• 40% may purchase EVs in the future – 7% already signalling intent in next 12 months
  • Younger Australians skew favourably to buying EVs
  • 79% say that affordability needs to improve before buying
  • 59% says that Australia should be "all in" on EVs

A survey of 1,001 Australians by Savvy has revealed that 73% agree that moving to Electric Vehicles (EV) is an important move to reduce CO2 emissions and keep global temperature rises to 1.5°C.

79% of 18–24-year-olds, 78% of 25-34 year-olds, and 82% of 35-44 year-olds agreed with the statement.

As for putting their money towards the cause, 40% stated that they may purchase EVs in the future, with 7% of respondents saying they intend to buy one within the next 12 months. 2% said they already own an EV; however, 30% say they can't afford one.

37% of women say that they can't afford an EV; and older Australians (33% for 55-64s and 36% for 65+) also say they are unable to afford one. 19% of 65+s say they'd rather buy a petrol-driven car.

The Price Gap
The biggest obstacle to going electric is price, according to the survey. 79% say that affordability would need to improve before considering an EV as their next vehicle.

Improved government subsidies (41%), improved infrastructure (51%) and improved driving range (39%) would also influence their decisions, when asked their top three barriers to buying EVs.

The biggest concern about buying is price – 43% say the price is too high above all; while 17% are most concerned about charging station availability and 16% worry about limited travel range.

As for brands, 24% said they'd most rather a Hyundai, followed by Tesla (20%) and Mazda (12%). With 37% of respondents saying they'd spend $25,000-$40,000 on their next car, most models would be well out of their price range. 53% said they'd buy an EV over a petrol car to reduce emissions, even if they cost more than a petrol equivalent. 74% of 18-24s said they would – compared with 35% of over 65s.

"There is a taste for EVs in Australia, but I wouldn't say that it's what everyone is clamouring for just yet," says Savvy Managing Director Bill Tsouvalas. "We need an economy of scale and infrastructure before we hit anything nearing critical mass. But there are shoots rising out of the ground, and that's a good start."

Does It Go Far Enough?
Is Australia doing enough to encourage EV uptake? 59% of those surveyed said they felt strongly that Australia should go "all in" on electric uptake – that means aggressively pursuing subsidies, stronger emissions standards, and buyer incentives.

However, only 8% said that the Federal Government's $250 million Future Fuels and Vehicles Strategy, which is targeted at increasing EV home charging stations to 50,000 around the country, will "get the job done."

"53 percent say that it should make some improvement and 38% say it doesn't do enough," Tsouvalas says. "There needs to be a push from industry and government to really make the case that EV is the future in terms of the environment and the hip-pocket."


About Savvy
Savvy is one of Australia's largest online financial brokers, focusing on personal and commercial financial products. Founded in 2010, the firm has seen rapid growth, a testament to their provision of market leading rates and reaching customers with the latest in media and technology. Savvy is a proud supporter of Kids Under Cover, a charity assisting homeless and at-risk youth to strengthen their bonds to community and education. Savvy was named one of BRW's fastest growing companies in 2015.

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