Electric vehicles have been the next big thing for years now. Lots of issues have been fixed – the price is coming down, the running costs are lower than standard cars, public charging points are becoming more common and there’s plenty of choice on the market.
This week we’ve noticed that we’re getting a lot more enquiries about EVs and the common thread with our callers is that the bombing of Iran and increased petrol prices is finally getting them to make the move.
If you’re thinking about making the switch to an electric car (or ute), we’ve put together a guide for what’s available in Australia in 2026 as well as details about charging points and rebates.
The cheapest EVs in Australia (2026)
Not too long ago, we had a slim choice of electric cars and the price tag was huge. With more options on the market now, the price for a new electric car in 2026 starts at just $24k, with plenty of options available for less than $40k.
The 10 cheapest EVs in today’s market:
- BYD Atto 1 (driveaway from $23,990)
- BYD Dolphin (from $29,990)
- BYD Atto 2 (from $31,990)
- GWM Ora (from $35,990)
- Chery E5 (from $36,990)
- Jaecoo J5 (from $36,990)
- MG4 (from $36,990)
- Leapmotor B10 (from $38,990)
- Hyundai Inster (from $39,000)
- BYD Atto 3 (from $39,990)
With EVs costing $50k-60k in recent years, this huge cut makes them a lot more desirable.
Electric utes
It’s not just cars that are getting the electric upgrade, but there are now plenty of electric utes on the Australian market.
The most famous is probably the BYD Shark 6, which has a 2500kg towing capacity and 321 kW of power.
Other options include the KGM Musso, LdV eT60 and Tembo Tusker.
Rebates and benefits when buying an EV
To encourage the uptake of electric vehicles, there are federal government incentives available:
- EVs are exempt from fringe tax benefit (FBT), which can save buyers up to $11k
- If you want to buy a luxury EV, the luxury car tax (LCT) only kicks in at $91k compared with $80k for a petrol car
- The 5% import tariff is removed on EVs under that limit
Each state and territory has their own benefits too:
ACT
- Lower registration fees based on emissions levels
- New EVs exempt from stamp duty
New South Wales
- Lower registration fees
The $3000 purchase revamp ended in 2024.
Northern Territory
- Free rego available until June 30 2027
- Stamp duty concession of up to $1500 for EVs valued up to $50k
Queensland
- All EV registration capped at lowest fee tier
- Lower stamp duty rate of 2%
The $6000 rebate ended in 2024.
South Australia
Registration exemption and $3000 purchase subsidy schemes have ended, unless you first registered your car before June 30 2025.
Tasmania
The $2000 rebate and stamp duty waivers have ended.
Victoria
- Lower stamp duty rate
- Exempt from luxury car tax
The $100 registration discount ended in January 2026.
Western Australia
The $3500 rebate scheme ended in 2025.
Running costs of an EV vs petrol vehicle
When EVs were twice the price of petrol vehicles, the lower running costs meant it might take 10 or 20 years to break even. However, as the price of electric vehicles drops, the savings are a lot more noticeable.
The average Australian drives around 12,000km a year and spends around $2,500 a year on petrol. If you drive more, or if the bombings in Iran continue, your costs will rise beyond that.
To charge a car for 12,000km at $0.04/km is just $500. Even allowing for suboptimal charging conditions, doubling that to $1000 is still a huge saving.
Of course, if you have solar, you can reduce those ongoing costs to almost nothing.
Charging options
As well as charging at home, there’s a growing number of charging stations across Australia. You can see an updated map on PlugShare.
The national network will make trips around Australia viable and for city driving it’s becoming easier and easier to charge while you’re out and about. Even in Newcastle we can see the difference. From our office, it’s a minute’s walk to charging stations on Darby Street, Laman Street and King Street. Zoom out a bit and it’s hard to find an area of the city that isn’t close to a charging point. And, of course, you’ll only really need these if you forget to charge at home.
Buying an electric vehicle
If you’re looking to make a change and reduce your ongoing car costs, getting finance for an electric vehicle could actually be cheaper than the petrol you’re paying right now.
Get started by answering a few quick questions here and then one of our brokers will be in touch to discuss your options.
GET IN TOUCH
