How much! Is this really what you have to earn to buy a new EV in Australia today?
Despite a broader range of lower-priced EVs now on sale a new survey suggests many Australians still believe electric vehicle ownership is financially out of reach unless they are earning well into six figures.
Research commissioned by Money.com.au and conducted among more than 1000 drivers found Australians estimate they would need to earn an average of $140,000 a year to buy and run an electric vehicle.
That figure is $35,480 higher than the national average full-time annual income of $104,520, according to Australian Bureau of Statistics data.
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Money.com.au finance expert Sean Callery said perceptions of EV affordability appear to be lagging behind changes in the market.
“Australians overwhelmingly associate EV ownership with earning six figures,” he said.
“While EV prices have been coming down and the range of models available in Australia has expanded to more than 150 models, perceptions around affordability haven’t caught up.
“EV prices now start from around $25,000, comparable to many petrol cars, but many Australians still see the upfront cost as a major barrier.
“On top of that, concerns about longer-term costs like battery replacement and resale value push EVs into six-figure territory in people’s minds.”
The research found consistently high income expectations for EV ownership across all age groups.
Gen X respondents nominated an annual income of $146,000, followed by Millennials at $144,000, while Gen Z and Baby Boomers both estimated around $134,000.
When asked which EV-related costs concerned them most, respondents pointed to the upfront purchase price (45 per cent) and battery replacement costs (42 per cent) as the primary worries.
Resale value was cited by 28 per cent of those surveyed, followed by home or public charging costs (23 per cent), EV repair and servicing (22 per cent), insurance (14 per cent) and finance costs such as loans or leases (4 per cent).
