Australia has been feening for more electric vehicles at cheaper prices. Although EVs only constituted 1.6% of new car sales last year, most Australians say they’re keen on buying an EV for their next new car.

According to the Electric Vehicle Council, 54% of Aussies want an EV for their next car, despite our lagging uptake compared with the rest of the first world. 

So, thanks to Labor’s Electric Car Discount, we’re going to see a lot more EVs grace our roads. But when exactly is this coming into effect? If you’re one of those Aussies who are naturally dubious of political promises (not without reason, of course), the answer may very well surprise you:

It’s already here

Yep, Labor’s EV tax break is actually already in effect. The Electric Car Discount came into effect at the start of the new financial year on July 1, 2022. The Discount is guaranteed to go ahead for three years when it will be reviewed, in view of EV uptake.

What does it mean for me?

That’s a great question. The ALP’s EV tax break means a couple of really good things for the average Aussie, including:

  • Cheaper imported EVs

Been dreaming of cheaper imported EVs from Europe and Japan? Labor have pulled through with this, scrapping the 5% import tariff for selected EVs from overseas. A $60,000 model, for example, just got $3000 cheaper.

  • Better employment benefits

Labor also got rid of the 47% fringe benefits tax for electric vehicles, making it much easier to score yourself an electric vehicle as an employment perk. 

  • Cheaper second-hand market

In time, the electric car discount will also trickle down to the second-hand market, as more electric vehicles hit Aussie shores with lower price tags.

Should I get an electric vehicle now?

Many Aussies are in your position and are being tempted by Labor’s EV tax break since it came into effect. Here’s how to decide if your next car should be an EV:

  • Discuss with your employer

Your employer now has more flexibility on providing a car as part of your benefits package. While in the past they may not have been keen on providing a car, they may now be more open to it. Talk things over with your employer and get in touch with the team at Fingo for finance options if things progress.

  • Shop around

Looking to buy privately? Shop around! Fingo can connect you with their partners at Carbroker.com.au. These expert car brokers are making the most of Labor’s import tariff exemption and finding Aussies the best EVs at great discounts.

Fingo are your team of choice for all sorts of vehicle finance solutions. Whether you need fleet management for your business, a ripper deal on a novated lease, quality insurance or something totally different, Fingo helps Aussies get the most out of stepping into a new ride. Get in touch with Fingo today.

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