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Electrified era: 2 in 5 cars purchased in next year to be hybrid or electric


Electrified vehicles are starting to fill Aussie roads as consumer demand skyrockets, according to new research by Finder.

A Finder survey of 1,073 respondents found 1 in 4 (25%) Australians – equivalent to 5 million people – are planning to buy a car in the next 12 months.

The research shows 13% of those are planning to purchase a brand new vehicle, while slightly fewer (12%) plan to buy used.

Almost 2 in 5 car buyers (39%) said they will be buying an electric or hybrid vehicle in the next 12 months.

That's potentially 2 million extra electric or hybrid vehicle owners on our roads within the next year.

According to Finder's Green Report 2023, the estimated annualised savings from switching to an electric vehicle (EV) is $1,120.

Gary Ross Hunter, car insurance expert at Finder, said Aussie drivers are switching to electrified cars en masse.

"From saving money to reducing their carbon footprint – Aussie drivers are ditching petrol cars in droves.

"Consumer demand for electrified cars is at an all-time high with EVs and hybrids becoming a very common sight on our roads.

"The upfront cost is becoming less prohibitive, especially with petrol prices above $2 a litre.

"For pure EVs, the charging infrastructure has also become much more accessible making it feel less daunting to go electric."

The average cost of owning a car in Australia is $23,213 per year for capital cities and $19,510 per year for regional areas, according to the latest Transport Affordability Index published by the Australian Automobile Association (AAA).

Hunter encouraged all drivers to check their insurance policy.

"Not all car insurance is created equal.

"Whether you're going electric or sticking with conventional cars, comparing car insurance policies is one of the best ways to save money on the road."

Sales of electrified vehicles (battery electric vehicle, plug-in hybrid and hybrid) made up 15.6% of the market in May, according to the Federal Chamber of Automotive Industries. In 2019, this figure was just 3.2%.

New vehicle sales reached an all-time high in July 2023 of 96,859 new vehicles – as levels blitz pre-pandemic heights.

Are you planning to buy a car in the next 12 months?
Yes, used12%
Yes, new13%
Source: Finder survey of 1,073 respondents, August 2023
What type of fuel car are you planning to buy in the next 12 months?
A petrol car55%
Hybrid car21%
An electric vehicle18%
Diesel car6%
Source: Finder survey of 266 respondents who are planning to buy a car in the next 12 months, August 2023

Here's 5 tips to save money on car insurance.

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