The popularity of electric cars in Australia is surging. Of the approximately 198,000 new electric cars currently driving around the country, only a third were purchased before 2022. In fact, the sale of electric vehicles (EVs) in Australia increased by a staggering 161% in 2023.
Why the sudden interest in electric vehicles? What are the benefits of switching to electric? And what are some of the best electric cars now available?
Electric Cars Australia
The electric car has been sold in Australia since 2008, but it’s only in the past few years that they’ve really started to grow in popularity. What’s changed? Well, for starters, there’s now a lot more variety, with over two dozen hybrid electric vehicles (HEV) and a similar number of plug-in hybrid electric cars (PHEV) available for purchase.
The other major change has been improved infrastructure for charging electric vehicles. Nationwide we now have approximately 3,000 standard EV charging stations, with 7,000 individual plugs and sockets.
5 Great Reasons to Buy Electric Vehicles Australia
So, is it worth buying electric cars in Australia? Here are 5 great reasons to buy an EV in Australia in 2024:
1. Environmental Benefits of Driving an Electric Car
The most obvious reason for switching to electric is that EVs are much more environmentally friendly compared to your typical petrol- or diesel-guzzling vehicle. This is because they eliminate tailpipe emissions, which are a big contributor to greenhouse gas emissions. Electric vehicles may also assist with combatting climate change since they decrease our reliance on fossil fuels.
2. Cost Savings on New Electric Cars
While an electric vehicle may cost more to buy initially, there are significant cost savings in running an EV. A 2023 survey by Drive found that an electric car driver in Australia will save between $1,320 and $3,070 each year on average compared to driving a diesel, petrol or hybrid car.
3. EV Advanced Technology and Performance
Some new EVs now feature cutting-edge technology, such as advanced infotainment systems, driver-assist features and even autonomous driving functions. They also offer energy management systems designed to optimise the car’s performance and efficiency. Additionally, electric vehicles provide a smooth and quiet driving experience, with minimal vibration and noise compared to a traditional petrol or diesel motor.
4. Range and Charging Infrastructure for EVs
New EVs offer an expanded driving range compared to earlier models, with most now able to drive between 200 and 600 kms off a single charge (the average Aussie drives just 30-40 kms per day). Charging infrastructure is also constantly improving. Nationwide we now have almost 1,000 DC fast-charging stations, a number that’s increased by 90% in the past 2 years.
5. Government Incentives and Subsidies
There are a range of government EV rebates, subsidies and initiatives designed to make it more affordable for people to buy electric vehicles in Australia, including:
- Federal government exemption from fringe benefits tax (great for those on a novated lease).
- Individual state governments are also offering a range of incentives. For example, in South Australia, EV owners who purchased between October 28th, 2021 and December 31st, 2023 may still be eligible for a rebate. The SA government is also offering a 3-year exemption on registration fees for electric vehicles purchased before June 30th, 2025.
What Are the Best Electric Cars?
According to Cars Guide, some of the top-rated EVs in Australia include:
- Tesla Model 3: Priced from $61,900 with a range of 513 km, this updated model also has improved suspension.
- MG4: Priced from $38,990, the MG4 has a range of 405 km and is a great value car for those looking to buy a low-cost EV hatchback.
- Hyundai Kona Electric: Priced from $54,000 and with a driving range of 370 km, the Kona offers an ideal blend of value, range and features.
- Kia EV9: Priced from $97,000, this large electric SUV still manages a range of 384 km, coupled with superior driving dynamics and a stylish interior.
Talk to Muscle Money About Financing Electric Cars in Australia
With impressive technological advancements, a great range of government subsidies, and a growing number of public charging stations, this could be the ideal time to make your next car an electric vehicle.
For a smoother transition, contact the experienced team of brokers at Muscle Money. We can help you secure competitive financing tailored for buying electric cars in Australia. Explore your options with Muscle Money and drive towards a greener future today.
Caleb Waye-Harris, Senior Manager of Asset Finance at Muscle Money, has almost 15 years of relevant experience in the finance industry. His extensive background includes project management, consumer and commercial lending and asset-based lending.
