Car Cost Calculator
Compare how you pay for a car, whether new or used is worth it, EV against petrol/diesel, and E10 against RON 91 — all over the same ownership horizon. Nothing you type here leaves your browser — your inputs are saved to this browser only, so they're still here next time you visit.
These comparisons are for illustration only — a starting point for your own research, not a recommendation. A few rules of thumb:
- If you have enough cash, just pay cash — because these tools don't account for your time, energy, peace of mind, or day-to-day cash flow, when you choose to pay cash you avoid the stress of regular repayments, the risk of missing a payment or changing jobs, and the hassle of paperwork. All are real costs too and belong in your own decision.
- If the dealer is offering a genuinely low comparison interest rate (e.g. well under 1% p.a.) on a fixed price, dealer finance can end up cheapest.
- If you're on the highest tax bracket, your job (e.g. real estate) benefits from driving a new car every few years, or you just like that new-car smell — a novated lease, especially on an EV, is usually the easy winner.
- If you're just here to save some money, have a play around with the numbers — please don't take these as gospel, and always check the fine print of any finance or lease offer before signing.
Every option shares the same ownership horizon above. "Total cost" excludes the vehicle price itself where it's borrowed money repaid dollar-for-dollar, but includes upfront cash and its opportunity cost.[6]
Notes
- Used to work out what paying cash upfront (or a deposit) really costs you, since that money stops earning or saving from the day you spend it — so paying cash is never silently treated as free. ↩
- The Medicare Levy isn't included, matching how most novated lease quotes price the pre-tax saving. The novated lease's tax saving is priced by comparing your income tax before and after the pre-tax deduction, so an amount large enough to cross a bracket boundary is still costed correctly. ↩
- Ask your lease provider for their quoted residual. This is the ATO's legal minimum for a bona fide lease at this term — example only, always check current ATO guidance. ↩
- The statutory formula rate works out the taxable value of the car. The FBT rate is applied to that grossed-up taxable value if FBT were payable. The gross-up rate applies when the employer can claim a GST credit on the lease — the usual case. The defaults shown are current settings — check ato.gov.au if unsure. ↩
- A post-tax contribution equal to the FBT taxable value brings FBT payable to $0 — see ato.gov.au/law/view/document?DocID=SAV/FBTGEMP/00003#2.11. You can't contribute more toward the car than it actually costs, though — at a long term or low rate, the packaged amount can fall below the FBT taxable value, and ECM can then only offset part of it. When that happens, the FBT rate and gross-up rate above drive a real, unavoidable cost on the uncovered part, shown below and included in your total. ↩
- Pay in full, dealer finance and the bank/CU loan assume monthly repayments; the novated lease uses whichever payment frequency you chose above. "Total cost" excludes the vehicle price itself where it's borrowed money repaid dollar-for-dollar (financing is only as costly as its interest and fees), but includes any cash you hand over upfront (full price, deposit) plus what that cash would otherwise have earned or saved — this is the piece online comparisons usually get wrong. The novated lease figure is the only one measured after tax, since salary packaging changes take-home pay directly. Estimates only, not financial advice — always check your own quotes, and current ATO thresholds at ato.gov.au before relying on any FBT-exemption assumption above. ↩
Running costs are entered separately for each option, since a new and a used car of the same model genuinely differ here — fuel economy, service plans and insurance premiums all vary with age. "Expectancy adjusted real repair cost" prices a repair at its expected value — the cost if it happens, times how likely it is in a given year. Depreciation uses a reducing-balance rate (a % of the car's current value each year, not the original price). Estimates only, not financial advice.
Running costs are entered separately for each option, since an EV and a petrol/diesel car genuinely differ here — servicing, insurance and tyre wear all vary, not just energy source. "Expectancy adjusted real repair cost" prices a repair at its expected value — the cost if it happens, times how likely it is in a given year. Depreciation uses a reducing-balance rate (a % of the car's current value each year). Estimates only, not financial advice.
A pure fuel-cost comparison — same car, same driving, just which bowser you choose. Estimates only, not financial advice.