Choosing the Best EV: Insights from Drive's 2023 Car of the Year Awards Winners
The sales of electric vehicles (EVs) are on an upward trajectory as more buyers make the switch and more manufacturers introduced new models into the Australian market. The challenge to boost sales may be changing from overcoming the buying deterrents of infrastructure, charging time, range and price to which are the best EVs on the market.
For first-time EV buyers it can present a very significant decision to make the switch. Unlike when purchasing some goods, when buying a new car, the ‘return within 30 days if not completely satisfied’, doesn’t really apply. You could hire an EV for a period to see how it works for your lifestyle, but that is an added expense.
Reading reviews is a good way to get opinions and views on different models. The team at Drive assist buyers with their annual Car of the Year Awards which now include 3 categories for best EVs as well as separate hybrid categories.
The 2023 awards winners have just been announced and we report on the winners in the EV categories to assist buyers with their purchase decisions.
Best EVs by Price Range
The 3 categories of EVs in the Drive awards program are defined by pricing – under $70k, $70k to $120K and above $120k. The full detail of the awards program including the criteria and how judging is conducted can be found on the Drive website. Worth checking out as the criteria for awards programs really puts the final decisions into perspective.
In the Under $70k price category the winner was revealed as the BYD Atto 3. BYD, a Chinese brand, will be relatively new to Australian buyers. But in the announcing the Atto 3 as the winner in this category, the judges point out the vehicle is a worthy winner. The drive away pricing is quoted from around the $50,600 mark.
The runner-up is the MG ZS, which has appeared regularly in the top selling cars data as released by the FCAI. The finalist, or third place went to the Nissan Leaf e+. For those that already know of the Leaf, this e+ model has extended range – worth noting.
Stepping up in price, in the $70k to $120k category and the Drive team note that this is a very important category in their annual awards as it is currently the biggest selling EV segment. The winner of this very popular category for buyers is the Kia EV 6. Runner up is, by just one point, the Tesla Model Y. Then came Hyundai Ioniq 5, Volvo C40 and Genesis GV 60. Plenty for buyers to consider and earmark for test drives.
Now to the higher priced category, EVs over $120k. Probably not in everyone’s budget range but as noted by the Drive team, this is the area where the manufacturers of EVs get to have ‘the most fun’. By that they mean with the tech and other features and providing a forward view of the future for these types of vehicles.
So which brands had the ‘most fun’ and got the nod from the judges? Possibly not surprising that all 3 come from German manufacturers, known for luxury, high tech vehicles. The winner is the BMW i7, runner up the Porsche Taycan and finalist is the Mercedes-AMG EGS53.
For buyers, the prices of these best EVs range from around the $50k mark right up and over $200k-$300k. Price can be just one side of the buying story. Finance is what can make prices affordable. To put the quoted prices in perspective, prospective buyers can use our Car Financing Calculator. You never know, our cheaper interest rates may make the pricing even more affordable.
For more information on electric vehicles, you can also check out EV Central, a website dedicated to providing news, reviews, and information about EVs in Australia
Best Finance for Best EVs
There is no getting away from the reality that electric vehicles are higher priced than their petrol equivalents. But the benefits offered by EVs need to be taken into account along with the affordability of the finance. Buyers considering one of the best EVs on the market as judged by experts may offset pricing concerns with an electric car loan from Jade Car Loans.
The same finance products and interest rates for purchasing petrol and diesel vehicles are available for EVs. For private buyers, Secured Car Loans are most widely-used for new vehicles. For business buyers, the selection includes Leasing, Chattel Mortgage and Rent to Own.
Despite the run of 10 interest rate increases by the RBA, we are continuing to achieve cheaper interest rates across our motor vehicle finance portfolio.
Using Rebates to Make Payments on Your Secured Car Loan
To further offset the cost of the purchase, buyers, including those seeking classic car finance or the lowest business car finance, can also check if any subsidies or rebates are available at the time of purchase. These have been available through state government initiatives at various times but often restricted to limited numbers and a limited timeframe. State governments are due to bring down their annual budgets around May each year. These types of initiatives are usually included in State Budgets. Keep an eye out.
If a private buyer claims such a rebate post-purchase, they may use this to make additional payments on their secured car financing.
Business buyers can also offset the overall cost with the tax benefits of acquiring new vehicles for the business. The tax benefits available vary with the business finance product selected. Currently, temporary full expensing is the big one that many businesses are taking advantage of. But it only has a few months to run. Buyers will want to secure their vehicle and their sole trader car financing to meet the 30 June deadline.
In our series of articles on the Car of the Year awards, we still have a few more to cover. So stay tuned.
Contact Jade Car Loans at 1300 000 003 for cheaper finance to purchase one of the best EVs on the market.
DISCLAIMER: IN REGARD TO MISREPRESENTATIONS AND ERRORS CONTAINED IN THE MATERIAL AS PRESENTED, LIABILITY IS NOT ACCEPTED. THE DETAILS AND CONTENT IS PROVIDED FOR CAR BUYERS AND INDIVIDUALS AND BUSINESS SEEKING FINANCE PURELY AS GENERAL INFORMATION. THIS IS NOT PROVIDED AS THE ONLY SOURCE OF FINANCIAL INFORMATION. ANYONE THAT CONSIDERS THAT NEED FINANCIAL ADVICE ABOUT THEIR SPECIFIC REQUIREMENTS SHOULD SEEK THEIR OWN FINANCIAL ADVISOR.