VinFast VF 3: does switching to an EV really help you save money?

VinFast Philippines claims that operating a mini sport utility vehicle (SUV) like the VF 3 would cost owners the same amount as maintaining compact hatchbacks or even motorcycles.

While the said statement is definitely bold, the local wing of the Vietnamese electric car startup crunched the numbers to prove it.

Gas-powered cars, motorcycles

The VinFast VF 3 was launched not too long ago. On that note, it was presented to hopeful electric vehicle (EV) adopters with an introductory price of P705,000 or P605,000 when bought with the marque’s battery subscription service.

However, VinFast Philippines noted that it is not the purchase price — but rather the cost of operation — that will bring savings to those looking to drive home the VF 3.

VinFast Philippines analyzed the average fuel consumption of three mini hatchbacks with price ranging from P660,000-P840,000. The study revealed that these cars typically consume some 5.803 liters of fuel per 100 kilometers (km).

In addition, the carmaker also checked three popular motorcycle models. They used up approximately 2.12 liters per 100 km.

Then, VinFast Philippines factored in the price of gasoline (P64.34 per liter) and the average electricity cost (11.34 per kilowatt-hour) in the Philippines.

As for the VinFast VF 3, the company reduced the mini SUV’s initial price by P100,000 and added a monthly fee based on travel distance, which is shown in the list below:

• Under 1,500 km: P2,800
• 1,500-2,500 km: P3,800
• Over 2,500 km: P6,300

To calculate the operational cost, VinFast Philippines used the following formula: (Monthly Distance) x (Energy Cost Per Kilometer) x (Fuel/Electricity Price).

The table below showed the monthly operating cost comparison between the VinFast VF 3, average compact cars, and average motorcycles.

Distance (km)	Monthly operating cost (in Philippine Pesos) Rounded for ease of comparison
	Average A- Segment Car	Average Motorcycle	VinFast VF 3 (Battery Purchase)	VinFast VF 3 (Battery Subscription)
1,500	5,600	2,040	2,300	5,200
2,500	9,300	3,400	4,000	5,200
3,500	13,000	4,800	5,500	11,700

 

According to the results, the VinFast VF 3’s battery purchase version costs about half as much to run as the average internal combustion engine car in the A-segment, particularly as distance increases. Even with the battery subscription plan — VinFast Philippines noted — the VF3 still offers a lower operating cost compared to gasoline cars.

“For budget-minded consumers, the VF 3's value proposition is clear. At a slightly higher operating cost than a motorbike, you gain the comfort of a mini-SUV, complete with air conditioning and shelter from the elements, all while enjoying the fuel savings of an electric vehicle. For those considering an entry-level car, the VF 3 is a cost-efficient solution for the daily commute. Perfect for city driving, the VF 3's compact size makes it easy to navigate urban areas, while still providing the safety typically found in larger cars,” VinFast Philippines wrote in a press release.

Maintenance costs

The costs of maintaining an EV is also simpler than traditional internal combustion engine (ICE)-equipped cars and motorcycles.

For starters, the lack of an engine oil to change and fewer mechanical parts mean that owners can enjoy longer intervals between dealer visits.

In addition, the VinFast VF 3 also comes with a seven-year or 160,000-km warranty for the vehicle itself. The battery, on the other hand, has an eight-year, unlimited mileage warranty.

Should owners opt for the battery subscription service, the company will provide a free battery replacement if the charging capacity drops below 70 percent.

Is the VinFast VF 3 worth it?

Ultimately, the decision comes down to one’s personal needs and preferences.

Per VinFast Philippines, the VF 3 is an EV best suited for those looking for something more substantial than a motorcycle but still want to keep his or her monthly operating costs low.

The camaker also noted that like in its home country, the VinFast VF 3 offers city-dwellers in the Philippines an affordable entry point into the world of electric vehicles without sacrificing comfort or convenience.

As briefly covered, the VinFast VF 3 is currently offered in an introductory price that sees a total of P40,000 slashed from the original price of the mini SUV.

By next month, the price of the EV will revert back to P745,000 or P645,000 should buyers get a battery subscription service.

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