Australians would need to wait more than a decade to enjoy any cost benefit from driving an electric vehicle instead of a petrol one, new analysis has found, as worldwide growth of low-emissions car sales continues to outstrip those domestically.
New modelling on the potential long-term savings has revealed that with an average $40,000 difference in purchase price between the electric and petrol models, an electric purchase would need up to 16 years to provide savings to Australian motorists.
The average age of Australia’s vehicle fleet is about 10 years, although more than 30 per cent of vehicles on the road are less than five years old.
However, for environmentally conscious drivers, in just two years a petrol car generates more carbon than an EV over its lifetime, despite electric cars being more emissions-intense to manufacture.
Many of the world’s leading economies have pledged thousands of dollars of subsidies to speed up the transition away from petrol and diesel cars in the coming decade as they strive to hit key emissions reductions targets under the Paris Agreement and head toward net zero by 2050.