A new analysis of what it actually costs to drive on Australian roads has revealed the staggering gap between petrol and electric cars.
Data compiled by EV analytics site Eltre shows some of the country’s top-selling electric vehicles costing as little as 2 cents per kilometre to run in Melbourne, compared to more than 24 per cents per kilometre for diesel utes.
The figures, based on fuel prices and electricity rates as of April 17, show just how quickly the Middle East conflict has impacted fuel prices.
The biggest cost hit is being felt by those who drive utes, with Australia’s bestsellers like the Ford Ranger, Toyota HiLux, and Isuzu D-Max being the most expensive to run, with all of them sitting above 21c/km, with the D-Max topping the list at 24.3c/km.
Compared with electric vehicles like the Tesla Model 3, Tesla Model Y, and BYD Dolphin, which were all sitting at approximately 2c and 2.3c/km.
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The cheapest petrol SUVs don’t even come close, with the Hyundai Tucson and MG ZS sitting around 13c to 15c/km, six to seven times more expensive.
COUNTING THE COST OF SURGING FUEL PRICES
The Australian Institute of Petroleum data shows petrol prices have jumped approximately 36.7 per cent since January, while diesel has surged a staggering 68 per cent.
That’s pushed the typical monthly fuel bill from around $150 to as high as $250, depending on the vehicle, compared to approximately $60 a month for EV owners.
Separate research from Polestar Australia, based on a survey of more than 1,000 motorists, found Australians were already saving close to $100 per month by switching to electric, even before the Middle East conflict increased fuel prices.
Polestar CEO Michael Lohscheller said “range anxiety” has now turned into “pump anxiety” as more motorists move away from volatile fuel costs.
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“More and more people are choosing to drive electric because it is simply better. It is quieter, smoother and easier to own,” he said.
Polestar Australia managing director Scott Maynard said that even if fuel prices returned to normal, the “vulnerable state of our nation’s fuel security has been exposed”.
“Our data shows electric vehicles offer range that exceeds the needs of Australian motorists. They allow owners to take control of how and when they fuel their vehicles, insulating them from price shocks caused by conflict thousands of kilometres from our shores,” he said.
While the cost gap is massive, motorists also need to factor in the full cost of ownership, including insurance, servicing and maintenance.
According to the Electric Vehicle Council, electric vehicles are generally cheaper to service, with maintenance costs up to 30 to 40 per cent lower due to fewer part and no need for oil changes.
However, insurance can be higher. Data from NRMA insurance and industry providers shows EV premiums can be more expensive, due to the cost of repairing batteries and newer technology.
