Electric vehicle sales made up nearly 2% of new car sales in Australia last year. It might not seem like a significant slice of the market, but let’s look closer at the numbers.
Australians bought 20,665 electric vehicles (EVs) in 2021, up from 6,900 the year before. That’s a 299% increase in just 12 months.
New South Wales alone eclipsed the total nationwide sales for 2020, tallying 7,430 EV registrations in 2021.
Soaring fuel prices, lower tariffs, preferential car financing for EVs and more charging infrastructure are all sparking interest in electric vehicles in Australia.
WA is still lagging behind the rest of the country, with EVs making up around 0.1% of registered vehicles. But the current is reversing: up to 50% of people speaking to a car finance broker are considering financing for an electric vehicle.
With car finance providers like Plenti offering better loans for EVs than conventional vehicles, demand is sure to surge in the next 12-24 months. Lenders are busting the myth that EVs are now cost-competitive with conventional vehicles.
So here at Yes Loans, we’re charged up and looking forward to a future where WA’s iconic road trips are more electrifying than ever.
Australia’s top 5 electric vehicles
1. The popular vote: Tesla Model 3
Tesla’s flagship Model 3 accounted for 58.5% of new EV sales last year with 12,094 registrations, making it Australia’s top-selling electric vehicle by a long way.
The base model ($59,900 plus on-road costs) features a 62kWh battery powering a 200kW motor. A single charge takes you 491km, with fast charging providing 300km of juice in just 15 minutes.
The Model 3 might not be the cheapest sedan on the market. But there are plenty of reasons demand has continually exceeded supply since Tesla introduced its vehicles in Australia in 2019.
Plus, the Model 3 is cheaper than high-end variants of Australia’s top sellers, the Toyota HiLux and Ford Ranger.
The top of the range, the Performance ($91,672) and Long-Range ($76,200 or $73,200 for AWD) versions pack even more punch.
The higher price tag achieves 602km on a single charge, accelerates from 0-100km/h in 3.3 seconds, and comes with all the toys you’d expect in a Tesla.
2. Hottest new arrival: Polestar 2
Australia, the wait is finally over. The sporty Polestar 2 hatchback will arrive in 2022, promising to shock Tesla’s dominance in the EV industry.
Starting at $61,400 for the base model and topping out at $71,400 for the Long Range Dual Motor version, car financing can help you get into this year’s most exciting electric vehicle.
So what does that money get you?
The base model Polestar 2 features a 69kWh battery with up to 474km of range and a 165kW/330Nm motor.
The next model up, the Long Range Single Motor ($66,400 plus on-road costs), increases driving distance to 542km with a 78kWh battery and 170kW/330Nm motor.
At the top of the range, the Long Range Dual Motor ($71,400 plus on-roads) gives the EV enthusiast a 300kW motor on each axle for AWD performance.
Increasing the power does reduce the driving range to 482km, trading distance for the exhilaration of accelerating 0-100km/h in 4.7 seconds.
3. Best electric hatchback: Hyundai Ioniq 6
As far as affordable, zippy EVs go, it’s hard to beat the 2022 Hyundai Ioniq 6 all-electric hatchback.
Both the Elite and Premium models are equipped with a 38.3kWh battery powering a 100kW/295Nm motor, giving you 311km of driving range on a single charge.
The Hyundai Ioniq 6 Elite sneaks in just under the $50k mark at $49,970 plus on-road costs.
For $54,010 plus on-roads, the Premium model features creature comforts like heated and ventilated seats, a large instrument display, wireless phone charging, sunroof, leather trim and more.
Hyundai’s Ioniq 6 takes just 54 minutes to reach 80% charge from a flat battery. Combined with a five-star ANCAP safety rating and five-year battery warranty with unlimited kilometres, the 2022 Ioniq 6 is an excellent EV for under $50k.
4. Best compact EV: Nissan Leaf
Nissan was a pioneer in Australia’s EV market. The first hybrid Leaf hit our shores in 2010 and the all-electric version landed in 2019, becoming fast favourites with early electric buyers.
Although the upgraded 2022 model carries a higher price tag at $49,990 plus on-road costs, the zero-emissions overhaul is well worth the money.
The second-generation Nissan Leaf is fitted with a 40kWH Li-ion battery and 110kW/320Nm motor, edging out the similarly-priced Hyundai Ioniq 6. However, the 270km driving range falls short of the competition.
Achieving a full charge from a regular household socket takes around 24 hours, although you can trim that to 7.5 hours with an AC wall box.
Upgrading to the Leaf e+ ($60,490 plus on-roads) will get you a bigger 62kWh battery, 160kW motor and 385km of range.
5. Affordability: BYD Atto 3
With a list price of $44,381.85 before on-road costs, the small SUV from Chinese carmaker BYD (Build Your Dreams) comes close to being Australia’s most affordable electric vehicle.
(Only the base model MG ZS which retails for $46,990 drive-away, undercuts the BYD).
But the Atto 3 has an impressive feature list that could make it the most exciting new entrant in the affordable EV market.
The Standard Range offers a 150kW/310Nm motor powered by a 50.1kWh battery and 320km of range.
At $47,381 before on-roads, the slightly pricier Extended Range model gives you 420km between charges from a 60.1kWh battery.
Charging from 20% to 80% takes just 45 minutes on a fast charger. Plus, a slew of safety and comfort features make the Atto 3 a great deal for anyone considering car financing for an EV in 2022.
Why 2022 will be the year EVs surge in Australia
Fuel prices reached record highs early in 2022, and there’s no sign of pressure easing at the pump.
At the same time, Australia’s electric vehicle market is expanding rapidly. Government incentives, new charging infrastructure and a range of affordable EVs are more accessible than ever.
Plus, with lenders offering competitive car financing for EVs, now is a great time to join the rechargeable revolution.
So if you’re thinking about trading in or trading up, speak to your car finance broker at Yes Loans or apply for car loan pre-approval online.
We are committed to leading the charge with affordable, efficient car finance options for Western Australians.