The Finance AlgorithmTFA

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

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Some lenders offer green car discounts

Your home electricity rate

Typical EV uses 14-20 kWh/100km

Similar petrol car for comparison

For state-specific incentives

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:

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.

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

How to Use
  1. Enter the EV price and loan details
  2. Set your annual driving distance
  3. Add your electricity rate (check your bill)
  4. Enter the EV's efficiency (from specs)
  5. Compare 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
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