Trying to decide whether to get a petrol or diesel car versus an electric vehicle? One bank has launched a new calculator to compare the different types of propulsion.
New-car buyers in Australia now have another way to compare the cost differences of operating petrol, hybrid, diesel and electric cars.
Launched by Macquarie Bank, the Electric Vehicle Savings Calculator allows prospective buyers to see the projected differences in running costs – and CO2 emissions – over five, 10, and 15-year increments.
However the calculator still requires the user to input some data to ensure the comparisons are accurate – including annual running costs, insurance, the cost of fuel, the cost of electricity, and any state government rebate provided.
The calculator takes into account whether the owner will be charging their electric car using home solar or the power grid.
Comparing a Toyota Corolla Cross Atmos hybrid and an electric BYD Atto 3 – costing $50,000 and $51,000 respectively before on-road costs – the calculator estimates the owner will save $3536 on fuel and 2.8 tonnes of CO2 emissions over five years when charging via home solar.
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Macquarie is one of several Australian banks offering loans tailored to electric cars.
In September 2023, the Commonwealth Bank announced it had partnered with electric-car specialist Tesla to provide fixed-rate loans for buyers.
Those interested in using the Electric Vehicle Savings Calculator and find it here.
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