Popular electric car producers like Tesla and BYD are expected to release more electric cars in various sizes and performances on the Australian market in 2024.
The demand for electric cars keeps increasing so it is a good business move. More Sedan cars, SUVs, and Hatchbacks will hit the Australian market in 2024.
The various subsidies introduced by the Australian Government and states in Australia have also been a major cause of increased electric cars expected in 2024.
Australians in New South Wales( NSW) will be able to receive AU$3000 in tax rebates for purchasing a new electric car.
Counting from 3 or 4 years back to the present, thus 2024, you realize that the number of electric cars on the Australian market has seen a huge rise.
Australians now understand the electric car concept and its numerous benefits in the long run compared to normal fuel-using cars.
When you relate the popularity of electric cars in Australia to the U.S.A and the European countries you realize that electric cars are more popular in these countries.
One major factor for the vast difference in popularity is the lack of access to charging facilities when you compare Australia to the USA and most European countries.
Will There Be New Electric Cars Coming To Australia 2024?
Yes! New electric cars are anticipated to hit the Australian market in 2024. The number of new electric cars to hit the Australian market will see a massive rise described about earlier years.
Some of the examples of electric cars anticipated to hit the Australian market are as follows,
- MG 4 Essence 64: With about AU$ 50,000, you can get a brand new MG 4 Essence 64. It’s not costly but functions like most of the top electric cars on the Australian market.
- Tesla Model 3 Long Range: This modern city electric car is recommended for long-distance travel. It is one of the electric cars which cost about AU$100,000.0 point.
- BYD Seal: It’s a Chinese electric car that is very flashy. It is manufactured by the Chinese car company BYD.
- Cadillac Lyriq: An extravagant electric car manufactured by Cadillac.
- GWM Ora Sport: One of the finest sports electric cars produced by Great Wall Motors.
Best Electric Car To Buy In Australia 2024
The best electric car to buy in 2024 in Australia is the Toyota bZ4X. This electric car is the maiden one released by Toyota onto the Australian market in 2024.
Toyota fuel-using cars already exist in the Australian market. They are one of the top car manufacturers in Australia.
Their main focus has been producing high-performance fuel-using cars for Australians.
The Toyota bZ4X is the first electric Toyota car to hit the Australian market and boasts the highest quality, durability, and trustworthiness.
The Toyota bZ4X costs about AU$60,000 and has a distance capability between 470 km to 516 km. It has a battery capacity of 71.41kWh.
Who Can Buy An Electric Car In Australia 2024
Australians who have the purchasing power can buy an electric car. Also, Australians who are employed by others can purchase electric cars.
They can do so through a Novated lease. A novated lease means acquiring an electric car for private use by paying back in bits from your pre-tax salary.
This can be made possible by an agreement with your employer and a financier.
If you want to evade the high expenditure of fuel in Australia, then you can buy an electric car.
One main benefit electric cars in Australia have over traditional cars is how inexpensive electricity in Australia is described with fuel prices.
It saves more money if you charge your electric car at home, where you can charge it until the next day.
Using solar systems to charge electric cars also enables you to cut the amount you pay to charge your electric car.
Again, you can buy an electric car in Australia in 2024 if you want to contribute to safeguarding the environment from air pollution.
Australians are encouraged to purchase more electric cars because they do not emit vapor like traditional cars.
Are There Subsidies For Electric Cars Coming To Australia 2024?
Yes, there are subsidies for electric cars coming to Australia in 2024. Most of the subsidies in Australia have already been instituted and are functioning but apply in 2024.
Subsidies in Australia come in two main types. There are Subsidies from the Federal government and the one that functions or works in the specific state you find yourself.
- Federal Subsidies
Subsidies that function or work regardless of where you live in Australia. Some of the examples of Federal subsidies are;
- Fringe benefit tax exemptions: This subsidy applies to electric cars acquired from 2 July 2022. You pay less to buy an electric car and other expenses from using it through a Novated lease Fringe benefits tax exemption. This is because you don’t pay Tax on the Salary amount from which you pay your monthly Novated lease. Expensive Fully Electric cars and Hybrid electric cars priced over AU$80,000.00 are qualified to enjoy Fringe benefits tax Exemption.
- 0% Import subsidy: The Australian Government has again scrapped the 5% import subsidy on all-electric cars imported into Australia. Expensive cars priced over AU$80,000.00 also benefit from a 0% import subsidy.
- ACT Stamp duty exemption: As of 1 August 2022, all-electric and hybrid cars are excluded from paying duty. Slightly used Electric and Hybrid cars are also exempted from paying duty provided they were acquired on 1 July 2023 onwards. This import exemption electric cars enjoy still applies till date.
- Free electric car registration: Brand new and slightly used electric cars purchased between 24 May 2021 and 30 June 2024 qualify for 2 years of free registration. Hybrid cars on the other hand get a discount on their registration fees. If vapor from your hybrid car is not as greater than 130g/km then you qualify for a 20% discount on your registration fees
- State Subsidies
The table below shows the various states in Australia and the particular subsidies that electric cars enjoy.
| STATE | SUBSIDY ENJOYED BY ELECTRIC CARS |
| Queensland | AU$3,000 TO AU$6,000 tax rebate for electric cars.Discount in duty registration.Discount in registration fee. |
| Northern Territory states | Registration fee waiver Electric car grants between AU$1,000 to AU$2,500 for electric car owners who install chargers at home. |
| South Australian states | Registration fee exemption. |
| Victoria | AU$100 registration fee discount |
| Western Australia | $3,500 rebate for electric cars |