EV Searches Triple in a Month as More Australians Make the Switch

EV searches on carsales have almost tripled from February to March — the sharpest spike in interest Australia's largest car marketplace has ever recorded.

The numbers tell a clear story. According to carsales data, searches jumped 76.7% in the first week of March alone, and the momentum kept building from there. Auction house Pickles tracked a 111% increase in EV searches on its platform over the same period. And CommBank says new loans for battery electric vehicles were up 161.5% in March compared to weekly averages in February.

It's not just browsing. Lifetime EV consideration — the share of non-EV owners who'd consider buying one — has risen to 55%, up 19 percentage points since November 2025. For the first time, more than half of Australians who don't own an EV would consider one for their next car.

What's driving it

The obvious catalyst is fuel. With petrol above $2.40 a litre across the east coast before the fuel excise cut kicked in today, the running-cost equation has shifted. A household spending $120 a week on petrol could cut that to under $30 by charging an EV at home on an off-peak tariff. Over a year, that's a difference of more than $4,500.

But cost pressure alone doesn't explain the full picture. The EV market has changed significantly in the past 12 months. Entry-level EVs now start below $24,000 — the BYD Atto 1 launched at $23,990, putting an electric car in the same price bracket as a Kia Picanto. MG's new MG 4 Urban starts from $31,990. There are now more than a dozen EVs available under $45,000 in Australia.

At the same time, lenders are creating products specifically for EV buyers. Today, the Clean Energy Finance Corporation announced a $100 million partnership with Volkswagen Financial Services to offer discounted EV finance — up to 1% off standard loan rates across VW, Audi, Škoda, Cupra, and Volvo models. CommBank reported that visits to its EV Car Loan page are up 75% in March, while business loan applications for Tesla vehicles alone are up 268% year-on-year.

What's interesting about the data

The brands dominating search interest are telling. BYD, Tesla, Polestar, Zeekr, and Geely are the five most-searched EV brands on carsales — a mix that spans from budget to premium. Australians aren't just looking at one end of the market. They're comparing options across the board.

The business side is moving too. CommBank flagged a sharp rise in commercial EV loan applications, a sign that fleet operators and small businesses are reassessing running costs while fuel remains volatile.

What to do with this

If you've been thinking about an EV, the market is working in your favour right now. Prices are lower than they've ever been, the range of models is wider, and several lenders are offering discounted green car loan rates — typically 0.5 to 1 percentage point below standard car loan rates.

Worth comparing: green car loans, standard car loans, and any manufacturer finance offers. The rates and terms vary more than you'd expect. A finance specialist who searches across multiple lenders can find options you won't see on a single lender's website.

If you're a business owner, talk to your accountant about the instant asset write-off before 30 June. An EV purchased for business use could be both a running-cost saving and a tax deduction in the same financial year.

This article is general information only and is not financial advice.