Should I buy an electric car in Australia now?

With petrol prices increasing across Australia, many drivers are looking to electric cars with newfound interest. While the upfront cost of an electric car has traditionally been a hurdle, the long-term maths is changing rapidly. A common question is: is electric cheaper to run than petrol? For many households, yes, especially with off-peak or solar charging. 

If you're considering making the switch, here are four things to think about to help you decide whether it’s the right move for you. 

Rising petrol prices and lower EV running costs make switching increasingly attractive, with home charging as low as $2-$4 per 100 km (and near zero with rooftop solar) plus reduced maintenance. Government incentives, including the federal FBT exemption under the luxury car tax threshold and state concessions, can further improve affordability. The Electric Vehicle Council also reported in 2025 that the public charging network grew about 20% annually which eases long distance concerns, while flexible, low rate financing and pre-approval from Beyond Bank can help manage upfront costs. If you're asking "what are the savings between petrol and electric" for your household, you can use the linked calculators to estimate your personal savings and repayments to decide if now is the right time to switch.

The "bowser vs. battery" maths 

The most immediate benefit of an EV is the end of the weekly fuel bill. In 2026, filling a mid sized petrol car can cost between $90 and $110 per week according to the NRMA. In contrast: 

• Home Charging: If you charge at home during off-peak periods, your charge cost can drop to approximately $2 to $4 per 100km. You can find out your costs using the Australian Government home charging calculator. 

• Solar Synergy: For households with rooftop solar, you can potentially reduce your charging costs to near zero by plugging in during daylight hours. 

• Maintenance: EVs have fewer than 20 moving parts in their drivetrain (compared to over 2,000 in a petrol engine), meaning you can save on annual servicing.  

The NRMA offers a handy calculator that lets you compare the running costs of petrol vehicles with electric cars to help you decide which option suits your needs. 

Government incentives still on the table 

While some early adopter rebates have wound down, significant federal support remains: 

• FBT Exemption: The Federal Government's Electric Car Discount provides a Fringe Benefits Tax (FBT) exemption for eligible EVs priced below the Luxury Car Tax threshold of $91,387 for the 2025-26 financial year. 

• State Concessions: Many States & Territories, such as the ACT and Northern Territory, continue to offer reduced registration fees and stamp duty concessions for zero-emission vehicles. You can check the Green Vehicle Guide to see what is available in your State. 

Charging infrastructure is expanding 

"Range anxiety" is being replaced by "charging confidence." As of 2026, Australia's public charging network is growing by roughly 20% annually. New investments are targeting both urban street charging and service stations, making long distance travel more feasible than ever. 

Financing your future drive 

The higher initial purchase price of an EV doesn't have to be a barrier. At Beyond Bank, we offer flexible car loan options designed to get you on the road sooner: 

• Low rate loans: Secure a competitive rate for your new or used EV purchase. 

• Pre approval: Know your budget before you hit the showroom so you can negotiate with confidence. Ask us how. 

Ready to leave the petrol station behind? 

Explore our latest rates and calculate your potential repayments with our Beyond Bank car loan calculator. 

FAQs

Question: What's the real "bowser vs. battery" saving for a typical driver? (In other words, what are the savings between petrol and electric?) 

Answer: As of 2026, filling a mid-sized petrol car can cost about $90-$110 per week, while home EV charging during off-peak periods can be roughly $2-$4 per 100 km. If you have rooftop solar and charge during daylight, your charging cost can drop to near zero. You're also likely to save on servicing because EV drivetrains have fewer than 20 moving parts, versus 2,000+ in a petrol engine. To see your numbers, compare using the NRMA running cost calculator and the Australian Government Home Charging Calculator.

Question: Do government incentives still help reduce the cost of an EV?

Answer: Yes. The Federal Government's Electric Car Discount provides a Fringe Benefits Tax (FBT) exemption for eligible EVs priced under the Luxury Car Tax threshold ($91,387 for the 2025-26 financial year). Some States and Territories (e.g., ACT and NT) also offer reduced registration fees and stamp duty concessions for zero-emission vehicles. Check what applies in your State via the Green Vehicle Guide.

Question: Is Australia's charging network ready for long trips?  

Answer: Confidence is growing. As of 2026, the public charging network is expanding by about 20% annually, with new investment across urban street charging and service stations. This ongoing rollout is making long-distance travel more feasible than ever, though planning your stops remains good practice. 

Question: How can I estimate my personal running cost savings before I buy?

Answer: Start with your likely charging pattern and electricity tariff. Then: 

1. Use the Australian Government Home Charging Calculator to estimate cost per 100 km.
2. Compare against your current petrol spend with the NRMA cost calculator.
3. Factor in lower maintenance needs noted for EVs (fewer moving parts). This gives a tailored view of "bowser vs. battery" for your household. 

Question: What EV financing options does Beyond Bank offer? 

Answer: Beyond Bank provides flexible car loans designed for EV purchases, including competitive low-rate options for new or used vehicles, plus pre-approval so you can shop with confidence. You can review current rates and estimate repayments using the Beyond Bank car loan calculator. 

This information is of a general nature only and does not take into consideration your objectives, financial situation or needs. The information must not be relied upon as financial product advice. Before acquiring any product, you should read the relevant guides, Product Disclosure Document, and consider whether a product is suitable for your circumstances to decide if a product is right for you.