Electric car sales up 120% on last year, says Electric Vehicle Council

person charging an electric car in carpark as EVs gain popularity in australia

The newly released State of Electric Vehicles Report for July 2023 is promising for EV enthusiasts, showing electric cars as making up 8.4% of new car sales so far in 2023, up 120% compared to 2022.

As of the end of June 2023, sales for EVs had hit 46,624, which is more than 3 times as many were purchased in the same period last year.

There are now 91 models of electric cars, vans, and utes available in Australia – up from 70 last year and only 31 in 2021. While electric vehicle options are expanding, the majority of new EV purchases (68%) are made up of 3 models (and 2 by Tesla): the Tesla Model Y, the Tesla Model 3, and the BYD Atto 3. 

The ACT still leads Australia in green car uptake, with electric vehicles comprising 21.8% of new cars purchased. This is helped by their leading amount of subsidies, but growing government schemes and lower rate green car loans could make electric cars more affordable nation-wide.

Concerns around electric vehicle infrastructure remain, with rising electricity prices being a major concern in Australia. Similarly, concerns remain around the number of public charging stations. There has been a 57% increase in ultra-fast charging stations, but these remain mostly clustered around high density metropolitan areas.

While electric vehicles do generally have a higher price barrier to entry than petrol or diesel powered vehicles, they are an important step in moving towards net zero carbon emissions. Electric cars could save you money, with the cost of an EV estimated at roughly $5,000 less than a comparable combustion engine car over a 5 year span.

If you’re interested in making the switch to an electric car, you can start comparing below or take a look at Mozo’s best car loans.

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 92 car loans.
Last updated 22 June 2024 Important disclosures and comparison rate warning*
  • Used Car Loan

    Fixed, Secured, No vehicle age limit

    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 used car loan of up to $75,000 depending on your credit score. No vehicle age limits. 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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  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

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  • Car Loan

    Up to 7 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.
    6.84% p.a.based on $30,000
    over 5 years

    Purchase or refinance a new or used car, caravan or motorbike, up to 7 years old. Fixed rate with terms from 1 to 7 years. Make additional payments and free redraw. No early payout penalties. No monthly fees. Quick start application in less than 5 minutes online.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,460.64 including fees.

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  • Better Car Loan Special Offer

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    6.65% p.a.based on $30,000
    over 5 years

    Get a fixed rate car loan for amounts over $20,000 with Police Credit Union. Make additional repayments at any time without penalty. Free online redraw. Available for new and used cars. Can also be used for motorcycles, boats, caravans, trailers or any registrable vehicle.

    Repayment terms from 1 year to 5 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,295.27 including fees.

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  • Green Car Loan

    Home Owner, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.09% p.a.
    7.21% p.a.based on $30,000
    over 5 years

    No monthly or ongoing fees. Get a 0.70% discount on your car loan interest rate if you buy a qualifying green car. Winner of Mozo's Experts Choice Green Car Loan 2021 award^. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.09% would cost $35,754.42 including fees.

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    Details

* 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.

^See information about the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.