Soaring petrol prices are pushing millions of Aussies towards electric vehicles (EVs), with some retailers now charging more than $2.10 a litre for fuel.
Volatile petrol prices are the reason 13 per cent of Aussies - equivalent to 2.6 million people - are considering switching to a hybrid or electric vehicle, Finder’s nationally representative survey of 1,058 people found.
One in five (21 per cent) of Aussies would consider making the switch because of the environmental benefits, while 4 per cent said they already drove a hybrid or electric car.
But big barriers are the upfront cost and the lack of charging infrastructure.
More than a quarter of people surveyed (26 per cent) said electric vehicles were too expensive, while 7 per cent said charging stations were too few and far between.
“Many people associate electric cars with Tesla, whose models can set you back well beyond six figures,” Finder insurance expert Gary Hunter said.
“But there are more affordable models out there, starting from around $45,000 for EVs and $27,000 for hybrids.”
The price of electric and hybrid cars had decreased over the past decade as technology improved, Hunter said, and prices were expected to fall further as demand grew.
“In the immediate term, too, your fuel costs will drop,” Hunter said.
“If you’re saving around $50-$100 a week on fuel, that can help balance out the extra cost of your car repayment.”
In New South Wales, drivers could save up to $5,540 through a combination of rebates and bypassing stamp duty, Finder said.
In Victoria, Queensland and South Australia, motorists can receive subsidies of $3,000 off the purchase price.
The Federal Government is currently pushing to remove fringe benefits tax and import tariffs for eligible electric vehicles, with the bill currently before Parliament.
More information is expected to be announced in tonight’s Federal Budget.