The Finance Algorithm

Electric Vehicle (EV) Loan Calculator

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

Updated October 2026Built and checked by MaverickHow it's calculatedReport an error

Your numbers

Updates as you type
$
$55k
$
$5k
%
6.5%

Some lenders offer green car discounts

5
15,000
0.3

Your home electricity rate

16

Typical EV uses 14-20 kWh/100km

8

Similar petrol car for comparison

1.9
$

Any EV rebate or stamp duty and registration concession you're eligible for - check your state's revenue office and transport department

The button asks our AI to explain these figures in words.

EV loan: cost & running comparison

Monthly repayment

$978

on $50,000 loan

Annual fuel savings

$1,560

vs petrol ($2,280/yr)

Total fuel savings

$7,800

across loan term

Incentives

$0

as you entered them

Electricity vs petrol: same distance

EVs use about ~1/4 the energy cost per km. That gap multiplies over the loan term and beyond.

$720EV (electricity)$2,280Petrol

Where your fuel dollars go

Side-by-side: the share of energy spend you'd save by switching.

$2,280annual fuel
EV charging/year24.0%
Petrol/year76.0%

Monthly repayment at different loan terms

Longer term = lower monthly cost. Combined with EV running savings, it can offset the higher up-front price.

$1,5323y$9785y$7427y
Net cost over the loan term
$55,898 all-in
Deposit and loan repayments ($58,698) less the fuel saved against the petrol car ($7,800) and any incentives ($0). Through a novated lease, an electric car under the luxury car tax threshold is also exempt from FBT.

How it works

An electric car often costs more to buy and less to run. This calculator works out the loan repayments, the yearly cost of charging from your electricity rate and the car's efficiency, and the fuel a comparable petrol car would use, then sets the fuel saved over the loan term against the loan. Add any rebate or concession you're eligible for.

  1. 1Enter the EV's price and your loan details.
  2. 2Set your yearly kilometres.
  3. 3Add your electricity rate from your bill and the car's efficiency in kWh/100 km.
  4. 4Enter a comparable petrol car's fuel use and the petrol price.
  5. 5Add any rebate or concession you're eligible for.

The figures today

As of 7 November 2026, the lowest car loan rate from a bank or lender is 5.74%, from Westpac's Car Loan, while the typical best across 42 institutions is 6.99%. The lowest carmaker finance rate is 2.70%, from Chery Motor Finance's Chery 4.46% EV Comparison Rate Offer, while the typical best across 12 institutions is 4.99%.

Car loan rates

Worked examples

EV Against a Petrol Car

A $55,000 EV with a $5,000 deposit and a 6.5% loan over 5 years. 15,000 km a year, 16 kWh/100 km at $0.30/kWh, against a petrol car using 8 L/100 km at $1.90 a litre.

EV purchase price
$55,000
Deposit
$5,000
Interest rate
6.5%
Loan term (years)
5
Kilometres a year
15,000
Electricity rate ($/kWh)
0.3
EV efficiency
16
Comparable petrol car consumption
8
Petrol price ($/L)
1.9
Rebates or concessions (optional)
$0

Charging costs $720 a year against $2,280 of petrol, a $1,560 saving - $7,800 over the 5-year loan. Compare that with the price difference between the EV and the petrol car you'd otherwise buy.

Questions people ask

Are EVs really cheaper to run?
Usually, but it depends on your electricity rate, where you charge and the cars you compare. At 16 kWh/100 km and $0.30/kWh, charging costs $4.80 per 100 km; a petrol car using 8 L/100 km at $1.90 a litre costs $15.20. Use your own rates in the calculator.
What incentives are available for EVs in Australia?
Most state purchase rebates have closed. Some states and territories still offer stamp duty or registration concessions, and these change, so check your state's revenue office and transport department. Separately, battery electric cars under the luxury car tax threshold are exempt from FBT through a novated lease.
Will my EV hold its value?
It depends on the model and the used EV market, which is still young. Check listings for the same model at a few years old to see how it has held its value.

The terms, in plain English

kWh/100km
EV efficiency rating - how much electricity used per 100km. Like L/100km for petrol.
FBT Exemption
Battery electric cars below the fuel-efficient luxury car tax threshold are exempt from fringe benefits tax when provided by an employer, including through a novated lease.
DC Fast Charging
High-power public chargers that charge much faster than a home charger, usually at a higher price per kWh.

Official sources

Novated Lease Calculator

EVs have FBT exemption

Total Cost of Ownership

Compare full running costs

Car Loan Calculator

Standard loan calculation