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What are the cheapest electric vehicles in Australia?

What are the cheapest electric vehicles in Australia?

Affordability and electric vehicles (EVs) are not two phrases that usually go together for Australian drivers. However, you may be excited to discover there are a range of EVs shaking up the market for under $60,000 drive-away.

The upfront cost of purchasing an EV and installing any needed infrastructure, such as a battery or charger, can feel intimidating. It’s one of the main barriers preventing Australians from making the switch to electric, despite the lower running costs on average.

But not every EV is going to sting you with a luxury car tax. With more makers joining in the sustainable vehicle space, there is a growing range of more affordable electric vehicles.

What is the cheapest electric car in Australia in 2022?

The cheapest electric car in Australia will fluctuate depending on the market value, the latest models and supply available.

At the time of writing, these vehicles round out the list of the most affordable EVs you can purchase right now, according to the manufacturer’s website prices:

The cheapest electric vehicles in Australia

1.MG ZS EV – From 46,990 drive-away

MG ZS EV

The MG ZS EV is one of the cheapest electric vehicles in Australia, from $46,990 drive away for the Excite model. There is a more expensive Essence model available from $49,990 drive-away, that offers a few more features than those found in the 2022 Excite.

2.BYD Atto 3 – From $44,990 drive-away

BYD ATTO 3

With delivery expected from October 3rd, the BYD Atto 3 is tipped to shake up the EV market with an even more affordable price than its competitors when it hits Australian shores – but only in Tasmania. The $44,990 drive-away price tag is only applicable in the Apple Isle, where government-imposed costs are lower.

For all other states and territories, the price tag is likely to be higher than this, so it’s worth researching how this may apply to you.

3.Nissan LEAF – From $54,187 drive-away

Small-1097-NissanLEAFeflagshiphasarrivedinAustraliaMorepowermorerangemoreLEAF

The Nissan LEAF hatchback is another more affordable EV model in Australia, starting at $54,187 and offering a 385km Indicative Driving Range. It originally emerged around a decade ago, helping to pave the way for more affordable EV options.

4.Hyundai IONIQ Electric From $54,591 drive-away

Hyundai-ioniq-electric-polar-white-01_Content Banner Desktop

The Hyundai IONIQ Electric is another more affordable EV model that sits below that $60,000 range, when using a Sydney postcode through the Hyundai website. The IONIQ offers two variants: the Elite and Premium, with the latter costing you more for added features and benefits.

5.Hyundai Kona Electric Elite - From $59,346.46 drive-away

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Yet another Hyundai offering on this list below $60,000, the Kona Electric is the first Australian small electric SUV. It also now advertises a driving range of up to 484km, which is one of the more competitive offerings in the market.

What is the cheapest Tesla in Australia?

In terms of brand recognition, Tesla is one of the most well-known and sought after EVs in the country. However, its models do typically come with a higher price range than those listed above. Tesla vehicles tend to sit closer to the luxury vehicle pricing space than the mid-range space.

The Tesla Model 3 is currently the most affordable Tesla sold in Australia, starting from $65,550. And when the much-anticipated Tesla Model Y hits our shores in August, it’s set to now cost new buyers $72,300.

Research from Drive shows that both the 2023 Model 3 and the Model Y saw price increases of up to $3,902 after the luxury car tax just this month.

How you can finance your EV purchase

The upfront costs associated with an EV can be an intimidating prospect, especially when compared to purchasing a standard vehicle with similar specs. However, car loan lenders know this and generally will offer discounts on car financing for those looking to switch to EVs.

Green car loans typically come with lower-than-average interest rates, or discounts on a lender’s existing car loan rates. This is done to encourage drivers to make sustainable choices and purchase an EV. It can also help to cover the cost of infrastructure, like chargers.

Keep in mind there is more to a car loan than the interest rate offered, and it’s also worth comparing any fees and features involved too. That being said, here are some green car loans that may help you start your EV journey.

Compare green car loans

Company
Product

Green Car Loan

Real Time Rating™

3.52

/ 5
Interest Rate

From

3.99

% p.a

Fixed

Comparison Rate*

4.93

% p.a

Monthly repayment

$552

Real Time Rating™

3.52

/ 5
Go to site
Company
Product

Green Car Loan

Real Time Rating™

4.29

/ 5
Interest Rate

3.64

% p.a

Variable

Comparison Rate*

4.18

% p.a

Monthly repayment

$548

Real Time Rating™

4.29

/ 5
Go to site

special

You could win a $1,000 fuel voucher ~ Ends in 5 months
Company
Product

EV Car Loan (Good Credit and above)

Real Time Rating™

4.82

/ 5
Interest Rate

From

3.49

% p.a

Fixed

Comparison Rate*

4.19

% p.a

Monthly repayment

$546

Real Time Rating™

4.82

/ 5
Go to site
Company
Product

Green Fixed Rate Car Loan

Real Time Rating™

4.22

/ 5
Interest Rate

3.99

% p.a

Fixed

Comparison Rate*

4.35

% p.a

Monthly repayment

$552

Real Time Rating™

4.22

/ 5
Go to site
Company
Product

Green Loan

Real Time Rating™

3.96

/ 5
Interest Rate

3.99

% p.a

Variable

Comparison Rate*

4.63

% p.a

Monthly repayment

$552

Real Time Rating™

3.96

/ 5
Go to site
Company
Product

Green Road Personal Loan

Real Time Rating™

3.75

/ 5
Interest Rate

4.74

% p.a

Variable

Comparison Rate*

5.01

% p.a

Monthly repayment

$563

Real Time Rating™

3.75

/ 5
Go to site
Company
Product

Green Car Loan

Real Time Rating™

3.70

/ 5
Interest Rate

3.99

% p.a

Variable

Comparison Rate*

5.15

% p.a

Monthly repayment

$552

Real Time Rating™

3.70

/ 5
Go to site
Company
Product

Green Car Loan Fixed

Real Time Rating™

3.47

/ 5
Interest Rate

5.29

% p.a

Fixed

Comparison Rate*

5.56

% p.a

Monthly repayment

$570

Real Time Rating™

3.47

/ 5
Go to site

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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