Revealed: The income Aussies think they need to afford an EV
Fresh study reveals the above-average six-figure income Australians say they need to afford an electric vehicleThe News
Most Australians believe they need to earn around $140,000 per year before buying and running an electric vehicle (EV) becomes financially feasible, according to new research from Money.com.au. That’s over 30 per cent more than the average full-time Aussie earnings of $104,520, meaning many Aussies may be writing off the idea of owning an EV before they’ve even done the math.
The Key Details
- 61 per cent of Aussies say an income of at $100K is needed to afford an EV
- Some age groups say an income of at least $146,000 is needed
- Perceptions of EV affordability lag the market, says finance expert
- Upfront purchase price and battery replacement costs of highest concern
The Finer Details
The findings come from a survey of more than 1000 respondents, with over 60 per cent saying an income of at least $100,000 is required to own an EV in Australia, while 39 per cent say it can be done with a five-figure salary.
According to the research, Gen X and Millennials each had the highest annual income expectations, at $146,000 and $144,000 respectively, while Gen Z and Baby Boomers estimated owning an EV would take at least $134,000.
Beyond annual earnings, there were several EV-related cost concerns for potential buyers, with upfront purchase price (45%) and battery replacement costs (42%) being the major ones, while public charging costs (23%) and EV repair/servicing costs (22%) also worries.
The research also found generational differences when it comes to cost-related concerns.
For Baby Boomers, upfront purchase price was their biggest worry (55%), followed by battery replacement costs (48%), while Millennials say they’re most concerned about resale value (29%) and insurance costs (19%).
For Gen Z respondents, it was charging (28%) and finance costs (8%).
The Road Ahead
“Australians overwhelmingly associate EV ownership with earning six figures,” Money.com.au finance expert Sean Callery 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,” he said.
“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.”
The cheapest EV currently sold in Australia is the pint-sized BYD Atto 1 (from $23,990 plus on-road costs), while other options below $40K include the BYD Dolphin (from $29,990), BYD Atto 2 (from $31,990), GWM Ora (from $35,990), Jaecoo J5 (from $35,990), Chery E5 ($36,990), Leapmotor B10 (from $37,888), Hyundai Inster (from $39,000) and BYD Atto 3 (from $39,990).
Related: Jaecoo J5 EV 2026 Review
Related: BYD Atto 1 2025 Review
Related: 2025 Leapmotor B10 is Oz’s cheapest electric SUV
Related: Hyundai Inster 2025 Review
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