New vehicle sales have been breaking records, and with more Australians choosing an electric vehicle, we look at how a low rate Green Car Loan can help you save the planet and your pocket.
Australians may be facing a cost-of-living squeeze but that hasn’t stopped us rushing out in droves to buy a new car.
The Federal Chamber of Automotive Industries (FCAI) reports new vehicle sales for September 2023 topped 110,000 – a monthly record that puts annual sales on track to reach 1 million by the end of the year¹.
Aussies are embracing green cars
What’s interesting is that more of us are choosing electric vehicles.
The FCAI says battery electric vehicles accounted for 8.0% of sales while electrified vehicles (battery electric, hybrid and plug-in hybrid) accounted for almost one in five (18.3%) new vehicles sold in September. In 2019, this figure was just 3.2%.
In the first half of 2023 alone, 46,624 electric vehicles (EVs) had been sold in Australia – almost 3 times higher than the same period in 2022 (a 269% increase)².
And it seems we’re not done yet.
EVs look set to fill Aussie roads as consumer demand skyrockets.
A Finder survey³ found 1 in 4 (25%) Australians – equivalent to 5 million people – are planning to buy a car in the next 12 months. And almost 2 in 5 car buyers (39%) said they will be buying an electric or hybrid vehicle in the next 12 months.
That's potentially 2 million extra electric or hybrid vehicle owners on our roads within the next year.
Why are electric cars so popular?
Finder’s Gary Ross Hunter explains the soaring popularity of electric and hybrid vehicles saying, "From saving money to reducing their carbon footprint – Aussie drivers are ditching petrol cars in droves.
"The upfront cost is becoming less prohibitive, especially with petrol prices above $2 a litre.
“He adds, "For pure EVs, the charging infrastructure has also become much more accessible making it feel less daunting to go electric."
With fraud ever prevalent, the One-Time Password is a critical security feature to better protect your personal information and data. If you don’t have a mobile number, or chose not to provide one, your Internet Banking experience will not include full access to features you may use today. You can continue to access our online services but may encounter restrictions where the OTP is a mandatory requirement. We still offer a number of ways to bank including Telephone Banking, Bank@Post and our store network.
How much can I save with an electric vehicle?
The savings on eco-friendly cars can be impressive.
According to Finder's Green Report 2023, the estimated annualised savings from switching to an electric vehicle (EV) is $1,120.
It’s possible to save even more by looking for a ‘green’ car loan that rewards motorists for choosing a low emission car. You can review the current rate by going to www.communityfirst.com.au and searching for green car loans to see the rates.
Community First’s Green Car Loan gives EV buyers an exceptionally low rate (fixed or variable) for up to 7 years.
Available for new electric and hybrid cars, Community First’s Green Loan also comes with handy features. For example, we can arrange a swift conditional approval so you can start car hunting straight away.
You can also add the cost of an EV charging station to your loan.
Drive the savings higher
If an electric or hybrid car is on your wish list, Community First’s Green Car Loan can drive extra savings.
It’s a great way to feel good about reducing emissions while putting you in the driver’s seat of a value-packed loan.
Credit eligibility criteria, terms & conditions, fees & charges apply.
⁵Rate is current as at 31/08/23 and subject to change without notice
* The comparison rate is based on a secured loan amount of $30,000 over a loan term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
This information is general advice only and does not take into account your objectives, financial situation or needs (your "personal circumstances"). Before deciding whether to buy any product on this website you should consider your personal circumstances. You should read and consider the Terms and Conditions when deciding to use any product (terms and conditions, fees and charges may apply). Our product Conditions of Use are available on this website.