Going green? Here are some car options
Many Australians have begun to be more environmentally conscious. And after the latest Intergovernmental Panel on Climate Change (IPCC) report, many businesses have been looking for ways to be more green, too. This change can be made by adjusting one’s approach to basic finances, energy consumption or by making green purchases like solar panels, hybrid cars or electric vehicles (EVs).
Let’s focus on cars. As of January 31 2021, there are more than 23,000 registered EVs nationwide, according to the Australian Bureau of Statistics (ABS) latest Motor Vehicle Census.
While the numbers of EVs may seem high, when you compare it to the 20.1 million registered cards in Australia it is but a blip. Especially compared to Norway, which is projected to have no new sales of petrol and diesel-powered cars by April 2022, Australia is lagging behind in the green cars space.
What are my green car options?
Currently there are two types of environmentally friendly cars you might purchase in Australia: electric vehicles or hybrid vehicles.
EVs run on battery and electricity (like their namesake). They can also be quite expensive compared to your average fuel-run car, typically ranging from $43,900 to $200,000.
And unlike your typical car that can pull up to a petrol station, EVs have to go to specialised charging stations. Unfortunately, these stations are not as readily available throughout the country especially in remote areas, so they are not ideal for long trips. However, if you live in a major city it’s quite easy to find charging stations - you can typically find them in big shopping centres or scattered about in different parts of the city.
Advantages of an EV:
- An EV is cheaper to run than a fuel-run car.
- Typically it is also easier to maintain because it has less moving parts.
- Cheaper to register. Some states offer discounts on stamp duty for purchasing an EV.
- Creates less pollution thanks to its zero exhaust emissions.
Some popular brands that sell EVs are Tesla, Nissan, BMW and Volvo.
Hybrid cars have both an electric motor powered by a battery and an internal-combustion engine powered by petrol. A hybrid may use these two together for extra power or independently depending on the situation. For example, a hybrid will switch to the electric motor when you’re idling or driving at low speeds. These cars may start at $28,000 and can range up to more than $200,000.
Advantages of a hybrid:
- Don’t always need to be charged with an external source, some hybrids can recharge using a typical household powerpoint.
- Cheaper to run and uses less petrol than a normal car.
- Creates less pollution than your average car.
- Offers more driving range than an EV.
Some popular brands that sell hybrid cars are Toyota, Mitsubishi, Hyundai and BMW.
How do I fund an environmentally friendly vehicle?
Believe it or not, there are several green car loans in Australia. These loans are designed specifically for you to purchase an eco-friendly car and tend to have lower rates than other vehicle financing offerings. Much like other car loans, they tend to be secured, so the car you buy is collateral if you end up defaulting on your loan.
While green loans exist, it is important to keep in mind that you don’t necessarily need one to fund your purchase of an EV or hybrid vehicle. There are several low-rate new car loan options that may suit you better.
If you are looking to live a more environmentally friendly lifestyle and are looking to buy an EV or hybrid car, check out your green loan options or compare the low rate car loans below.
Car loan comparisons on Mozo - rates updated daily
New Car Loan
Including Demo, Fixed, SecuredInterest ratecomparison rateMonthly repayment4.99% p.a.5.53% p.a.based on $30,000
over 5 years
Low fixed car loan rate for purchasing new and demo vehicles from dealers. There is no monthly or ongoing fees and early payout options available. Winner of Mozo's Experts Choice Car Loan 2021 award^.Details
Read our Mozo Review to learn more about the loans.com.au New Car Loan
FixedInterest ratecomparison rateMonthly repayment4.89% p.a.to 9.99% p.a.5.44% p.a.to 10.56% p.a.based on $30,000
over 5 years
Enjoy competitively low rate car loans from 4.89% (comparison rate 5.44% p.a.) between $10,000 and $100,000 for new, demo and used vehicles. Take advantage of flexible 3, 5 or 7 year loan terms. No early repayment or exit fees. You must be 21 years or over to qualify and earn above $35,000.Details
Read our Mozo Review to learn more about the Plenti Car Loan
Secured Car Loan
FixedInterest ratecomparison rateMonthly repayment4.74% p.a.to 16.01% p.a.5.01% p.a.to 16.31% p.a.based on $30,000
over 5 years
Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $64,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!Details
Read our Mozo Review to learn more about the Wisr Secured Car Loan
Car Loan - Excellent Credit
Fixed, UnsecuredInterest ratecomparison rateMonthly repayment5.95% p.a.to 19.99% p.a.6.79% p.a.to 21.0% p.a.based on $10,000
over 3 years
Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.Details
Read our Mozo Review to learn more about the SocietyOne Car Loan - Excellent Credit
Fixed, SecuredInterest ratecomparison rateMonthly repayment5.35% p.a.5.65% p.a.based on $30,000
over 5 years
Available for all New and Used cars up to 7 years. A quick and easy, 100% online application with loans up to $75,000. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.Details
Read our Mozo Review to learn more about the OurMoneyMarket Car Loan
Low Rate Car Loan Special Offer
Fixed, SecuredInterest ratecomparison rateMonthly repayment4.69% p.a.5.01% p.a.based on $30,000
over 5 years
Beyond Bank’s Car Loan offers super low rates with no ongoing service fee, and flexible features to help you save over the term of your loan. Winner of Mozo’s Experts Choice Car Loan 2021 Award.Details
Read our Mozo Review to learn more about the Beyond Bank Low Rate Car Loan Special Offer
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.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.