Before I had decided to buy my new Telsa, one of the dads at the dog park told me the thing he loved most about his EV – cruising right past the local petrol station with never a thought of pulling in.
It gave me pause to think, however it was by no means the coup de grace that convinced me to get an electric vehicle for the first time.
But now as petrol prices skyrock on the back of inflation and the conflict in the Middle East, perhaps that is the clincher that will persuade many more Aussies to join the electric revolution.
MORE: Huge Tesla rival’s major flaw exposed
Apart from the fact no one likes to stop for petrol – those stations are mostly a dirty, horrible stinking mess with ridiculously overpriced sweets the kids don’t stop begging for and undrinkable coffee, the savings I’m making with an EV over a traditional engine are considerable.
According to Tesla, the estimated five-year fuel savings for their SUV Model Y is $6000, or around $1200 per year. I reckon for once Elon Musk is underselling his product.
I filled up my Model Y at the charger up the road on Sunday night for a measly $23.29.
That’s right, twenty three dollars and twenty nine cents.
There’s not much you can get for under 24 bucks these days. Two beers? Lunch and a drink? Maybe. 1/15 of a new pair of sneakers? Almost some cheapish kids Lego?
MORE: ‘Nonsense’ EV myth blown apart
Well, that $23.29 will last me all week. No brag. Not even a humble one. Just the reality of trying to get by in this cost of living crisis.
With my last car, a Subaru XV, I was paying around double that a week – and that was a smaller SUV and before the current petrol price spike.
A BIG SAVING
That is a big saving.
Courtesy of a bit of back of the beer coaster maths that’s a saving of as much as $2500 year. So double what Tesla claim. Take note Elon.
And if I was charging at home – unfortunately I don’t have the capacity to do so – I would be saving a hell of a lot more.
I’m not saying rush out and buy an EV. These massive petrol prices might not last – President Trump says they won’t and of course the Albanese Government is hoping the same.
But at a time when every dollar counts, it’s very much food for thought.
MORE: Luxury car giant cops ‘extreme’ $890m loss
And don’t take my word for it because there are more than a few ways to skin the savings cat when it comes to your EV.
According to independent data commissioned by one of Australia’s biggest car lease providers, Smart, drivers with an EV could be saving up to almost $400 a month. That’s a yearly saving of around $4500.
There’s a lot you can buy with that.
According to the data, based on petrol priced at $2.20 a litre, the monthly savings for someone with an EV on a novated lease vs financing an internal combustion engine (ICE) is $314.
If petrol prices hit $2.50 per litre, that goes up to $339, and drivers would be $364 better off if petrol prices reach $2.90 per litre. Under a worst case scenario, where petrol prices rise 80 per cent to $3.30 per litre, the saving would be $389 per month.
That is serious money.
THE ‘GREAT RIP OFF’
For me one of the most galling aspects of the petrol price rise is what politicians call ‘gouging’, the average motorist might simply call it a ‘rip off’.
Is there any other product you buy on a regular basis that can be one price one day, then suddenly 25 per cent higher the next. It’s a tough pill to swallow and you don’t have to if you don’t want it. They think they’ve got you in a corner, but thanks to EVs they don’t any more. You have a viable option.
SICK OF IT
Brisbane mum Liz, was one who was sick of being at the whim of fluctuating petrol prices, as she often left it to the last minute to fill up her tank. She has now purchased an EV through a novated lease to get out of the petrol cycle.
Now, I understand EVs aren’t for everyone. My wife took some convincing.
They are more of a commitment to fill up, even if range anxiety is becoming less of an issue. I’ve had my Tesla for nine months now and just fit its recharging schedule into our weekly goings on, such as when shopping, at the park or going for a run.
The EV subsidies, whether you agree with them or not, make the cars even more enticing. I am paying less on my lease for my $80k Telsa than I would have for a $60k BYD.
I would be stupid to say no to that.
And in most cases, the cutting edge tech and safety you get with an EV ensures the product is top of the class.
For example, the updated 2026 Model Y Juniper has been rated as the safest car in Australia, according to the official safety body ANCAP. Telsa’s Model 3 came in second. Another EV, the Volvo EX90 was third.
THE ‘TRUE CURRENCY’
Musk reckons energy rather than fiat currency, will be the ‘true currency’ of the future.
We all might need a bit of convincing of that too and it is likely a while off.
But it’s something worth pondering while you cruise by your local petrol station with your EV fully charged and more cash in your pocket.
