The electric vehicle (EV) Fringe Benefits Tax (FBT) exemption for novated lease vehicles is ending for plug-in hybrids (PHEVs) on April 1, 2025, which means you've got less than a month left to buy and receive a new electrified vehicle if you want to score a significant saving.
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There are loads to choose from, but prices start to climb quickly – far out of the reach of most buyers and, crucially, above the threshold for FBT exemptions.
To help narrow down the choices, we've compiled a list of the 10 cheapest PHEVs currently on sale in Australia. While this doesn't include every PHEV eligible for the FBT exemption, it's a big chunk of popular models in the available catalogue.
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There's an eclectic mix of PHEV vehicles from a range of manufacturers here, reflecting the growing market for and the suitability of long-range plug-in petrol-electric vehicles for a broad range of buyer types in Australia.
Indeed, sales of PHEVs soared by 346.1 per cent year-on-year to 4871 deliveries in February 2025. This was supported by particularly strong sales from BYD, which currently fields two PHEVs in Australia – the Sealion 6 medium SUV and the Shark 6 ute – covering the two largest new vehicle segments.
Last month the Shark 6 even managed to outsell the Isuzu D-Max, which consistently takes the bronze medal in the ute sales race behind the Ford ranger and Toyota HiLux, while sales of the Sealion 6 were bolstered by a recent reduction in its entry price.
Let us know which of these PHEVs you would consider buying in the comments below
Click on a model's name above to jump directly to its information on the page, or continue scrolling for the full list
BYD Sealion 6 Essential
With the recent addition of the new base-spec Essential variant, the Sealion 6 is now Australia's cheapest PHEV at $42,990 before on-road costs.
The new SUV only arrived in Australia halfway through 2024, and two months into 2025 it's already BYD's second best-selling model by some 1000 units over the slightly smaller Atto 3 medium SUV. The Chinese brand's best-seller so far this year is the Shark 6 ute, which also features on this list.
Both the Essential and Premium use the same 1.5-litre four-cylinder engine, though in the former it's mated to only one electric motor. The more expensive version gets a dual-motor all-wheel drive setup with more power.
They're each fed by the same 18.3kWh BYD Blade battery comprising lithium iron phosphate chemistry, with claimed WLTP electric driving ranges of 92km and 81km respectively.
The range is covered by BYD importer EVDirect's six-year, 150,000km warranty, alongside an eight-year, 160,000km warranty for the high-voltage battery.
Interested in buying a BYD Sealion 6? Get in touch with one of our trusted dealers here
MORE: Everything BYD Sealion 6
Mitsubishi Eclipse Cross PHEV ES
The Eclipse Cross as we know it may have been axed in Australia, but while dealer stocks of the small SUV last it remains the second-cheapest PHEV on sale in Australia at $47,790 before on-roads.
It's one of two PHEVs in Mitsubishi's Australian lineup, the other being the larger and marginally more expensive Outlander mid-sized SUV.
The difference between the Outlander and the Eclipse Cross – as well as the ASX and Pajero Sport – is that once stock runs out, Mitsubishi won't be able to sell the small SUV locally thanks to new ADR requirements.
As it stands, all three Eclipse Cross PHEVs are powered by the same 2.4-litre four-cylinder petrol engine paired with a 13.8kWh lithium-ion battery, good for an electric range of 55km on the WLTP cycle. Making up the rest of the car's drivetrain are dual electric motors for an all-wheel drive configuration.
Mitsubishi backs its Eclipse Cross with a 10-year, 200,000km warranty if you service at a Mitsubishi dealer (if not, it's five years and 100,000km), and its PHEV models are covered by an eight year, 160,000km high-voltage battery warranty.
Interested in buying a Mitsubishi Eclipse Cross? Get in touch with one of our trusted dealers here
GWM Haval H6 GT Ultra PHEV
GWM is offering an introductory $2000 discount on the Haval H6 GT PHEV until March 31, but even without it the mid-size SUV is still the third-cheapest PHEV on sale locally.
There's only one trim level of the H6 GT available in Australia, the Ultra, but it can be had with both pure petrol and PHEV power. Both use turbocharged four-cylinder engines, but the latter has a displacement of 1.5 litres compared to the petrol-only variant's 2.0-litre capacity.
In the PHEV, it's mated with a 35.4kWh battery, with power sent to all four wheels through a dual-motor drivetrain. Claimed electric driving range on the more generous NEDC cycle is 180km.
As is the case for all but two of the manufacturers on this list, GWM has another slightly dearer PHEV in this top 10 list – the Cannon Alpha ute.
Both versions of the Haval H6 GT are covered by GWM Australia's seven-year, unlimited-kilometre warranty.
Interested in buying a GWM Haval H6? Get in touch with one of our trusted dealers here
MORE: Everything GWM Haval H6
Mitsubishi Outlander PHEV ES
There are five Outlander PHEV variants on sale in Australia, and the ES is the cheapest of the lot at $57,290 before on-roads.
Unlike its smaller Eclipse Cross stablemate, the Outlander has a relatively safe future in Australia and Mitsubishi has recently updated it with a larger battery and more range.
Electrified variants are powered by a 2.4-litre four-cylinder petrol engine and a 20kWh lithium-ion battery, good for a claimed electric driving range of 84km on the NEDC cycle.
Like the Eclipse Cross, the Outlander PHEV features a dual-motor, all-wheel drive setup.
All Mitsubishis are covered by a five-year, 100,000km warranty, which can be extended to a 10-year/200,000km warranty if you service within the dealer network.
Interested in buying a Mitsubishi Outlander? Get in touch with one of our trusted dealers here
BYD Shark 6 Premium
There's only one BYD Shark 6 variant on offer so far in Australia, but at $57,900 before on-roads the Premium variant outsold the Isuzu D-Max last month.
The plug-in hybrid ute beat key rivals like the Ford Ranger PHEV and GWM Cannon Alpha PHEV to the Australian market, both of which are featured lower on this list.
The Shark 6 is powered by a 1.5-litre turbocharged four-cylinder petrol engine, matched with dual electric motors fed by a 29.58kWh BYD Blade lithium iron phosphate battery pack.
Electric driving range is quoted at 100km on the NEDC cycle. Its key drawback is a 2500kg towing capacity, compared to the 3500kg benchmark of its rivals.
The BYD Shark 6 is covered by the same six-year, 150,000km vehicle warranty and eight-year, 160,000km battery warranty as the rest of the carmaker's lineup.
Interested in buying a BYD Shark 6? Get in touch with one of our trusted dealers here
MORE: Everything BYD Shark 6
Cupra Leon VZe
There are a few Leon trim levels on offer, but only one is a PHEV, and it's priced at $61,690 before on-roads.
The VZe sits one rung below the top of the Leon range, and it features a 1.4-litre turbocharged four-cylinder engine and 10.9kWh lithium-ion battery.
That provides a claimed electric driving range of 67km on the NEDC testing cycle.
Uniquely for this list, the Leon VZe comprises only a front-wheel drive configuration in keeping with the rest of the Leon hatch range.
Cupra backs its Leon range with a five-year, unlimited-kilometre warranty.
Interested in buying a Cupra Leon? Get in touch with one of our trusted dealers here
MORE: Everything Cupra Leon
Jeep Compass Limited 4xe
Two Compass PHEVs are available in Australia, and the cheapest of the pair is priced at $61,990 before on-road costs.
Both the Limited 4xe and Summit 4xe are powered by a 1.3-litre turbocharged four-cylinder engine, mated with an 11.4kWh lithium-ion battery. Claimed driving range on the NEDC cycle is 47km.
Unlike the traditional hybrid Compass e-Hybrid models, 4xe models feature an all-wheel drive setup stuffed into its compact SUV frame.
Jeep backs the Compass with a five-year, 100,000km warranty. It's not alone in Jeep's Australian PHEV lineup, as there's also the Grand Cherokee 4xe at more than $110,000 before on-roads, at least while stocks last before it's discontinued.
Interested in buying a Jeep Compass? Get in touch with one of our trusted dealers here
MORE: Everything Jeep Compass
GWM Cannon Alpha Lux PHEV
GWM is aiming squarely for the Shark 6 with its Cannon Alpha PHEV, and its price of $63,990 drive-away is impressive when you consider its added capabilities.
It features both a 3500kg towing capacity and front, rear and centre locking differentials – all features the Shark 6 lacks.
The Cannon Alpha PHEV also has 110km of range on the NEDC cycle compared to BYD's 100km.
GWM has fitted a 2.0-litre turbocharged four-cylinder petrol engine to its Cannon Alpha PHEVs, is supplemented by a 37.1kWh battery pack. Drive is sent to all four wheels thanks to its dual-motor setup. It can also run purely on electric power even in high-range four-wheel drive mode.
GWM backs its vehicles with a seven-year, unlimited-kilometre warranty, while the Cannon Alpha PHEV's high-voltage battery is backed by a separate eight-year, unlimited-kilometre warranty.
Interested in buying a GWM Cannon Alpha? Get in touch with one of our trusted dealers here
Cupra Formentor VZe
The Formentor joins its Leon stablemate in offering a VZe PHEV option, and it costs $64,990 before on-roads.
Like the Leon, it's powered by a 1.4-litre turbocharged four-cylinder engine, which is supplemented by a 12.8kWh lithium-ion battery in this larger model.
Claimed electric driving range is 58km on the NEDC cycle, and drive is sent to only the front wheels in a similar fashion to the Leon hatch.
Similarly, the Formentor is backed by Cupra's five-year, unlimited-kilometre warranty.
Interested in buying a Cupra Formentor? Get in touch with one of our trusted dealers here
Ford Ranger XLT PHEV
The Ranger is the newest PHEV model on this list, and in its base XLT guise it's priced at $71,990 before on-road costs.
At the top of the tree sits the new Ranger Stormtrak PHEV, which is the second-most expensive Ranger in the local lineup, behind only the $90,440 Raptor off-road performance flagship.
Unlike the rest of the non-Raptor variants of the Ranger, the PHEV ute is powered by a petrol engine, mated to an electric motor sandwiched between it and the 10-speed automatic transmission.
That petrol engine is a 2.3-litre turbocharged four-cylinder, which is supplemented by an 11.8kWh battery to send power to all four wheels. Claimed electric driving range on the NEDC cycle is 49km.
PHEV deliveries commence in mid-2025 and the Ford Ranger is covered by a five-year, unlimited-kilometre warranty, like the rest of the Ford range.
Interested in buying a Ford Ranger? Get in touch with one of our trusted dealers here
MORE: Everything Ford Ranger
Content originally sourced from: CarExpert.com.au
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