Are EVs really cheaper to run?

Yes, significantly. Charging costs about $4-6 per 100km vs $15-20 for petrol. Plus no oil changes, less brake wear, and fewer moving parts to maintain.

What incentives are available for EVs in Australia?

Varies by state. Most states offer $3,000-$7,000 rebates, stamp duty exemptions, and registration discounts. The FBT exemption for novated lease is federal.

Will my EV hold its value?

EV depreciation has improved as the market matures. Popular models like Tesla hold value well. Lesser-known brands may depreciate faster initially.

Electric Vehicle (EV) Loan Calculator

Calculator

Calculate EV financing with incentives, charging costs, and long-term savings

Free to useNo data storedReal-time dataAI insightsUpdated: February 2026

Electric vehicles have higher upfront costs but much lower running costs. This calculator compares the total cost of EV ownership including incentives, charging, and savings versus petrol.

Enter Your Details

Real-World Examples

Tesla Model 3 vs Camry

Model 3 at $58,000 vs Camry at $40,000. 15,000km/year, electricity $0.30/kWh, petrol $1.90/L.

Inputs Used:

evPrice:58,000petrolPrice:40,000kms:15,000

Annual fuel: EV $720 vs Petrol $2,280. Save $1,560/year on fuel. Over 5 years, EV costs just $4,200 more despite $18,000 higher price.

Frequently Asked Questions

Glossary

kWh/100km

EV efficiency rating - how much electricity used per 100km. Like L/100km for petrol.

FBT Exemption

EVs under the luxury limit are exempt from Fringe Benefits Tax for novated lease.

DC Fast Charging

Public chargers that can charge an EV to 80% in 20-40 minutes.

Related Tools

Novated Lease Calculator

EVs have FBT exemption

Total Cost of Ownership

Compare full running costs

Car Loan Calculator

Standard loan calculation

How to Use

1Enter the EV price and loan details
2Set your annual driving distance
3Add your electricity rate (check your bill)
4Enter the EV's efficiency (from specs)
5Compare against a similar petrol car

Key Information

EVs cost 70-80% less to 'fuel' than petrol
State incentives can save $3,000-$7,000 on purchase
FBT exemption makes novated lease very attractive for EVs
Servicing costs are lower (no oil changes, fewer parts)
EV depreciation is stabilizing as market matures

Pro Tips

Check state-specific EV incentives before buying
Consider time-of-use electricity plans for cheaper charging
Some lenders offer 'green car' rate discounts
Factor in home charger installation cost ($1,000-$3,000)

Avoid These Mistakes

Only looking at upfront price, not total cost of ownership
Underestimating fuel savings over the loan term
Not checking available incentives and rebates
Worrying about range without calculating actual daily needs

Disclaimer: This calculator provides estimates only and should not be relied upon for financial decisions. Interest rates, fees, and policies change frequently. Always verify information with lenders directly. This is general information, not personal financial advice. Consider seeking advice from a licensed mortgage broker or financial advisor.

Last updated: February 2026