Is it cheaper to own an electric car? Do EVs save you money?

Are EVs cheaper to own, in the long run, than a petrol or diesel car?

As with so many things we buy as a utility for our daily tasks, our buying decisions when it comes to cars are often driven by the cost of ownership.

After all, it's one thing to find the money for a purchase, but ongoing costs like servicing and maintenance, registration and insurance can be hard to bear – particularly when it comes to the fluctuating and regularly climbing cost of fuel.

It's no surprise then that many people are starting to wonder if an electric car could be the answer. They're generally more expensive to buy, but they can be much more affordable to run. Does the one cancel out the other? You'll find a number of links here to our guides on this question and many others.

The decision could get easier soon, too, thanks to an increasing number of options in the market. Over 30 new or updated EVs are due in Australia over the next two years – and more are being announced almost weekly.

Likewise, one of the key barriers to EV supply and competitive pricing has been the absence of strict emissions regulations in Australia. Why?

Supply, demand ...and penalties.

Australia has the demand, but it can't yet have supply – because it doesn't penalise brands for selling so many combustion-engined cars.

Most other governments now enforce significant penalties for brands that don't offset the emissions of their combustion-engined cars with a proportionate number of sales for low- and zero-emissions vehicles.

In short, every EV sent to Australia is a car not being sold in another market, where demand is high and production capacity is limited.

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Regulations are coming, though, and car brands are planning for it.

In particular, the next 12 months will bring a huge number of launches.

This is thanks both to the semiconductor chip shortage that delayed several models planned for 2022, and the growing demand for EVs in Australia.

The prominence of electric cars has grown worldwide thanks to rising fuel prices, with many seeking to reduce the ownership costs and environmental impact typically associated with internal-combustion vehicles.

So, to help you understand the costs of owning an EV and whether it can be cheaper than owning a conventional car, we've built a number of detailed guides – and you'll find them at the links below.

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GUIDE: Crunching the numbers on EV ownership

Is the tide of opinion and financial benefit finally turning on electric cars? We crunch the numbers on how much you could save by making the change.

GUIDE: How much more expensive are electric cars in 2023?

Amid inevitably increasing new car prices, how big is the electric vehicle price premium today?

GUIDE: What do EVs cost to maintain?

Do electric cars need routine servicing? What does it include? Is it cheaper to maintain an EV than a petrol or diesel car? Find out in this handy guide.

GUIDE: Are electric cars more expensive to insure?

Electric cars are cheaper to own over time, yet comprehensive insurance premiums are typically higher. We explain why, and break down the differences.

GUIDE: Government incentives for buying an EV

With more EVs being introduced into the market, what are governments offering to increase uptake among private buyers?

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GUIDE: Is it cheaper to charge an EV than to fuel a regular car?

What are the running costs of an electric vehicle when compared to the combustion-engined cars we've known for so long?

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