Renters missing out: Homeowners dominate EV buying as affordability gap widens
Australians buying electric vehicles are far more likely to own a home than rent, with new finance data suggesting renters are being left behind as the country’s EV market continues to surge.
Research from finance broker Savvy found 75 per cent of customers financing an EV between March and July 2026 were property owners, compared with just 25 per cent who did not own property.
The divide was even greater for hybrid buyers, with 86 per cent owning property, while petrol and diesel buyers were split far more evenly at 53 per cent homeowners and 47 per cent non-homeowners.
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The figures come despite June 2026 delivering Australia’s strongest-ever month for new vehicle sales, with 140,058 vehicles sold and battery electric vehicles accounting for almost one in four new-car deliveries.
Savvy’s research suggests the buyers driving the rapid shift towards electrified vehicles are disproportionately homeowners, potentially reflecting stronger borrowing power and greater financial security.
According to the finance company’s data, BYD was the most-financed brand during the survey period, with the Shark 6 plug-in hybrid ute and Sealion 7 electric SUV proving particularly popular.
Savvy Managing Director Bill Tsouvalas said the record sales figures masked a widening divide in the market.
“The record sales are real, but they’re masking a much harder reality for many Australian buyers,” he said.
“Our data shows that the people best positioned to make the switch to an EV or hybrid right now are those who already own property.
“The other is holding off, not because they don’t want to upgrade, but because the economics don’t work for them right now.”
The findings also come against a backdrop of broader affordability concerns.
Separate Finder research cited by Savvy found 65 per cent of Australians considered a new car to be unaffordable, making it the least affordable item surveyed ahead of petrol, home insurance and mortgage or rent payments.
At the same time, the mycar Mobility Index found one in five Australians had indefinitely postponed plans to replace their vehicle, while 21 per cent now preferred to buy used instead of new.
Savvy also said rising fuel prices were encouraging more Australians to consider electrified vehicles, with 37.5 per cent of respondents saying they would now consider purchasing an EV. The company cited separate mycar research showing 46 per cent of Australians expect their next vehicle to be a hybrid or EV, up from 36 per cent last year.
While the research is based on Savvy’s own finance customers rather than the wider Australian new-car market, it highlights a significant difference in the ownership profile of buyers choosing electric vehicles compared with those purchasing conventional petrol or diesel models.
