The savvy Sydney suburbs saving on EVs

Because of their higher purchase price, EVs have been seen as a status symbol for those at the wealthier end of town. But new data shows that this perception is changing.

Recent analysis of EVs bought via novated leases by NALSPA (National Automotive Leasing & Salary Packaging Association), which heads up major fleet lease firms and salary packaging providers, shows the top ten postcodes going electric are in fact in the outer, less wealthy, suburbs.

While EV incentives such as post-purchase rebates have now been pulled by most states (excluding Queensland and Western Australia), others remain. The Federal Government’s EV discount package introduced in 2022 waives the fringe benefit tax, opening up savings when drivers opt to salary sacrifice to buy an EV via a novated lease.

A novated lease allows drivers to save money on buying an EV in Australia by allowing pre-tax salary deductions for lease payments, removing GST on the purchase, and bundling vehicle-related expenses.

According to NALSPA, the savings can make the weekly lease of a $67,000 Tesla Model 3 equal to that of a $40,000 internal combustion engine (ICE) vehicle. (Currently, the Long Range Model 3 costs $67,900 before on-road costs in Australia.)

New statistics released by NALSPA reveal that the outer suburbs, such as Kellyville, Riverstone, and Baulkham Hills in New South Wales, as well as Werribee and Tarneit in Victoria, are among the top ten postal codes in terms of the greatest adoption rates of novated leases for battery electric vehicles.

Postcode	Suburbs include
1. 3030 (VIC)	Point Cook, Quandong, Werribee
2. 2155 (NSW)	Beaumont Hills, Kellyville, Rouse Hill
3. 2602 (ACT)	Ainslie, Dickson, Watson
4. 2611 (ACT)	Coombs, Duffy, Weston
5. 3029 (VIC)	Hoppers Crossing, Tarneit, Truganina
6. 2765 (NSW)	Box Hill, Marsden Park, Riverstone
7. 4152 (QLD)*	Camp Hill, Carina, Carindale
7. 2153 (NSW)*	Baulkham Hills, Bella Vista, Norwest
8. 4069 (QLD)	Chapel Hill, Fig Tree Pocket, Kenmore
9. 2615 (ACT)	Charnwood, Dunlop, MacGregor
10. 4053 (QLD)	Everton Park, McDowall, Mitchelton

 * Equal 7th place

Looking more closely at Sydney and surrounds, Gosford/Wyoming (postcode 2250) also falls in the top ten for uptake of novated leases for EVs.

Drivers residing in a cluster of metropolitan suburbs around Lane Cove, St Leonards, Castlecrag, Willoughby and St Ives are also taking advantage of the program.

Rank	Postcode	Suburbs include
1	2155	Kellyville, Rouse Hill, Beaumont Hill
2	2765	Marsden Park, Riverstone, Oakville
3	2153	Baulkham Hills, Bella Vista, Winston Hills
4	2154	Castle Hill
5	2075	St Ives
6	2250	Gosford, Wyoming
7	2066	Lane Cove, Riverview, Northwood
8	2762	Schofields
9	2065	St Leonards, Crows Nest
10	2068	Castlecrag, Willoughby

Source: NALSPA

NALSPA’s data also backs up that of the AAA (Australian Automobile Association), which in January also showed that EV uptake in outer suburbs was on the increase. The data includes all pluggable electric vehicles – known as battery electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs).

“Everyday workers living in the suburbs are noticing more than ever before that buying an EV is not only within reach thanks to government incentives but also makes financial sense for them,” says NALSPA chief executive Rohan Martin.

“The further you are from the city centre, the more reliant you are on your car. It makes sense that so many outer suburban motorists are now switching to electric – be that BEV or PHEV - they’re saving thousands on running costs by doing away with rising petrol prices, and the car price itself through the EV discount.”