CarCalc
Want to know how much it costs to own and run a 2022 Hyundai Kona Electric Elite? Thanks to CarCalc, we can tell you.
CarCalc have developed the world's most comprehensive Total Cost of Ownership (TCO) calculation engine for cars. Every calculation referenced in this article was generated using Carcalc.
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The 2022 Hyundai Kona Electric Elite
In Australia's growing electric vehicle (EV) market, the 2022 Hyundai Kona Electric Elite is one of an increasing number of attractive EV options.
With many buyers considering an EV for the first time, it's critical to understand the costs associated with every aspect of purchase and ownership.
To help in this process, we've put together this detailed Car Affordability Review, examining all aspects of purchase, finance and ownership.
What's in this review?
Brief facts and specifications
Unless otherwise stated, specifications listed below are sourced from the manufacturer's website.
Motor: Permanent magnet synchronous motor
Drive: Front-wheel drive
Battery: 64.0kWh Lithium-ion Polymer
Estimated Range: 484 kilometres (WLTP)
Energy consumption: 14.7kWh per 100kms (WLTP)
Safety: ANCAP 5 star
Country of origin: South Korea
Website: hyundai.com/au
Photos: hyundai.com/au
Specifications: hyundai.com/au
Our prospective Hyundai buyer
Casey, 27 years old
Real Estate Professional
Casey earns $94,000 per annum. As her first new car, she is keen to explore the option of buying a Battery Electric Vehicle (BEV) with zero CO2 emissions.
Casey is confident the Hyundai SUV is a car which will suit her lifestyle perfectly. After inspecting the Hyundai in person, Casey decided to look into the costs associated with buying and owning the Hyundai, based on her individual specifications and usage.
Setting a budget and deciding on ownership term
What's the budget?
Casey has decided on a Monthly Total Cost of Ownership budget of $1,500. Given her financial circumstances, she is happy to spend an additional $100 per month should the 'right' car be slightly above her budget.
CarCalc Settings
Ownership
Casey is planning to purchase her car on 01/11/2022 and own it for a period 60 months (5 years). The ownership period aligns with the Factory Warranty period offered by Hyundai.
CarCalc Settings
Trade-In
Casey has no trade-in vehicle.
CarCalc Settings
How will the Hyundai be used?
Doing less than 'average' annual distance
Casey's daily work commute is a 20 kilometre round trip. In addition, she uses her car for the occasional work trip and for personal transport after work and on weekends.
With the inclusion of the occasional weekend trip, Casey decided 12,500 annual kilometres was an accurate estimate.
As her monthly driving rarely changes, she doesn't need to vary her estimated kilometres by year, quarter or month.
CarCalc Settings
CarCalc Facts & Figures
62500
34
Warranties & Roadside Assistance: is the Hyundai covered?
Thanks to her low annual kilometres and 60 month ownership term, the Hyundai gives Casey the peace of mind of knowing she has factory warranty and battery warranty for her entire ownership.
The Hyundai has a 5 year unlimited kilometre factory warranty as well as an 8 year 160,000 kilometre battery warranty. Both increasingly commonplace in today's competitive marketplace and providing Casey with cover for her entire ownership.
CarCalc Facts & Figures - Factory Warranty
31/10/2027
62514
0
0
0
0
CarCalc Facts & Figures - Battery Warranty
0
0
The Hyundai comes with a standard 1 year unlimited kilometre roadside assistance package. On initial inspection, this appears to be less than what one might expect from any new vehicle today.
Thankfully, Hyundai extend the roadside assistance package by 1 year for each standard dealer service, at no extra cost.
Ultimately, Casey's Hyundai will be covered by the factory roadside assistance program for her entire ownership period. This is certainly the peace of mind she requires not only for her first EV, but for any new car.
Hyundai Kona Electric Elite spec & price
How much will it cost to 'drive-away'?
As she is very happy with the standard specification of the Hyundai Kona Electric Elite, Casey has not specified any factory options, but has included a Window Tint to be fitted by the dealer (at a cost of $337).
The dealer delivery fee for the Hyundai is $1,500.00.
The Registraton cost is $212.20 (in Year 1). As a Battery Electric Vehicle, the Hyundai benefits from the Victorian ZLEV registration fee reduction of $100. (To learn more please visit the VicRoads website).
Casey has requested the Hyundai be fitted with less expensive 'standard' number plates at a cost of $39.20. These plates are the lowest price option available in Victoria.
With a registration postcode of 3000 Casey is in a TAC 'High Risk' zone which attracts a higher CTP charge. For Casey's Hyundai, CTP is estimated at $552.20.
As a zero emission vehicle, the Hyundai is considered a 'green car' by Victorian Stamp Duty rules. This means the $62,520.70 dutiable value is rounded up to $62,600, and subject to a rate of 4.2%. On this basis, Stamp Duty for the Hyundai estimated to be $2,629.20.
To learn more about reduced stamp duty rates for 'green cars', please check out the State Revenue Office Victoria website.
ZEV Subsidy
Casey's Hyundai qualifies for the Victorian Government's $3,000 Zero Emissions Vehicle (ZEV) Subsidy . The subsidy is available to eligible new Zero Emission Vehicles purchased on or after 2 May 2021. To qualify, you must also be an "eligible person".
The effect is a $3,000 saving on the 'drive-away' price of the Hyundai.
This means Casey's Hyundai has an estimated final 'drive-away' price of $62,974.90.
Below is an example of what the Tax Invoice might look like.
Estimated Tax Invoice
Postcode
List Price
$55,000.00
Factory Options Total
$0.00
Dealer Options Total
$337.00
Dealer Delivery Fee
$1,500.00
Price pre-discount(s)
$56,837.00
Total Discounts
$0.00
Price ex GST ex LCT
$56,837.00
GST
$5,683.70
Price ex LCT
$62,520.70
LCT
$0.00
Price excluding 'on-roads'
$62,520.70
Registration
$212.20
Number Plate
Number Plate Fee
$39.20
CTP Fee
$552.20
Transfer Fee
$21.40
Stamp Duty
$2,629.20
ZEV Subsidy
-$3,000.00
'Drive-Away' Price
$62,974.90
Choosing the right finance option
Casey wishes to own her car by the end of her ownership, without the need for a residual or 'balloon' payment. Although she is aware this will be more expensive each month, she is happy knowing it will avoid a costly lump sum payment later.
Given this preference, Casey has decided to finance her new car with a Car Loan and will therefore own the car following her final monthly payment.
Casey is also considering financing her car over 4 years, paying it off 1 year early. Although the monthly finance costs are higher, it provides Casey with some attractive savings across her ownership. She has decided to revisit this alternative before making her final decision.
Although her monthly repayments may be higher than other finance options, the Car Loan provides Casey with the peace of mind she's looking for.
CarCalc Facts & Figures
Selections
Calculations
Finance Option
Car Loan
Amount Financed
$62,974.90
Term
60 months
First Payment
$1,439.45
Interest Rate
4.08%
Regular Payment
$1,162.05
Loan Establishment Fee
$270.00
Interest Paid
$6,748.10
PPSR Fee
$7.40
Total Paid
$70,000.40
Price Increases
As ownership costs such as registration, electricity, insurance, servicing and tyres are all subject to price increases, budgeting for price increases in any Total Cost of Ownership estimate is sensible according to Casey.
On that basis, she has included price increases based on the June 2022 CPI inflation rate of 6.1% into her ownership cost calculations, where applicable.
How much does the Hyundai cost to run?
The cost of owning and operating a car varies widely across makes, models and usage. For the Hyundai, Casey is budgeting for running costs including registration, electricity, servicing, insurance and tyres.
Understanding the implications of owning an EV is a little bit of an unknown, especially as it's also Casey's first new car.
Registration and the cost of the ZLEV road usage charge
As the Hyundai is a 'Battery Electric Vehicle' to be registered in Victoria, it is subject to the Victorian Government's ZLEV (Zero of Low Emission Vehicle) Road User Charge .
The charge is based on the distance travelled during a registration period and is payable after the end of the registration period.
The road usage charge rate for a Battery Electric Vehicle for 2022 is set at $0.026 per kilometre. Annual inflation of 6.1% is also applied in the calculations.
Casey's budgeted payment of the road usage charge is scheduled on day #1 of each new ownership year, in line with her registration renewal. In normal circumstances however, this payment would be payable 14 days from the date of request from VicRoads.
Throughout her ownership, Casey will have to pay an estimated $5,503.18 for Registration & CTP. This value includes the annual registration fee reduction of $100 as well as an estimated $1,950.00 for the Victorian ZLEV road usage charge.
As Casey is buying a new car, the first year's Registration & CTP is included in the 'Drive-Away' Price of the Hyundai and not reflected in the total registration costs above.
With Casey's Hyundai ownership scheduled to end the day before registration renewal, there is no registration cost budgeted for "Year 6".
The table below shows the various registration components by ownership (or registration) year.
CarCalc Cashflows
| Date | Year | Odometer | Registration Fee | CTP Fee | Road Usage Charge |
|---|---|---|---|---|---|
| 01/11/2023 | 2 | 12548 | $225.14 | $585.88 | $345.00 |
| 01/11/2024 | 3 | 25048 | $238.87 | $621.62 | $366.25 |
| 01/11/2025 | 4 | 37548 | $253.44 | $659.55 | $388.75 |
| 01/11/2026 | 5 | 50048 | $268.90 | $699.78 | $412.50 |
| 31/10/2027 | 5 | 62514 | $0.00 | $0.00 | $437.50 |
How costly is Electricity for the Hyundai?
Given her low estimated daily usage, Casey plans to charge the Hyundai exclusively at home. With free rapid chargers available at her workplace should they be needed, Casey is confident that any visit to a rapid charging station will be an exception.
Casey has decided to use the manufacturer's Worldwide Harmonized Light Vehicles Test Procedure (WLTP) battery consumption rating of 14.7 kWh per 100 kilometres to calculate her electricity costs.
Assuming a standard rate per kWh of $0.23 and an annual inflation rate of 6.1%, the estimated total electricity cost for the Hyundai over 5 years is $2,394.04.
CarCalc Settings
CarCalc Facts & Figures
$2,394.04
9178.22
1826
14.7
$0.00
$2,394.04
$1.31
$0.04
$1.31
5.03
0.15
5.03
CarCalc Cashflows
| Year | Kilometres | Recharges | Recharge kWh | Recharge $ | Std Charges | Std Charge kWh | Std Charge $ |
|---|---|---|---|---|---|---|---|
| 1 | 12500 | 0 | 0.0 | $0.00 | 365 | 1835.64 | $437.33 |
| 2 | 12500 | 0 | 0.0 | $0.00 | 366 | 1835.64 | $457.73 |
| 3 | 12500 | 0 | 0.0 | $0.00 | 365 | 1835.64 | $478.97 |
| 4 | 12500 | 0 | 0.0 | $0.00 | 365 | 1835.64 | $499.50 |
| 5 | 12500 | 0 | 0.0 | $0.00 | 365 | 1835.64 | $520.51 |
Are the Hyundai Service Costs affordable?
Casey intends to have her car serviced by her local Hyundai franchise dealer throughout her ownership.
The Hyundai requires a first service at either 12 months or 15,000 kilometres, whichever occurs first.
The regular service interval for the Hyundai is every 12 months or 15,000 kilometres. Based on an estimated annual distance of 12,500 kilometres, a regular service will be due on the first day of each ownership year.
The Hyundai will be serviced 4 times throughout Casey's ownership at an estimated total cost of $1,265.00 and an average service cost of $316.25.
Although a service will be due the day after her ownership ends she is comfortable excluding this from her budget.
CarCalc Facts & Figures
$1,265.00
4
365
12508
$316.25
$0.69
CarCalc Cashflows
| Date | Service Provider | Service Id | Service Month | Service Kilometres | Service Cost | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 01/11/2023 | Hyundai Franchise Dealer | 1 | 12 | 15000 | $180.00 | |||||
| 01/11/2024 | Hyundai Franchise Dealer | 2 | 24 | 30000 | $180.00 | |||||
| 01/11/2025 | Hyundai Franchise Dealer | 3 | 36 | 45000 | $180.00 | |||||
| 01/11/2026 | Hyundai Franchise Dealer | 4 | 48 | 60000 | $725.00 |
Insurance
Casey is a Rating 1 driver with a clean driving record. She has decided to purchase a comprehensive insurance policy. The estimated annual premium is $1,350.00 subject to annual inflation of 6.1%.
As a precaution, Casey has estimated she will make 1 insurance claim during her ownership, with an $800.00 excess.
Casey's insurance premium payments are scheduled on the first day of each ownership year, in line with her registration renewal. Her budgeted insurance claim is scheduled at the halfway point of her ownership.
Expecting insurance to be a significant component of the Hyundai's ownership costs, Casey's total insurance costs are an estimated $8,425.29. This places Insurance in second place behind Finance.
CarCalc Settings
CarCalc Facts & Figures
1
$7,625.29
$800.00
$8,425.29
$4.61
$0.13
CarCalc Cashflows
| Date | Day | Odometer | Cumulative Claims | Excess | Cumulative Excess | Premium | Cumulative Premium | Premium Count |
|---|---|---|---|---|---|---|---|---|
| 01/11/2022 | 1 | 14 | 0 | $0.00 | $0.00 | $1,350.00 | $1,350.00 | 1 |
| 01/11/2023 | 366 | 12514 | 0 | $0.00 | $0.00 | $1,432.35 | $2,782.35 | 2 |
| 01/11/2024 | 732 | 25014 | 0 | $0.00 | $0.00 | $1,519.73 | $4,302.08 | 3 |
| 01/05/2025 | 913 | 31213 | 1 | $800.00 | $800.00 | $0.00 | $4,302.08 | 3 |
| 01/11/2025 | 1097 | 37514 | 1 | $0.00 | $800.00 | $1,612.42 | $5,914.50 | 4 |
| 01/11/2026 | 1462 | 50014 | 1 | $0.00 | $800.00 | $1,710.79 | $7,625.29 | 5 |
The choices and costs of Tyre Replacement and Repairs
The Hyundai Kona Electric Elite comes with a front and rear tyre size of 215/55 R17 94V. As a common tyre size, there are many replacement options in the market across a range of prices.
Tyre Replacement
In the past, Casey changed tyres approximately every 40,000 kilometres. For the Hyundai, her preference is to budget more conservatively, based on a tyre replacement interval of 30,000 kilometres. The Hyundai is most definitely heavier than her current car.
Although the outcome means an additional change of all 4 tyres before the end of her ownership, she is happy to budget based on this schedule and cost.
After a little online research, Casey identified a suitable tyre for the Hyundai with an estimated price of $192.73 per tyre, fitted and balanced.
This means total tyre replacement costs are estimated to be $1,902.74 over the life of Casey's Hyundai ownership.
As per all ownership costs, tyre replacement costs are subject to inflation at 6.1%.
CarCalc Settings
CarCalc Facts & Figures
$1,902.74
8
$237.84
$1.04
CarCalc Cashflows
| Date | Odometer | Position | Replaced | Cost | Total Replaced | Total Cost |
|---|---|---|---|---|---|---|
| 26/03/2025 | 30014 | Front & Rear | 4 | $881.19 | 4 | $881.19 |
| 19/08/2027 | 60014 | Front & Rear | 4 | $1,021.55 | 8 | $1,902.74 |
Tyre Repairs
As Casey has suffered from a number of punctures over recent years, she has included a budget for 2 tyre repairs per year throughout her ownership, at a cost of $33 per repair.
After inflation, total tyre repair costs are an estimated $378.43 with an average repair price of $37.84 after inflation.
CarCalc Settings
CarCalc Facts & Figures
$378.43
10
$37.84
$0.21
CarCalc Cashflows
| Date | Odometer | Repair Cost | Repair Count | Total Cost |
|---|---|---|---|---|
| 30/01/2023 | 3130 | $33.00 | 1 | $33.00 |
| 31/07/2023 | 9363 | $34.00 | 2 | $67.00 |
| 30/01/2024 | 15622 | $35.01 | 3 | $102.01 |
| 30/07/2024 | 21838 | $36.08 | 4 | $138.09 |
| 30/01/2025 | 28130 | $37.15 | 5 | $175.24 |
| 31/07/2025 | 34363 | $38.27 | 6 | $213.51 |
| 30/01/2026 | 40630 | $39.41 | 7 | $252.92 |
| 31/07/2026 | 46863 | $40.60 | 8 | $293.52 |
| 30/01/2027 | 53130 | $41.82 | 9 | $335.34 |
| 31/07/2027 | 59363 | $43.09 | 10 | $378.43 |
Tolls
Casey generally doesn't drive on toll roads and has not budgeted for any toll related costs during her ownership.
Fines
Casey is comfortable excluding any costs for traffic or parking fines from her Hyundai budget.
Getting the car washed every month
Casey has decided to have her car washed Monthly by her local car wash provider at a cost of $65 per wash before inflation.
Throughout her ownership, Casey expects to spend an estimated $4,506 keeping the Hyundai clean.
CarCalc Settings
Parking
As Casey has free off-street parking provided by her employer, she rarely pays for parking and has decided not to budget for any parking related costs. Any such costs will be covered in her budget for "extra" costs.
Motoring Association
As her new Hyundai will be covered by a factory warranty and roadside assistance, Casey has decided RACV membership is not necessary, so she has not included this in her budget.
A little bit extra
Casey has decided to budget $250 per year to cover any unexpected costs. Over the course of 5 years and after applying inflation, her estimated "extra" costs add up to $1,454.79. A small price to ensure peace of mind.
CarCalc Settings
Total Cost of Ownership: $1,597.16 per month
What does this all add up to?
Given Casey's estimated usage and specific settings, the estimated average Monthly Total Cost of Ownership for the Hyundai Kona Electric Elite is $1,597.16.
The estimated TCO is $97.16 above Casey's preferred budget and $2.84 within her extended budget - thanks to her $100 budget tolerance.
CarCalc Cashflows
| Year | Finance | Insurance | Service | Fuel/Electricity | Tyres | Registration | Other | Annual Total | Total |
|---|---|---|---|---|---|---|---|---|---|
| 1 | $14,222.00 | $1,350.00 | $0.00 | $437.33 | $67.00 | $0.00 | $1,055.37 | $17,131.70 | $17,131.70 |
| 2 | $13,944.60 | $1,432.35 | $180.00 | $457.73 | $71.09 | $1,156.02 | $1,119.70 | $18,361.49 | $35,493.19 |
| 3 | $13,944.60 | $2,319.73 | $180.00 | $478.97 | $956.61 | $1,226.74 | $1,187.84 | $20,294.49 | $55,787.68 |
| 4 | $13,944.60 | $1,612.42 | $180.00 | $499.50 | $80.01 | $1,301.74 | $1,260.43 | $18,878.70 | $74,666.38 |
| 5 | $13,944.60 | $1,710.79 | $725.00 | $520.51 | $1,106.46 | $1,818.68 | $1,337.21 | $21,163.25 | $95,829.63 |
Ranking Casey's estimated cashflows for the Hyundai presents an interesting picture.
1. Finance: $70,000.40
2. Insurance: $8,425.29
3. Registration & CTP: $5,503.18
4. Car Wash: $4,505.76 * included in 'Other' cashflows in the table above
5. Electricity: $2,394.04
6. Tyres: $2,281.17
7. Other: $1,454.79 * included in 'Other' cashflows in the table above
8. Service: $1,265.00
Total: $95,829.63
Finance for the Hyundai is easily the most significant cost. No surprises there.
In second place is Insurance followed by Registration & CTP.
Estimated Car Wash costs came in fourth place. Not what Casey was expecting but unsurprising based on her settings.
Perhaps the biggest shock in a positive way for Casey were Electricity costs in fifth place. This was particularly pleasing given the additional upfront cost of buying an EV.
Summary
Based on her usage and preferences, the Hyundai Kona Electric Elite is affordable for Casey. Only just.
As a Battery Electric Vehicle (BEV), it's green credentials fit exactly what Casey is looking for. Zero CO2 emissions combined with a low annual cost of "refuelling". This combined with the added convenience of recharging exclusively at home.
With warranty and roadside assistance for her entire ownership, it looks like an easy decision.
The Victorian Government's Zero Emissions Vehicle Subsidy
If you're curious about how the Victorian Government's Zero Emissions Vehicle Subsidy impacts the affordabilty of the Hyundai Kona, then we have good news for you.
With the help of CarCalc, we've written a car expense review about how the ZEV Subsidy impacts "drive-away" price and affordability.
If you're considering a Zero Emissions Vehicle as your next new car, we're sure you'll find it useful.