Australian gas prices are now higher than they’ve been in more than a decade, and the rise is expected to continue throughout 2022. As households across the nation struggle to manage the petrol price hikes, some have begun the move towards electric vehicles (EV) as a way to escape the ever-increasing cost of living.
The Australian cost of living has been rapidly increasing in the last few years, with price hikes in everything from used cars to groceries. The latest price jump has arrived in the form of petrol price hikes, with the cost surging well past $2 per litre. The Australasian Convenience and Petroleum Marketers Association (ACPMA) expects the price of unleaded petrol to move past 200 cents per litre in the coming weeks, with peaks at around 218 cents – this is up from the current mark of between 177-190cpl.
The petrol price increase is due to a range of factors like the Russian/Ukrainian conflict and international importation costs. While the government grapples with ways to offer relief to consumers, there is no dip in the near future for drivers. This has led to an increased interest in EVs, which offer a long term alternative to the cost of fuel consumption.
Australian car owners have begun looking at fuel-efficient vehicles like hybrids and battery electric cars, with renewed interest. Historically, increases in electric car sales follow spikes in the price of gas. When gas prices jumped by 10% in January of 2011, there was an equal spike of 10% in electric vehicle sales.
Prospective buyers have also settled for smaller cars that have less fuel consumption than big vehicles. However, due to the massive inventory shortage of new and used vehicles across the country, not all households have been able to make the switch. With steadily increasing prices on cars and fuel, some individuals have jumped on the back of price surges to offload their used cars for record high prices to make the change to an electric vehicle.
While the increase in EV interest is palpable, due to a lack of supply of EVs available in Australia it can be hard to navigate the market. Keeping in mind the international supply chain delays in production of electric vehicles, the used vehicle market holds the vast majority of accessible hybrid and electric assets. While this does limit buyers, the silving lining of buying from the used market is that purchasing prices are significantly lower than buying brand new.
What are the most popular EVs?
Even though the Australian market is sparse, there are still favourites amongst buyers. These are a few much-loved electric or hybrid vehicles that are available on the used car market today.
This sleek Toyota hybrid is a much-loved vehicle that is highly sought after due to its powerful and compact design. It’s large enough to function as a family vehicle while maintaining a frugal level of fuel consumption.
A modern and powerful vehicle, the Hyundai Ioniq is a popular competitor on the Australian EV market. The Ioniq is available in either a hybrid or completely electric configuration and is popular due to its wide range of eco-friendly materials and interior bio-fabrics. The Ioniq is a well-rounded and environmentally-focused vehicle that is on the mid to high end of the used EV market.
The Lexus RX is on the higher end of the Australian EV market, and for good reason. The exceptionally stylish vehicle boasts a range of exceptional interior and exterior features. This sleek vehicle comes with class-leading safety applications and a range of integrated technologies including Apple CarPlay, Alexa and Android Auto.
Are you ready to make the switch?
For drivers looking to make the switch to electric vehicles but need to first offload their car, DIYinspect is a go-to. DIYinspect offers a quick and easy selling process that can be completed 100% remotely. We buy all types of cars including hatchbacks, wagons, SUVs, light commercial vehicles, prestige and luxury vehicles. You can receive a quote on your car from anywhere in Australia.
Get selling so that you can get to snapping up an electric vehicle. Get started with DIYinspect today.