Petrol is $2.50 a litre. For a driver covering 15,000km a year in an average car getting 9L/100km, that is $3,375 spent on fuel before a single service, registration, or tyre replacement. For SUV drivers, the number is closer to $5,600. This is not a minor inconvenience. It is a genuine household budget pressure, and it is not going away soon.
The Iran conflict earlier this year pushed fuel costs roughly 40% higher than 18 months ago. Analysts disagree on how long this lasts, but the structural trend is clear: petrol is getting more expensive over time, not less.
Against that backdrop, we ran the actual purchase and running cost numbers on three vehicle comparisons, from city hatchbacks to family SUVs. The results are clearer than most people expect.
The 3-way comparison
Small car: BYD Dolphin vs Toyota Corolla Hybrid
The BYD Dolphin drives away at $29,990. The Toyota Corolla Hybrid, Australia's most fuel-efficient mainstream petrol option, is $32,110. The EV is already $2,120 cheaper to buy. That matters because one of the standard arguments against EVs ("they cost more upfront") does not apply here at all.
Running costs: the Dolphin uses 14.5 kWh/100km. At 30c/kWh (average home tariff), that is $4.35 per 100km. The Corolla Hybrid manages an impressive 4.2L/100km, which at $2.50/L is $10.50 per 100km. The EV costs 59% less per kilometre to run, even against the most efficient petrol car in its class.
Mid-size SUV: BYD Sealion 7 vs Nissan X-Trail e-POWER
The BYD Sealion 7 Premium drives away at around $59,857. The Nissan X-Trail e-POWER Ti is $54,896 driveaway. Both come with leather seats, head-up display, panoramic roof, 360-degree camera, and adaptive cruise control. Feature-for-feature, these are closely matched mid-size SUVs.
What makes this comparison interesting is that the X-Trail e-POWER already uses electric motors to drive the wheels; it just generates the electricity with a petrol engine instead of a battery. The question is: why not go fully electric?
The Sealion 7 uses approximately 18 kWh/100km ($5.40 per 100km). The X-Trail e-POWER uses around 6.4L/100km ($16.00 per 100km). The EV costs a third as much per kilometre to run. The $4,961 price premium is recovered in under 3 years on fuel and maintenance savings alone.
Family hauler: Tesla Model Y L (6-seat) vs Toyota Kluger Hybrid (7-seat)
The new Tesla Model Y L is a stretched, 6-seat version of the Model Y, starting at $74,900 (before on-roads). The Toyota Kluger Hybrid, one of Australia's most popular 7-seat SUVs, is $62,410. The EV carries a $12,490 premium, and offers one fewer seat.
The Model Y L uses approximately 16 kWh/100km ($4.80 per 100km). The Kluger Hybrid uses about 7.8L/100km ($19.50 per 100km). The EV saves $14.70 per 100km, or roughly $2,205 per year on fuel. Add the $300 maintenance saving, and the total annual advantage is about $2,505. At that rate, the $12,490 premium takes around 5 years to recover.
That is a much more reasonable payback than the standard Model Y vs RAV4 comparison above. The trade-off is one fewer seat (6 vs 7). For families who can live with 6 seats, this is a strong financial case. For families who genuinely need a full third row with 7 seats, the Kia EV9 at $97,000+ remains the only EV option, and it is hard to justify financially against the Kluger.
Where EVs still cannot compete
If you need a true 7-seat vehicle at an affordable price, a genuine off-road SUV, a ute for work, or a heavy towing platform, there is no EV equivalent on sale in Australia today. No EV LandCruiser, no EV Prado, no EV HiLux, no EV Ranger. That will change eventually, but in 2026 it is an honest limitation of the market.
Annual running costs at $2.50/L
These figures use 15,000km/year. EV energy costs use 30c/kWh. Maintenance estimates are $250/year for EVs (no oil changes, simpler brakes, fewer service items) and $550/year for petrol vehicles.
| Vehicle | Fuel / Energy | Maintenance | Total annual | Annual saving | Payback |
|---|---|---|---|---|---|
| BYD Dolphin (EV) | $653 | $250 | $903 | +$1,372 | Immediate |
| Toyota Corolla Hybrid | $1,575 | $550 | $2,275 | baseline | N/A |
| BYD Sealion 7 (EV) | $810 | $250 | $1,060 | +$1,890 | ~2.6 years |
| Nissan X-Trail e-POWER | $2,400 | $550 | $2,950 | baseline | N/A |
| Tesla Model Y L 6-seat (EV) | $720 | $250 | $970 | +$2,505 | ~5 years |
| Toyota Kluger Hybrid 7-seat | $2,925 | $550 | $3,475 | baseline | N/A |
EV energy: kWh/100km x 150 (for 15,000km) x $0.30/kWh. Petrol: L/100km x 150 x $2.50/L. "Immediate" payback means the EV is already cheaper to buy, so running cost savings start from day one with no premium to recover. The Model Y payback is longer due to its $16,640 price premium over the RAV4 Hybrid. Annual saving is vs. the petrol alternative in the same category.
State-by-state charging costs
The 30c/kWh average used above is a national figure. Your actual charging cost depends on where you live. Here is what it costs to charge a typical mid-range EV (16 kWh/100km) per 100km in each state, using published 2026 electricity rates:
| State | Rate (c/kWh) | Cost per 100km | Annual cost (15,000km) |
|---|---|---|---|
| NSW | 36c | $5.76 | $864 |
| VIC | 27c | $4.32 | $648 |
| QLD | 33c | $5.28 | $792 |
| SA | 43c | $6.88 | $1,032 |
| WA | 32c | $5.12 | $768 |
| TAS | 27c | $4.32 | $648 |
| ACT | 30c | $4.80 | $720 |
Based on 16 kWh/100km (typical mid-range EV). Home charging only. Public fast charging costs significantly more (typically 45 to 65c/kWh) but most EV drivers do 90%+ of charging at home.
South Australia has the most expensive electricity in the country, which reduces the EV advantage somewhat. But even SA drivers are paying $6.88 per 100km versus a petrol SUV at $18.75 or more. The gap is still enormous.
Victoria and Tasmania have the cheapest home charging at $4.32 per 100km, making EVs even more compelling there.
Pair it with solar and the cost drops to near zero
If you have rooftop solar and charge during the day (or use a smart charger to divert excess generation), your effective charging cost can fall to near zero. Instead of exporting solar at 3 to 8 cents per kWh, you are using it to charge your car for free.
A 6.6kW solar system on a sunny day produces 25 to 30 kWh, which is enough to charge most EVs from near-empty. Homes with solar and an EV are essentially running their car on sunshine. Read more about how solar saves money in our solar panels cost and savings post.
The Ohm Equity calculator models EV savings including solar self-consumption. If you have solar or are considering getting it, the combined picture is significantly better than either upgrade in isolation. The tool shows you the optimal sequence.
The long-term view
The $2.50/L figure is today's price, elevated by geopolitical events. It may come down. The Ohm Equity calculator uses $2.00/L as a conservative 15-year average petrol price for modelling purposes. This is a deliberate assumption that does not require the current price spike to persist.
Even at $2.00/L, the numbers still favour EVs in all three categories. The mid-size and large SUV comparisons are immediate (no price premium to recover). The small car comparison, where the Dolphin is already cheaper to buy, is even more straightforward.
The long-run structural trend for petrol prices is upward, not downward. Oil supply is finite. Extraction costs increase over time. Geopolitical risk does not disappear. Against that backdrop, locking in a fixed per-km cost from your solar panels or home electricity is a genuine hedge.
When should you actually switch?
The numbers above assume you are buying a new car. But if you recently bought a petrol vehicle, selling it at a loss to buy an EV rarely makes financial sense. Depreciation on a near-new car is steep, and the running cost savings take years to offset that hit.
The smarter approach: plan for your next car to be electric. If your current car is 8 or 10 years old and approaching end of life, the timing is right. If you bought a new petrol car last year, drive it for its full useful life and switch when it is time to replace anyway. The key insight is that the real cost of an EV is not the sticker price; it is the premium over the petrol car you would have bought instead. If you are replacing a car regardless, the premium is the only number that matters.
The Ohm Equity calculator models this directly. It asks the age of your current car and delays the EV switch until end of life. A 2-year-old car means the EV is recommended in about 10 years. A 10-year-old car means the switch could make sense within the next couple of years. The NPV calculation accounts for this delay, so the financial picture reflects your actual situation, not a hypothetical immediate purchase.
What about range and charging?
This is the objection that comes up most often, and it is worth addressing directly.
The average Australian drives about 40km per day. A BYD Dolphin has 427km of real-world range. That means you could drive for 10 days without charging. In practice, you plug in at home overnight like a phone, and you wake up to a full battery every morning. You never visit a petrol station again for day-to-day driving.
Public charging is only a question on road trips. The DC fast charging network in Australia has expanded significantly, with Tesla Superchargers now available to all vehicles, and NRMA, Chargefox and Evie Networks providing coverage on major routes. A 10 to 15 minute top-up at a DC charger on a long drive is genuinely the only scenario where charging requires any planning.
The one legitimate constraint is for people who genuinely cannot charge at home: apartment dwellers without dedicated parking, renters without landlord cooperation. If you cannot plug in at home and must rely on public charging at 50 to 65c/kWh, the running cost advantage shrinks substantially. For everyone else, the range concern is largely theoretical.
The verdict
For small cars and mid-size SUVs, the case is settled. EVs are cheaper to buy and cheaper to run. There is no financial reason to choose petrol in those segments if you can charge at home.
For families needing more seats, the Tesla Model Y L offers 6 seats with a 5-year payback against the Kluger. That is a solid financial case if you can live without a full 7th seat. For those who need a true 7-seater at an affordable price, off-road capability, a ute for work, or serious towing, there are no EV alternatives in Australia yet. That segment remains petrol and diesel territory in 2026.
For everyone else with a driveway, the question is no longer "is it worth switching?" It is "which EV is right for your situation?"
Run the calculator for your home
The numbers above are based on national averages. Your specific situation depends on your electricity rate, how much you drive, whether you have solar, and what your current car costs to run. The Ohm Equity calculator models EV savings alongside solar, battery, and heat pump upgrades, so you can see where an EV fits in the optimal sequence of home energy improvements for your postcode.