$2.40 a litre and rising rates: running the numbers on switching to electric now

Two official numbers sum up the squeeze. In the week to 11 October, the Australian Institute of Petroleum's national average unleaded price was 240.5 cents a litre. On 29 September the Reserve Bank raised the cash rate to 4.60%, its third increase this year. The RBA said higher fuel prices had "partially been passed through to prices of other goods and services".

The fuel bill, worked out

These are EV Select's own estimates. Your tariff and driving will change the result, but the gap is large. It's also why the Electric Vehicle Council's CEO, Julie Delvecchio, said after September's sales that "Australians are doing the maths, and the maths says electric".

Buyers are already switching

According to the FCAI, battery EVs took 24.2% of the market in September, up from 11.3% a year earlier, while petrol sales fell 36.2%. The EVC reports that BEVs and plug-in hybrids together made up 34.5% of September sales, with record diesel prices adding to the pressure on tradies and small businesses.

Where higher rates come in

Higher rates make finance dearer, which works against expensive cars of any type. That's why the growing number of cheaper EVs matters. The saving on fuel only helps if the repayment on the car is manageable. Before buying, work out your weekly finance cost and your weekly fuel saving together.

A quick checklist

• Can you charge at home or at work? If you can, the savings in the table are realistic.
• Check your electricity plan for an off-peak EV rate.
• Compare real-world range, not just the WLTP figure, using our EV database.