Cheapest Electric Cars in Australia  [2024 UPDATED]

Australia’s electric car market is booming, with several new vehicles hitting showrooms for 2024. The new crop of EVs includes a range of affordable options within the $40,000 bracket, vastly reducing the cost compared to luxury options like the Porsche Taycan ($164,400) and the Tesla Model 3 ($61,900).

 There are many electric car options to suit all budgets, including cheap options that are available this year. Here are our top picks.

How Much Are Electric Cars in Australia?

Fully electric cars have a huge span in terms of price. Most affordable EV options are around $40,000 - $50,000, but some newer models sit neatly within the $30,000 bracket. On the upper end of the spectrum are options like the Mercedes-Benz EQS, retailing for $194,900.

However, despite the high upfront costs for an electric vehicle, running costs are reduced. Per kilometre, it’s cheaper to run an electric car than it is to fill up on petrol or diesel. Plus, there are fewer parts in an electric car than in an internal combustion engine, which means reduced maintenance costs.

Some drivers opt for a hybrid over an electric one since they are slightly cheaper on average. That said, there are plenty of benefits when opting for a pure electric model.

You can also find the best car finance rates using AusLoans, reducing the cost burden of switching to an electric vehicle.

Without further ado, here are some of the best options for cheap electric cars in Australia.

1. BYD Dolphin

Estimated price: from $38,890  -  Apply for finance now. It won't affect your credit score.

Build Your Dream (BYD) is one of the largest Chinese manufacturers of electric cars, and it has several affordable options in the works. The BYD Atto 2, alternatively called the BYD Dolphin, is a compact hatchback available on three levels.

The cheapest option has a weaker battery and shorter range, but there are options for those with a slightly larger budget and a desire to roam further. 

At four metres long and sporting five doors, the Atto 2 is designed to be a city car that gets you where you need to go.

Range: 400km - 420km.
Battery: 30.7kWh or 44.9kWh
Max Speed: 160km/h

2. MG 4

Estimated price: from $38,990  - Apply for finance now. It won't affect your credit score.

MG has announced the all-new MG4 model, a crossover hatch with a single electric motor and two battery options. MG has put a lot of thought into this car, designing an Active Grille System that regulates airflow into the front compartment to lengthen battery life.

There is also an intelligent interior with built-in phone connectivity for Apple and Android, even featuring a wireless charging pad in the Trophy Long Range model. Like many modern vehicles, the MG4 also sports Lane Keep Assist, Adaptive Cruise Control, and Active Emergency Braking with pedestrian and bicycle detection.

Range: 350 - 550km
Battery: 50.8 kWh, 61.7 kWh or 74.2 kWh
Max Speed: 200km/h

3. GWM Ora 

Estimated price: from $39,990 - Apply for finance now. It won't affect your credit score.

The GWM Ora, launched in Australia in 2023 by Great Wall Motors, presents a choice between two battery sizes. The 48kWh battery in the Standard Range model offers a 310km range, while the Long Range, GT, and Ultra models feature a 63kWh battery, extending the range to 420km. This electric vehicle lineup consists of four distinct models, with the primary differences lying in their battery capacity and driving range.

Standard across all models are features such as 18-inch alloy wheels, smartphone connectivity, leatherette heated seats, and a comprehensive safety suite including a 360-degree camera, autonomous emergency braking, and lane keep assist. The Ora Ultra model elevates luxury with a panoramic sunroof, ventilated massage seats, and other high-end amenities. Meanwhile, the GT variant stands out with its unique GT alloy wheels and the convenience of automatic parking.

Range: The Standard Range model has a WLTP range of 310km with a 48kWh battery. The Long Range, GT, and Ultra models have a WLTP range of 420km with a 63kWh battery.
Battery: There are two battery options available. The Standard Range model comes with a 48kWh battery, while the Long Range, GT, and Ultra models are equipped with a 63kWh battery.

4. BYD Atto 3

Estimated price: from $48,011 -Apply for finance now. It won't affect your credit score.

The BYD Atto 3, a Chinese electric SUV from Build Your Dreams (BYD), is set to hit the Australian market in 2022 with two battery configurations: Standard and Extended Range. Priced at an estimated $48,011 AUD, the Atto 3 offers a driving range of 345km in the Standard model and 420km in the Extended model, thanks to its innovative 'Blade Battery.' This vehicle, featuring the latest 'Dragon Face 3.0' design, includes slim LED headlights, aerodynamic wheels, and a fitness and music-inspired interior with unique design elements like red string door cards and dumbbell-shaped air vents.

BYD focuses heavily on safety and comfort in the Atto 3. It is equipped with seven airbags, autonomous emergency braking, collision warnings, and Blind Spot Detection, among other safety features. The SUV promises enhanced night driving visibility and improved agility for a comfortable driving experience. Its well-equipped nature, including 18-inch alloy wheels, a panoramic sunroof, and a 12.8-inch rotating touchscreen, positions it as a strong competitor in the EV market, notably against models like the MG4.

Range: 420km
Battery: 60.4kWh
Max Speed: 160km/h

5. Fiat 500e

Estimated price: from $52,500 - Apply for finance now. It won't affect your credit score.

The 2023 Fiat 500e, now on sale in the UK, is an electric version of the classic Fiat 500. It features a 42kWh battery, allowing a range of 311km, and an electric motor that produces 87kW and 220Nm. The car accelerates from 0-100km/h in 9.0 seconds and reaches a top speed of 150km/h. It comes equipped with 17-inch alloy wheels, LED headlights, a panoramic roof, and an eco-leather interior.

Safety and technology are key focuses, with the Fiat 500e including six airbags, autonomous emergency braking, lane-keeping assist, and a 10.25-inch touchscreen. This model blends traditional Fiat design with modern electric vehicle technology, providing both style and efficiency.

Range: 311km
Battery: 42kWh
Max Speed: 150km/h

6. MG ZS EV

Estimated price: from $40,990 - Apply for finance now. It won't affect your credit score.

The MG ZS EV, a mid-size electric SUV, offers an attractive option for buyers looking to switch to electric vehicles, particularly due to its competitive pricing. Initially launched a few years ago, MG re-introduced the ZS EV with significant upgrades, enhancing its appeal. The model's driving range has been increased from 263km to 322km, catering to a broader range of driving needs.

Available in several variants, including the entry-level ZS EV Excite and the high-end ZS EV Long Range, the MG ZS EV's pricing starts at $40,990 and goes up to $49,990. The car is equipped with advanced features like Traffic Jam Assist and Intelligent Speed Limit, with the premium Trophy variant offering extras such as wireless phone charging.

7. Nissan LEAF

Estimated price: from $50,990 - Apply for finance now. It won't affect your credit score.

The Nissan LEAF has been around for several years now, and it remains a stable EV in the Australian market. It is not as spectacular as some of the new contenders on the market, but the LEAF still offers decent value for money.

It’s marketed as a family car, with a spacious interior despite a compact exterior. It’s designed specifically for groceries, luggage, and kids.

Despite being a budget option, the LEAF possesses some decent technological specs including e-Pedal and ProPILOT Assist, which is essentially an automated driving mode that helps you cruise and even park.

8. Hyundai Ioniq Electric

Estimated price: from $37,510 - Apply for finance now. It won't affect your credit score.

Hyundai has dominated the electric car market for some time with a range including the popular Ioniq 2 and Ioniq 5 models. However, the Ioniq Electric is an affordable hatchback option when compared with the more expensive SUV models.

There are two model grades on offer, including Elite and Premium. Both have the same batter and front-wheel drive, but Premium buyers receive leather upholstery, heated front seats, LED headlights, wireless phone charging, and a sunroof.

How Can I Afford an Electric Car?

Electric vehicles may seem expensive compared with traditional road cars, but they are becoming more affordable. Buying with a loan is also an option.

 Plus, there are more cars hitting the market, with a race to become the most affordable electric car in Australia. As families and city dwellers seek to go green, they are searching for cheaper EVs, and the market is responding.

 Nevertheless, you might wonder how you can afford a new electric car. The affordable options in this list are a fantastic place to start, and you can finance your car using AusLoans personal car finance options.

 Apply now to get a quote and find out how we can help you secure your dream electric car.