While it is widely acknowledged that Australia has been slow in the uptake of electric vehicles compared with many other countries, sales of EVs in Australia in the first part of 2021 have seen a significant uptick in the uptake. Jade Car Loans outlines how buyers could also tick the subsidy and EV finance boxes with cheap EV car loans.
Sales figures for just the first six months of 2021 nearly equal the full year sales results for 2020. This sales increase could be attributed to several factors, some of which are personal buying decisions. Sales could be driven by attitudes to climate change, the expanding range of EVs on the market, the low interest rate finance climate and the lure of subsidies being offered by several states.
NSW and Victoria both included incentives for EV buyers in their state budgets earlier in the year. Now it appears South Australia will also offer incentives for buyers. To add to the offers and options for EV buyers, we also include a full range of car loan options at cheap interest rates. There are certainly plenty of reasons to consider making your upcoming car purchase an EV.
State EV Incentives and Subsidies
The NSW Government EV strategy was unveiled in the Budget in May, shortly before Greater Sydney and then regional NSW went into an extended lockdown. The incentives include phasing out the stamp duty payable on certain EVs. The budget plans did have a September timeframe for take-up but due to the restrictions of the lockdown, Parliament has been unable to meet to pass the legislation. Due to the delays, Treasurer Dominic Perottet has announced that the rebates and exemptions to stamp duty would be made retrospectively once the Bill is passed in its entirety. Prospective NSW buyers can review the Government’s EV policy
The South Australian Government also presented a Motor Vehicles (Electric Vehicle Levy) Amendment Bill in late August. The Bill includes a $ 3,000 subsidy for the purchase of a limited number of EVs and reform of the road user charges.
However, some see issues with the SA proposition regarding a charge on plug-in hybrid models. This would not come into effect until 2027 or at a point when 30% of new sales are EVs. The Bill is yet to be passed by the SA Parliament and the opposition and minor parties have called for amendments. Full details of the SA proposal can be reviewed in Treasurer Rob Lucas’ media release.
Manufacturers are understandably concerned over the effect this may have on their PHEV models. Some see their buyers paying more in charges than buyers of combustion engine cars. If this plays out it would be certain to delay any further increase in the EV uptake.
The ACT and the Northern Territory have also introduced incentives for EV buyers and consumers in those territories can review what is on offer at their relevant treasury website.
EV and PHEV Model Options
Manufacturers continue to expand their ranges with new EV and PHEV models. While some such as Tesla are regarded as the luxury, top of the range in pricing, there are more budget-friendly offerings on the market. Buyers can review a comprehensive overview of multiple brands
Another interesting resource enables buyers to compare the green credentials of many vehicles currently sold in Australia.
Adding Affordability to the Buying Decision
The two major deterrents to buying an EV for many buyers seem to be the availability and widely accessible public charging station infrastructure and price. Many auto bodies continue to lobby the Federal Government to establish charging infrastructure and several companies have set up public access networks. When considering car loans for business, it's worth noting that accessibility to EVs is getting easier and hopefully will continue to improve.
Like most goods and services, demand and supply should also stabilise prices for EVs across the market. The other factor to consider when buying an EV is the apparent lower maintenance costs. While we’re not in a position to influence the pricing that manufacturers attach to their vehicles, we are ideally placed to make vehicles more affordable with cheap EV finance.
For many buyers, the price tag is one thing but the more relevant dollar figure is the monthly repayment on their car loan. That is where we can make a difference in the affordability of your new EV with our cheap interest rate EV finance.
Jade Car Loans offers a comprehensive range of motor vehicle finance products for both business and private buyers of EVs, PHEVs and traditional powered vehicles. The same interest rate and loan features apply regardless of the power source.
For private buyers of new EVs, the Secured Car Loan is the most popular type of loan.
Business buyers can select from:-
- Sole trader car loans for EVs
- EV Leasing
- EV Commercial Hire Purchase
As our interest rates are consistent across new vehicle purchases, buyers can use our business car loan calculators and Interest Rate Comparison Calculators to calculate repayment estimates on the EV of their choice.
While state government subsidies may draw more to the EV market, cheap interest rate finance continues to tick a very significant box for buyers of all types of new vehicles
Contact Jade Car Loans at 1300 000 003 to discuss finance on electric vehicles and a quote for your purchase.
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.