The race to number one in EV sales heats up, but will Tesla still be on top?

Electric car plugged in to EV charging station with blue city backdrop

Already leading the charge in electric vehicle sales in Europe, new research from Bloomberg Intelligence suggests that Volkswagen is set to take over worldwide by 2024.

Tesla currently has a grip on the market due to their strength in the United States, but the Elon Musk-fronted brand is predicted to be outpaced. With battery pricing preventing other brands from surging to the top of the pack, VW’s planned €30 billion (roughly AU$46bn) investment in the battery supply chain is what suggests their eventual edge.

Legacy brands, they predict, will struggle as the electric vehicle venture lacks scalability and profit margins compared to their other cars. Expensive components, particularly the batteries themselves, are at the core of this issue. 

The Bloomberg report models global demand for battery electric vehicles ballooning to double the current amount by 2025. Volkswagen’s continual growth internationally, the expansion of Chinese brand BYD, and Tesla’s continued comfort in the North American sector create a big three to dominate the market. 

Aussie consumers might have less choice in who takes first place. Demand for electric vehicles continues to grow, but the Electric Vehicle Council estimates 58 EVs available to Australians by the end of 2022 as opposed to the 130+ electric vehicles drivers in the UK have to choose from currently.

As more battery electric vehicles join Australia’s fleet, so too do more green car loans designed to promote the movement away from fuel. These are car loans specifically dedicated to funding EVs, although a new car loan can also be used for any fresh set of wheels.

Interested in getting yourself an EV, Tesla or otherwise? Here’s what not to forget when you’re shopping for an electric car, and what it costs to keep those wheels spinning. When you’re ready, check out our best car loans.

New car loans - last updated 25 June 2022

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  • New Car Loan - Prime Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    3.74% p.a.
    4.28% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Extra low 3.74% rate (4.28% comparison rate*) for qualifying homeowners. Personalised loan amounts between $5,000 and $100,000. Flexible repayment options. Choose between the 3 to 5 year loan terms.

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 3.74% would cost $33,338.96 including fees.

    Details
  • Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    5.35% 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.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,507.61 including fees.

    Details
  • Car Loan

    Fixed

    Interest rate
    comparison rate
    Monthly repayment
    6.19% p.a.to 10.29% p.a.
    6.74% p.a.to 10.86% p.a.based on $30,000
    over 5 years

    Enjoy competitively low rate car loans from 6.19% (comparison rate 6.74% 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.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.19% would cost $35,357.29 including fees.

    Details
  • Clean Green Car Loan

    New or Used, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    5.89% p.a.
    6.44% 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^.

    Repayment terms from 3 years to 5 years. Representative example: a 5 year $30,000 loan at 5.89% would cost $35,107.05 including fees.

    Details

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