Will electric vehicles get cheaper in Australia?
Once enacted, the Treasury Laws Amendment (Electric Car Discount) Bill 2022 will remove fringe benefits tax (FBT) to make electric cars cheaper, with a preference for full EVs. Plug-in hybrids will be phased out of the program by April 2025. It will cost an estimated $4.5bn of budget cash out to 2033.
Should I wait to buy an EV 2022?
There are definitely benefits to buying an EV nowadays, but you might want to wait. There's no question about it: electric vehicles are hot right now. Electric vehicle (EV) registrations were up by 60% during the first three months of 2022, even as overall car registrations were down by 18%.
Will electric cars get cheaper in 2022?
Battery electric vehicle (EV) prices have already fallen dramatically and are expected to reach parity with petrol or diesel cars between 2025 and 2027 - and be cheaper very soon after.
Will electric cars get cheaper in 5 years?
Therefore, if we factor in the extra supply with the time it will take to gain some production efficiencies, Prescott said, I expect to see prices to start slowly dipping by 2025 and see a significant price drop by 2030.