Another approach is to incentivise middle to high income earners like Australia has done re novated leases on EVs being exempt from fringe benefits tax.

Lower income people aren't buying new cars, they buy second hand.

So be incentivising others to purchase new EVs over combustion, it creates a supply for the second hand market in 5-10 year horizon for those lower income earners. And while subsidies are in place for new models, this further pushes down the price of used EVs.

It'll be interesting what happens to Australias second hand EV market when the subsidies end in 2029.