EV Charging Costs vs Petrol: Which Is Better?

There’s an ongoing dispute over the potential long-term cost of EV vs petrol vehicles. Some say the lack of a petrol engine doesn’t offset the upfront cost of an EV. Others say petrol prices and more frequent maintenance make EVs a more cost-effective option. All this leads to one question: When it comes to EVs vs petrol cars, which is cheaper?

In this guide, we’ll dive into a head-to-head comparison of EVs vs petrol cars. We’ll cover the upfront costs, maintenance expenses, environmental impact, and total ownership costs. By the end of this guide, you should be able to make an educated decision for yourself.

Upfront Vehicle Costs: EVs vs Petrol Cars

Average Prices of Popular Petrol Cars

Surprisingly (or perhaps not), many of the most popular internal combustion engine vehicles (ICEVs) bought in Australia this past year were SUVs and utes. This list compares some of the most popular petrol cars in Australia with their respective price ranges:

• Ford Ranger ($36,880 – $90,440)
• Toyota HiLux ($26,475 – $74,310)
• Isuzu D-Max ($32,700 – $78,900)
• Mitsubishi Outlander ($37,740 – $73,790)
• Toyota Corolla ($29,270 – $40,450)

Average Prices of EV Cars

Straight off the lot, EVs tend to be slightly more expensive than ICEVs. But even EVs have higher-end and more affordable options available:

• Tesla Model Y ($55,900 – $82,900)
• Tesla Model 3 ($54,900 – $80,900)
• MG4 ($37,990 – $55,990)
• BYD Seal ($46,990 – $61,990)
• BYD Atto 3 ($39,990 – $44,990)

Running Costs: Fuelling vs Charging

Petrol Price Trends and Variability

In Australia, petrol prices exist on a fluctuating price cycle where prices steadily decrease for a period and are followed by a sharp rise. This is especially true in the country’s five largest cities. Regional areas have more stable prices, although they may be higher than in the major cities. For example, petrol price cycles do not occur in Canberra, Darwin, or Hobart.

The value of the Australian dollar and international benchmark prices have the most influence on the price consumers pay. Petrol price cycles result from pricing policies, not changes in the wholesale cost of fuel. 

Over the last 10 years, the average difference between the wholesale price and retail price of petrol has been around 15 cents per litre.

EV Charging Rates: Home vs Public

The cost of charging an EV will depend on the model, battery capacity, and the charging station used. The price can range between $0.76 to $9.09 per 100km at a public charging station. 

On average, you can expect to pay between $0.40 and $0.70 per kWh at public DC fast charging stations. This means that an EV with a 60kWh battery could cost anywhere between $24 and $42 to fully charge. 

When compared to petrol, charging an electric car either publicly or at home is much cheaper for the same distance covered. Using public fast chargers will save you 53% on average, charging at home is around 77% cheaper, and charging from your solar system (if you have one) can be up to 96% cheaper.

Maintenance and Servicing Expenses

Common Maintenance for Petrol Cars

According to a survey by the Australian Automobile Association (AAA), servicing a car costs approximately $33.61 a week for Australians on average. This equals $1,747 annually. 

The regular maintenance for petrol cars and the average expenses associated with them annually include:

• Regular oil and filter changes ($200 – $400)
• Replacing tires and tire rotations ($150 – $800)
• Brake servicing ($250 – $600)
• Air and cabin filters, spark plugs, wipers, fluids ($100 – $300)
• Battery replacement ($150 – $350 every 3 – 5 years)

EV Maintenance Savings

While the initial cost of EVs is generally higher, they have lower running costs. And even the gap between the upfront prices of EVs and ICEVs is closing. EVs typically require less maintenance because they have fewer moving parts and require fewer fluids, such as engine oil. Regenerative braking also means less wear on the brakes. 

Although an EV has fewer parts than an ICEV, the brakes, suspension, steering, tyres, instrument warning lights and gauges, safety systems, and battery terminals will all need to be checked and serviced eventually. A routine annual general safety inspection service should include an examination of all the EV's components, plus a diagnostic system check.

According to the Electric Vehicle Council of Australia, servicing costs for an EV are between $300 and $400 cheaper per annum than conventional ICE vehicles. Depending on how much you drive, the total cost of ownership for an EV can actually be lower than that of a petrol car.

Environmental and Financial Incentives

Competition and lowered production costs are doing wonders for the costs of EVs, making them more affordable than ever. Now, you can buy a new EV for just a little more than a petrol car and save hundreds of dollars on annual petrol costs by charging at home or using public charging stations. 

Lower lifecycle emissions and reduced air and noise pollution make EVs more environmentally friendly. Government incentives, exemptions, and rebates are also still available at the federal and state levels.

Making the Right Choice for Your Wallet

Final Thoughts on Long-Term Savings

When you only look at the upfront price of an EV vs petrol vehicle, it's easy to make an ill-informed decision and miss the big picture. However, when weighing the total ownership cost, environmental benefits, and government incentives, a much clearer picture forms.

In the ACT, sales of new petrol and diesel vehicles are being banned by 2035. ICE vehicles are being phased out as manufacturers shift their focus to EV production. It would be safe to assume that other states and territories will be implementing similar bans.

Ready to Make the Switch? Explore Our EV Chargers Today

EV charging can save you hundreds on annual petrol costs! If you have solar panels installed already, you can charge your vehicle via your own solar system for even bigger savings. revcharge offers an end-to-end charging setup service and is home to EV chargers from the biggest names in the industry. Choose from the likes of Tesla, Zappi, Hypervolt, and more!

When you purchase an EV charger from revcharge, a member of our team will come and install it for you. Explore our range of brand-name EV chargers today and take the next step!