some of the best car loans for electric vehicles

The highly anticipated Tesla Model Y SUV has finally been priced for Australia with the first fleet of vehicles due to arrive on our shores in August. So what are your best car loan options when financing the Tesla Model Y?

According to Drive.com.auTesla will launch the Model Y SUV with two variants in August:

  • Y-model – rear-wheel-drive model $68,900plus travel costs, and
  • Model Y performance – all-wheel drive model at $98,599 (Luxury car tax included).

Deliveries for the Model Y are expected to take place between August and November 2022, and the expected delivery date for the Model Y Performance has been listed as “late 2022”.

How does the price of the Tesla Model Y compare to other electric vehicles?

Vehicle Price scale
Tesla Model Y From $68,900
Tesla Model Y performance From $98,599
Tesla Model 3 $63,900 – $91,672
Polestar 2 $63,900 – $73,400
Kia EV6 $67,990 – $82,990

Source: CarExpert.com.au

It’s worth noting that the Model Y’s starting price is about $5,000 more than the currently available Tesla Model 3, $5,000 more than the Polestar 2, and $1,000 more than the Kia EV6.

Unfortunately, with a starting price range from $ 68,900, the Tesla Model does not qualify buyers for the rebate on electric vehicles in new south walesBut it should always benefit from the exemption from stamp law for new and used electric vehicles (capped at $ 78,000)

Tesla has a detailed assistance and incentive list for drivers wishing to buy in each state or territory. For more information on offering rebates or other financial assistance in your state or territory, please read here.

How much would a car loan reimbursement for a Tesla Model Y be?

It’s no secret that an electric vehicle (EV) is typically priced high in Australia compared to price brackets in countries like the US. This makes the cost of an electric vehicle one of the main barriers to the entrance for the update of electric vehicles in Australia.

Luckily, auto lenders know this and aim to inspire borrowers to make more sustainable decisions when making future car purchases. This is done through their Green Auto Loans, which generally offer lower than average interest rates for eligible customers to support environmentally friendly purchases.

In fact, last month one of Australia’s biggest banks, Westpac, revealed a new, lower car loan interest rate for buying hybrid or electric vehicles. Reducing its existing car loan rate means eligible customers can be offered rates of 4.99% (6.21% comparison rate) to borrow between $10,000 and $100,000.

So, if you were eligible for a 5-year fixed auto loan rate starting at 4.99%, how much could your repayments be for the new Tesla Model Y and Model Y Performance?

Refunds on Tesla Model Y: Hypothetical fixed rate over 5 years at 4.99%

Vehicle Monthly repayments Total refunds
Y-model $1,300 $77,995
Model Y performance $1,860 $111,614

Source: RateCity Auto Loan Calculator. Does not include fees.

The purchase of an electric vehicle – in particular a brand like Tesla – will generally be accompanied by a higher initial price than if you simply buy a used vehicle to go from A to B. And although you can finding yourself saving money over time by ditching gas for good, you still need to cover the initial cost of the vehicle, plus any infrastructure like a charger.

That’s why it’s crucial that drivers prioritize a competitive auto loan that best suits their budget and goals and keeps costs down. It’s important to take your time researching the right car loan for your needs, including comparing factors like interest rate, fees, features like ease of withdrawal, and whether repayments are fixed or variable. .

Compare ecological car loans today reduced rate

RateCity Exclusive

Apply and pay by June 30 to enter the raffle to win a $2,500 fuel voucher or cash back for purchase – terms and conditions apply ~ Ends with 19 days

Green car loan (varies)

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~ Ends with 6 months

EV car loan (good credit and above)

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