Looking for a new car? EVs could be a rising star in 2023

Despite the long waiting times, cost of living, and bigger premiums, many of us are still looking for our next car to be electric.

Last year, according to the electric vehicle councils state of EVs report October 2022, Electric Vehicles were sitting at 2.05% of all car sales in Australia.

As of September 2022, they are now sitting at 3.39%—a 65% increase.

Combined BEV & PHEV. Data derived from the electric vehicle council's 'state of electric vehicles' oct 2022 report.

How will things be different in 2023?

With more EVs on the road, greater support for EVs by the federal government, electric car incentives, and a more environmentally conscious population, it’s likely we’ll see electric cars continue to grow their sales in their share of the Australian automotive sector.

Not only that but there seems to be a greater push for local manufacturing of electric vehicles with companies like Roev converting diesel utes like the Toyota Hilux and Ford Ranger for business and government fleets. diesel utes like the Toyota Hilux and Ford Ranger. 

Furthermore, EV charging infrastructure has been gaining more support from the government, public, and private investors. Couple that with the improving range from batteries, and we may be seeing the final days of range anxiety.

So, should I consider buying an EV?

It really depends on what you want out of a new vehicle. 

Unfortunately, those wanting to buy a new ute will probably be waiting longer than most to go electric. At the moment, there are very few models confirmed for release in Australia in 2023.

However, if you’re looking for a family vehicle you might be in luck. Multiple electric SUVs and sedans are available for purchase with many more on the way in the coming years. Alongside Tesla, BYD has been steadily releasing more. 

Keep in mind that electric vehicles are, despite numerous rebates, still quite expensive with the Australian price of a BYD Atto 3 standard range at $48,011 and the Tesla Model Y at $72,300. 

Most Australian consumers will likely need to take out a loan for the pricier cost of electric vehicles. At Mozo, you can check out our car loans comparison page, which includes ones specifically designed for EVs.

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 14 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.

    Compare
    Details
  • 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.

    Compare
    Details
  • 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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    Details
  • 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.

    Compare
    Details
  • 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.

    Compare
    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

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