EV price dips under $40k for first time with NSW rebate

Thanks to the New South Wales Government’s new electric vehicle subsidy, the cheapest EV on the Aussie market, the MG ZS EV, just got even cheaper.

Under the new statewide EV scheme, NSW will provide 25,000 eligible buyers with a $3000 rebate and will also ditch stamp duty on electric cars valued up to $68,750. The abolition of stamp duty will also apply to EVs valued at up to $78,000.

This means buyers in Australia’s most populous state could conceivably pay as little as $39,670 drive-away for MG’s electric SUV, which normally retails for $43,990 drive-away.

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The MG ZS EV

A brand-new EV dropping under the $40,000 barrier in Australia represents a significant turning point in the cost-effectiveness of solely battery-powered vehicles and could incentivise more buyers to adopt the efficient form of personal transportation.

Nissan's popular Leaf electric hatch will be the next most affordable option, with the NSW government's incentives dropping its drive-away price to around $48,700 – a meaningful saving against its usual price of $49,990 before on-road costs, which in NSW would normally mean a drive-away price of $53,190.

The EV subsidy and stamp duty abolition is part of the NSW Government’s recently announced $490 million Electric Vehicle Strategy and will come into effect from September 1 of 2021.

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Nissan's popular Leaf should also prove a compelling option under the new incentives scheme

“This is a vital and welcome initiative from the NSW Government to support the continued roll-out of electric vehicles,” Peter Ciao, MG Motor Australia and New Zealand CEO, said.

“At MG, we believe in Electric For Everyone, and this government subsidy program will give many more people the chance to experience the benefits of electric motoring for themselves.

“We look forward to offering our support to the Minister for Energy and Environment’s office, as MG accelerates its own plans to support infrastructure roll-out in NSW and across Australia.”

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The Berejiklian government’s Electric Vehicle Strategy will also see the State spend a whopping $171 million investment in charging infrastructure, including introducing “ultra-fast” chargers, which could be capable of adding 400 kilometres of driving range in just 15 minutes.

EV buyers in Victoria should be able to cash in on a cheaper EV deal too, with the Andrews Government announcing a $3000 subsidy for electric vehicles valued up to $68,740.

However, unlike NSW, only 4000 Victorians will be able to take advantage of the cashback scheme in 2021, which will eventually apply to a total of 20,000 EV sales over the next three years.