Last updated: 19 November 2023
Money.com.au surveyed an independent panel of 1010 Australians to gauge the expected take-up of electric vehicles among the public. Respondents were asked whether they plan to purchase an electric vehicle, and when they would do so. The respondent pool was also asked to identify what is deterring them from purchasing an electric vehicle, such as high vehicle costs and the lack of infrastructure.
The pool of survey respondents matches the age and geographical spread of the Australian population.
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Money.com.au sought to uncover the proportion of Australians that are willing to purchase an electric vehicle, and when they would make such a purchase. The survey found:
Older respondents were less likely to purchase an electric vehicle, with 54 per cent stating their next car will not be an electric vehicle. This compares with:
In contrast, younger respondents, by a smaller margin, are poised to invest in an electric vehicle when they’re ready to upgrade their car.
Compared with:
Interestingly, younger respondents were also more willing to purchase an electric vehicle before they’re ready to upgrade their car, with 15 per cent of under-30s selecting this response. This compares with:
Across the States, respondents residing in Queensland are least likely to purchase an electric vehicle as their next car with over half (52 per cent) stating that their next car will not be electric. This compares with:
Similar proportions of respondents across the States indicated they would purchase an electric vehicle when they’re ready to upgrade their car. This included:
Response | NSW (%) | VIC (%) | QLD (%) | SA (%) | WA (%) |
---|---|---|---|---|---|
I will buy an electric vehicle when I am ready to upgrade my existing car | 36 | 33 | 30 | 34 | 35 |
I will buy an electric vehicle BEFORE I am ready to upgrade my existing car | 9 | 8 | 7 | 10 | 5 |
My next car will not be an electric vehicle | 45 | 45 | 52 | 41 | 49 |
I already own an electric vehicle | 1 | 0 | 1 | 1 | 2 |
I don’t drive | 9 | 14 | 10 | 14 | 9 |
Money.com.au asked the survey respondents who weren’t interested in purchasing an electric vehicle to identify the reason why they wouldn’t make the switch. Respondents could identify their top deterrent from a list of five.
Money.com.au analysed respondents across age groups and found that older Australians were most deterred by the purchase price of electric vehicles.
Compared with:
Younger respondents appeared most deterred by high energy prices, believing this would increase the cost to charge an electric vehicle, with 23 per cent of under-30s indicating this was the top reason preventing them from purchasing one. This compares with:
Across the States, respondents in Western Australia were most deterred by the high cost of electric vehicles, with 48 per cent indicating this was the top reason preventing them from purchasing one. This compares with:
A higher proportion of Victorians and Queenslanders were the most hesitant to invest in electric vehicles due to the lack of charging stations available, at an equal 25 per cent. This compares with:
Similar proportions of respondents across the States admitted an electric vehicle was not suitable for their needs, identifying it as a top reason preventing them from purchasing one. This includes:
Response | NSW (%) | VIC (%) | QLD (%) | SA (%) | WA (%) |
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The lack of charging stations | 21 | 25 | 25 | 18 | 11 |
High energy prices – the cost to charge the car will be too high | 15 | 16 | 13 | 14 | 11 |
Electric vehicle prices are too high | 41 | 41 | 38 | 39 | 48 |
An electric vehicle is not suitable for my needs | 14 | 15 | 19 | 21 | 23 |
I am worried the charge won’t last the duration of a trip and I’ll get stuck | 9 | 3 | 5 | 8 | 7 |
As of July 01, 2022 eligible electric cars purchased via a novated lease will not be subject to fringe benefit tax (FBT).
This FBT exemption applies to eligible low- and zero-emission vehicles valued up to the luxury car tax threshold ($84,916 in FY2022/23). This is a saving of up to $10,000 on some vehicles.
Even for drivers who finance their electric car the traditional way, some banks and other lenders offer 'green car loans' with discounted interest rates.