Unlocking the Legal Jargon: How AI Legalese Decoder Can Provide Clarity on Upgrading to a Cheap Chinese EV
- May 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering an Electric Vehicle for Commuting
I have always loved my Fiesta ST, but ever since I moved to Pimpama and started commuting on the congested M1, my once enjoyable drives have turned into frustrating crawls through traffic. My daily commute to and from work, as well as around Pimpama, has me considering the practicality of switching to an electric vehicle (EV) to better suit my needs.
## The Benefits of an Electric Vehicle
The idea of an EV seems particularly appealing, especially since my commutes are not overly long. The thought of reducing my carbon footprint and saving on fuel costs is becoming more attractive by the day.
## Crunching the Numbers
This morning, I took some time to calculate the weekly $121 I currently budget for all car-related expenses for my Fiesta ST. I compared this to the projected costs of owning a few affordable EVs, taking into account factors such as kWh usage from our last electric bill and online quotes for car repayments and insurance. The figures are promising and have sparked my interest in making the switch.
## Planning for the Future
While I may need a car with rear doors for my kids in the next 3-4 years, I could potentially extend the life of my current vehicle for a few more years if necessary.
## How AI Legalese Decoder Can Help
With the help of AI Legalese Decoder, I can easily navigate the legal jargon and complex terminology often associated with purchasing and owning an electric vehicle. This tool can provide me with valuable insights and information to make an informed decision about transitioning to an EV, ensuring a smooth and hassle-free transition.
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# Introduction
In today’s fast-paced world, legal documents are filled with jargon and complex language that can be difficult for the average person to understand. This can make it challenging for individuals to navigate the legal system and protect their rights.
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****** just grabbed a
You’ve done the figures yourself, looks like any of the EV options are going to cost you more – drive the Fiesta into the ground and upgrade into something bigger for the family in 4-5 years time like you suggested.
No doesnt look like it from your numbers. Did you factor in the sale value of the current Fiesta?
I think when doing these spreadsheets you are looking at best case scenario on future costs, as you likely only can work out reasonable costs for your current car. Plus you may be tempted to over state maintenance costs for example.
It would possibly make sense if you werent financing. But since you’ll need a bigger car later, i think it would make more sense to save the difference now (as keeping is the cheapeest option) and work towards that in 2-4 years.
It appears that electric cars are just getting cheaper and better. I dont think you need to rush into it this year.
Camry hybrid?
The most environmentally and financially friendly thing to do at this point if you’ve got a reasonably efficient, functioning, reliable ICE vehicle is to keep it. Maintain it. Keep it running well. Drive gently instead of pretending you’re on Mount Panorama. When it finally gets to the point that repairing it is ridiculous THEN look at getting an EV.
It takes a metric shitload of emissions savings to offset the embodied carbon and other environmental impact of a brand new vehicle of any type.
Are you a candidate to benefit from novated lease?
– an employer
– high income tax bracket (you don’t HAVE TO be on top or second top brackets but the idea is the higher your bracket is the more you stand to benefit from it)
– have a home loan with offset account (again, not absolutely necessary but would generate more benefit)
– good job stability (if you need to change job or lose your job half way through, it will be a massive headache and/or financial loss)
– no plan for further borrowing for a new house / investment property (affect your borrowing capacity)
– not on a huge amount of government subsidy and/or pay child support.
If you match most of the above, then novated lease for EV can be an extremely good deal. Explore how much you may stand to save (or not) on my free, unbiased [novated lease calculator](https://www.reddit.com/r/AusFinance/s/VHJ25VpNKu).
Dude the only question is can you afford it in your budget.
Should probably include a depreciation charge in your analysis as well.
1 EV and 1 ICE household here. Driving and owning an EV is awesome. I really can’t fault it. In saying that, The magic number is when the weekly repayment matches your fuel bill. Everything else will cancel each other out (eg insurance, servicing, depreciation).
EV’s are getting cheaper, and we are likely to see a 5% drop each year in new car prices for the next few years.
I’d drive your car into the ground or until you need to upgrade and then look at it again. Then you have a bit more leeway if the numbers don’t quite stack up (eg repayments are still $10 a week more than fuel)
It only makes sense when old car costs more than new car over x period. Usually used is better, but that depends on what you base your needs on.
If your current car will last, you likely won’t save enough on a new one before needing to upgrade (assuming like for like upgrade). My family got the Atto 3 as it was cheaper with payments and costs than the fuel budget of our previous car (had a 7 seat Kia). Saving $40/week.
How do you get to the maintenance numbers ? That’s almost $2k per annum for the Fiesta. Are you including things such as tyre replacement in that number ? If so, you need to do the same with the EV’s.
For car repayments, is that the monthly amount excluding the final balloon payment ? That is something you won’t need to pay with the Fiesta so from a cash flow perspective you should include the balloon/residual payment. Offsetting that is what you think each car will be worth when you sell.
And lastly, have you run the same if you were to do a novated lease.
Usually the whole point of getting an EV atm is to do it through a novated lease due to the tax breaks.
Also, I have an MG4 and my wife prefers it over her larger car, even with the kids
The depreciation on something like a GWM Ora or an MG4 EV is probably going to well outstrip any savings you’re going to find on running costs by keeping the Fiesta.
It’s only worth doing if the EV is going to give you something (e.g. more practical rear seats or if the Fiesta is causing you grief with reliability/maintenance), because financially it doesn’t seem to stack up.
Oh man you are going to miss your car so much. Fiesta ST is one of the most fun cars I’ve ever driven at any price point. That car lifts the 4th wheel on winding roads so easily if you have grippy tyres.
EVs are no where close to that when it comes to engaging driving.
I think you already answered the question from your spreadsheet.
Remember new car smell only last for few months. But your expenses are real.
Drive the car you love. When it’s time to move on THEN move on. Until the money you save can buy you greater happiness stay the course.
A bit out of topic but what are the Insurance costs of an EV in general compared to a normal car? Is that insurance in your calcs from some rough estimates somewhere?
Yes, buying any Chinese car is plain stupidity.
Am I the only one who thinks there’s someone out there with a 6 month old Chinese EV who will happily take your Fiesta?
Does your Fiesta have radar cruise? If not, get one of those newer Corolla Hatchbacks. They have radar cruise and that’s what you need for the Pimpama/Coomera nightmare.
Go and test drive some of the cheaper Chinese stuff, they are a world away from a Ford ST. If you are going to lock something in for the long term and want something a buy bigger just move to a Focus ST and enjoy the next few years driving
What does the EV maintenance consist of? What I remember about EVs being heavier means they need new tyres more regularly which brings maintenance difference a bit closer to gas cars
Probably an intangible benefit but in NSW you can drive EVs in the transit lanes. It’s allowed currently into some time in 2025.
Other than that it’s always more expensive to replace a car with a new car that you have to borrow for.
Keep the fiesta and when it comes time to be replaced you have an excellent track or rally car to play with on weekends.
You could import a late model Nissan Sakura EV for maybe $20k on road.
Your Fiesta has to be worth at least $12k. So it’d only be $8k to change over.
This would be a lot cheaper than buying a GWM Ora. I can’t imagine the depreciation would be any worse.
Whether a Kei EV suits your needs, is up to you.
Yes, didn’t you hear? It’s a climate emergency and the world will end in 5 years, so get the car not just for the environment but that we’re all going to die, supposedly, so have nice things.
Keep your current car. EVs are only going to get cheaper or better.
The cheap chinese stuff is a time bomb waiting to happen. Seen rust on 1 year old BYD’s and leaking struts etc
Classic case of the poor man pays twice. Would spend a bit more and lease a tesla or polestar, fewer quality issues than byd and the like somehow
Wouldn’t touch those chinese cars with a 10ft pole IMO
The most cost-effective and eco option is to keep and drive whatever car you already have.