When is the best time to buy an EV in Australia?

EV prices in Australia have dropped significantly since 2023. The cheapest new EV is now under $35,000, and used models from 2022 and 2023 are appearing below $25,000. But timing your purchase well can save you another $2,000 to $6,000 on top of falling prices. Here is when to buy — and when to wait.

End of financial year: June is the sweet spot

EOFY (end of financial year, 1 to 30 June) is consistently the best month to buy any car in Australia, and EVs are no exception. Dealers are clearing stock to meet annual sales targets and make room for new model year vehicles. Discounts of $1,500 to $4,000 off the listed drive-away price are common during June.

For business buyers, there is an additional incentive. Under the instant asset write-off provisions, businesses can claim the full cost of eligible vehicles purchased before 30 June in that financial year. For EVs under the luxury car tax threshold for fuel-efficient vehicles ($91,387 in FY2025-26), this can reduce taxable income substantially.

New model timing: September to November

When a manufacturer launches a new model or a significant update (known as a "model year change"), the outgoing version gets discounted. In Australia, many new EV models land between September and November, ahead of the Christmas buying season.

When Tesla updated the Model 3 in late 2024, outgoing stock was discounted by $3,000 to $5,000. BYD and MG follow similar patterns when refreshing their lineups. If you are flexible on getting the absolute latest version, buying the outgoing model saves real money for a car that is functionally identical.

Government incentives: what is still available in 2026

State-level EV incentives have shifted over the past two years. Here is the current landscape:

• NSW: Stamp duty exemption for zero-emission vehicles under $78,000 remains in place until 2027. On a $45,000 EV, that saves approximately $1,350 in stamp duty.
• Victoria: The Zero and Low Emission Vehicle (ZLEV) road user charge of 2.8c per km applies. No stamp duty concession currently. However, VIC offers a $100 annual registration discount for EVs.
• Queensland: $3,000 rebate for EVs under $68,000 was extended in the 2025-26 budget. Confirm eligibility before purchase as funding is capped.
• ACT: Zero stamp duty on new and used EVs. Two years free registration. The most generous incentive package in the country.
• SA & WA: Limited or no direct purchase incentives as of March 2026. Registration concessions vary.

These incentives change with state budgets, typically announced in May or June. If you are buying in Q2, check whether your state has announced changes before committing.

Depreciation: the hidden cost curve

EVs currently depreciate faster than petrol cars in Australia. A new EV loses roughly 35 to 45% of its value in the first 3 years, compared to 25 to 35% for an equivalent petrol car. This is partly because EV technology is improving rapidly — a 2023 model with 350 km range competes against a 2026 model with 500 km range at a similar price.

This depreciation curve creates two opportunities:

• Buy used: A 2-to-3-year-old EV with low kilometres offers the best value. Battery degradation on modern EVs is minimal — most retain 90 to 95% capacity at 5 years. A 2023 MG ZS EV or BYD Atto 3 at $22,000 to $28,000 is a strong buy.
• If buying new, hold longer: The steepest depreciation happens in years 1 to 3. If you plan to keep the car for 5 or more years, the depreciation hit per year flattens significantly.

Price trend: where EV prices are heading

Average new EV prices in Australia have fallen roughly 18% since January 2024. Chinese manufacturers (BYD, MG, GWM, Chery) have driven most of this decline through aggressive pricing and new model launches. Tesla has responded with multiple price cuts.

The trend is expected to continue through 2026 and 2027 as more sub-$35,000 models enter the market. If you are not in a rush, waiting 6 to 12 months will likely get you a better-equipped car for less money. But if you are spending $200 a week on fuel now, waiting a year also costs you $5,000 to $7,000 in fuel that an EV would have saved.

The best time to buy: a summary

• Best month: June (EOFY deals, tax advantages for businesses).
• Second best: September to November (outgoing model discounts).
• Best value: Used EV, 2 to 3 years old, under 40,000 km.
• Worth waiting for: If sub-$30,000 new models are launching in your preferred segment within 6 months.