There Is an Increasing Demand for Electric Car Loans in Australia
The rise in electric vehicles (EVs) has been a result of major technological advancements as well as changes in consumer behaviour and government regulations in the last decade. It is predicted that 75% of new car sales by 2030 will be electric vehicles, and 1 in 4 cars on the roads will be electric.
Experts are optimistic that EVs will continue to grow in popularity in the coming twelve months, even though only 1% of Australians owned them in 2021. This could be due to the variety of EV models Australia has to offer: In 2021, there were 31 EV models on the market in Australia. By the end of 2022, there will be at least 58.
What’s the Difference Between EV Loans and Regular Car Loans?
The core idea is that financing an electric vehicle is just as easy as financing a regular petrol car, but with some potential benefits.
Finance for any vehicle should be approached with the following considerations: budget, lifestyle, and intended use. This will enable you to choose the best vehicle that suits your needs without spending too much. Consider not only your car budget but also your ability to pay for the monthly cash flow. You can then choose the best vehicle and most agreeable terms for your repayments.
Remember, you don’t have to rush. It will make it easier to make informed decisions by taking the time to explore all options.
How Can I Get a Discount Loan for Electric Vehicles?
Let’s not forget the perks. Some lenders offer reduced loan rates for electric cars. It is worth taking the time to research all financing options. At Finance 48, we can help you find out what your top car loan options are and ensure you are getting the best rate. Please feel free to contact our consumer or commercial finance Perth team right away.
Which Electric Car Is the Most Affordable in Australia?
The MG ZS-EV is currently the most affordable electric vehicle available in Australia. It costs $46,990. The MG ZS EV SUV has a range of 263 kilometres before needing to be recharged.
Where in Australia Is It Cheapest to Own and Drive an EV?
It all depends on your financial situation as to whether an EV is most affordable to buy and drive. If you’re an ACT resident and you qualify for the $15,000 government loan at 0% interest, you could save a lot of interest over the term of your car loan. The ACT grants you two years of free registration and waives stamp duty.
Residents of NSW get a $3000 rebate and don’t need to pay stamp duty. The MG ZS EV purchase price would be very affordable for residents of each state, compared to places like WA and the NT.
The Australian Capital Territory and New South Wales seem to be the leaders in electric vehicle ownership, and with a little research, you can find affordable electric cars in your state or territory.
The EV car revolution is underway in Australia. It makes sense to make the switch to electric vehicle ownership, regardless of where you live. The benefits outweigh any perceived disadvantages. Driving an electric car will be cheaper than driving a petrol car in the long term, and you’ll also be helping the environment.
What Are the Pros of Buying an Electric Vehicle?
It Is Less Expensive To Operate And Maintain.
No matter where you plug your EV in to charge its battery, it is less expensive than topping up a petrol or diesel car. An electric vehicle can also save you money on maintenance, as it has an electric motor and not a combustion engine.
EVs aren’t as dependent on regular maintenance as traditional cars. EV owners can save a lot of money by not having to service their vehicle as often. Although electric cars are more expensive than traditional vehicles, they are much less costly in the long-term. If you wish to spread out the cost of an electric car, finance is available.
Better for the Environment
Full-electric cars have no tailpipe emissions and are therefore the greenest choice for car buyers. Many people are feeling the effects of pollution and climate change, particularly those who live in cities with poor air quality. Switching to an eco-friendly car is one way you can help improve the environment.
Rapid and Smooth Acceleration
An electric vehicle (EV) is the best choice if you want a car that accelerates quickly. Electric motors are quick to respond and can provide maximum torque almost instantly. They provide smooth, enjoyable rides because they have lower centres of gravity than other cars.
Electric cars are not only easy to drive, but they also produce very little sound. EVs are quiet, so it might seem a bit confusing at first to know if your car is ready to go. Don’t worry, they’re meant to sound like that. Test-driving an EV near you is a great way to experience how easy and fun they can be to drive.
Time to Make the Switch?
EVs are the future. Although Australia has yet to ban petrol-powered vehicles, it is only a matter of time. Especially since these new models are as good or better than standard cars on the market today.
Are You Still Uncertain?
At Finance 48, our car experts (and self-proclaimed electric car enthusiasts) are always available to answer your questions and offer advice on the right vehicle and financing option for you. Get in touch today.