EVs popular but some barriers remain for car buyers

EVs at charging station

The electric vehicle tax Victorians were paying has recently been axed by the High Court of Australia. 

Previously for Victorian drivers there was a 2.8 cents per kilometre charge for electric vehicle owners to drive on roads - both in and outside of the state. 

This distance based charge was made in order to match the contributions fuel drivers were paying. 

However, on the 18th of October the High Court ruled the EV tax as unconstitutional, and now it no longer applies for Victorian drivers. 

One of the EV drivers who mounted the case with the High Court named Kathleen Davies, told ABC that she was happy with the outcome. 

She said that "It is to me almost a common sense outcome. We no longer have an active disincentive to driving EVs”. 

The tax was a hurdle for people in Victoria who were looking at getting an electric vehicle, when there should be encouragement from governments and lenders to help lower emissions. 

EV sales up but charging stations stall 

EV sales in Australia recently hit a milestone, with over 100,000 electric vehicles being officially registered in the past 13 years, according to the Federal Chamber of Automotive Industries (FCAI). 

Despite the 7.2 per cent increase in sales in 2023, there are under 2,400 charging stations available to the public across the nation. 

In this regard, Australia is quite far behind other countries on EVs and the infrastructure is proving a major barrier for drivers in making the switch over to electric. 

Green car loans at least give drivers a leg up

While there are challenges for EV drivers in Australia, those who are looking to purchase an electric vehicle can be supported by a green loan. 

Green car loans generally offer lower interest rates than standard car loans as encouragement for consumers to opt for eco friendly alternatives to petrol. While this doesn’t necessarily offset the typically higher price of EVs, it is helpful. 

Currently in the Mozo database, the best rate for a new car loan is a green car loan, with interest rates sitting around the 5.19% to 5.74% mark. 

If you are interested in securing an EV with a green car loan, check out your green car loan options for EVs. Alternatively, compare car loan providers down below to find your next car loan. 

Compare Car Loans - last updated 18 April 2024

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    Interest rate
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  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

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  • Used Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
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* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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