Mini EV Gameboy edition comes in at just ₱850,000, the supposed distributors (Wuling Philippines) claim they have a dealership and a service center set to open in Q1 of 2023; it’s only fair to talk about them as well.

Also Read: Every EV available in the Philippines today

BYD Dolphin

The BYD Dolphin is a 4-door, 5-seater EV Hatchback sold by BYD since mid-2022. This 44.9 kWh, 405-kilometer EV promises cheap running costs while it’s on this earth, which the brand says is a 10-year stint.

Taking the price per kWh to be ₱10.2769 in December of 2022, the BYD Dolphin costs around ₱461.43281 to charge from empty. If we assume that the batteries are only 85% efficient, then that 405-kilometer range will only realistically do 344 kilometers of driving before it needs to charge.

Also Read: BYD Dolphin first drive: Shocking entry to the EV world

For the sake of argument, let’s say the average daily commute for the typical Filipino buyer will be around 30 kilometers roundtrip daily. That translates to 11 full round trips before needing a charge, which, if you work every day, means an equivalent of three full charges a month, but for argument’s sake, let’s say you fully charge it at the end of every week on your day off, so that’s four times a month.

That kind of charge cycle will generally mean you’d be charging not from empty but from around 50% battery charge, which translates to about ₱300 a week, ₱1,200 a month, ₱14,400 a year to charge from your home.

Wuling Hongguang Mini EV

Another cheap EV in the country would be the Wuling Hongguang Mini EV, though it’s a different animal from the BYD Dolphin.

The Wuling Hongguang Mini EV comes in at just ₱650,000 for the low-range one that can go 125 kilometers on a single charge, and there’s a 300-kilometer range one that comes in at ₱850,000.

On the face of it, that’s great – you get a 4-seater electric vehicle no larger than a Wigo, so it’s easy to park and drive in the city. Plus, it can still do 300 kilometers on a single charge, so it can theoretically go to Baguio. But don't take our word for it. 

With a 26.5 kWh battery, the Wuling costs around ₱272.33785 to charge from empty, and given a 300-kilometer range means that the average 30-kilometer round trip will provide the average driver with about eight roundtrips. If a weekly charge from empty is highly likely, it will take around ₱1,100 a month to charge at home, going on to ₱13,100 for the whole year.

Wuling's huge caveat

There is a catch, however, because the Wuling’s distributor and dealer network are very small, so keeping one maintained might be difficult, even less so if you plan to drive it outside of Manila.

The importers are opening a dealership soon in Makati, and they claim they have enough parts to service all of their customers, but that’s neither here nor there because there haven’t been any consumer reports yet. Something to keep in mind when deciding.

How else can an EV save money?

One option for EV owners is to charge at one of their local malls, which currently offer free charging for mallgoers with EVs, with parking being the only cost at around ₱50 if you charge on weekends. Charging four times a month, you’d spend about ₱200 for the whole month, which translates to about ₱2,400 a year to charge your car – a really far cry even from the cost of just charging your car at home.

Also Read: Ayala adds more EV charging stations - now with GB/T plugs 

As far as maintenance goes, an EV won’t need any oil changes since there’s no oil to change.  However, most EVs have coolant that needs to be replaced occasionally due to battery and motor heat, and there are also brake pads, suspension, and tires to think about. Those are typical of all cars, however, so it won’t make too much of a difference to the price.

Finally, because the registration costs of these Battery EVs are down to 30% thanks to the EVIDA law, and because there are no import or customs duties and tariffs to worry about once Executive Order No. 12 takes effect, owners can get some satisfaction knowing they'll be saving a few extra pesos there as well.

Versus an Internal Combustion Engine car

So let’s take the average owner in Manila will use an EV on their daily commute to and from work, and they decide to take advantage of the free charging at their nearby mall; running an EV daily can cost as little as ₱2,400 a year, depending on how often you’d need to get it serviced.

By contrast, the typical gasoline-powered car costs at least ₱36,000 a year to run. Over a five-year ownership duration, you can save up a small fortune in running costs alone.

Should you make the switch?

Is it worth buying EVs at great expense for the purported savings they get? In all honesty, no – you will never save enough money in operating an EV to justify its higher cost against a similar gasoline-powered car.

But the truth is that all EVs and even hybrids sold right now are still affected by the import and customs duties and all the other fees and tariffs that all cars carry. So the ones on sale now are test mules to see if Filipinos will buy EVs in the first place.

When Executive Order No. 12 takes effect next month, these prices might fall significantly. We say might because you can rely on a person in business to maximize profits from a high-demand product. 

If, however, you’re buying your first or second vehicle, or replacing your current vehicle due to age or wear and tear, then EVs make a compelling argument on the basis that you’d be spending the money anyway to buy a car. In this sense, you are now stretching your budget to save a little more in the future, which is a good thing.

It’s a coin toss to see if it’s worth it. When you toss a coin, either side may land. But while the coin’s in the air, you realize what you want, and you’ve already made your decision.