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

By Sara Borman · · 2 min read
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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 9 December 2023

Search promoted car loans below or do a full Mozo database search . Advertiser disclosure
  • 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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    Details
  • New Car Loan - Special

    Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.74% p.a.
    8.85% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Extra low rate for qualifying homeowners. 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 7.74% would cost $37,153.94 including fees.

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    Details
  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.
    7.19% 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.

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  • New Car Loan

    Fixed, Secured, Excellent Credit Score [832+]

    Interest rate
    comparison rate
    Monthly repayment
    7.29% p.a.to 7.79% p.a.
    8.00% p.a.to 8.50% p.a.based on $30,000
    over 5 years

    Enjoy a quick application process and no monthly fees on NRMA new car loans. Finance also available motorcycles, caravans and motorhomes. Low fixed interest rates with terms of up to seven years. Plus, NRMA Blue Member benefits apply so you could enjoy even lower rates as an NRMA Member**.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 7.29% would cost $36,387.95 including fees.

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  • New Car Loan - Special

    Home Owner Discount, Including Demo, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    7.09% p.a.
    8.21% p.a.based on $30,000
    over 5 years

    Eligible for homeowners only. Low fixed car loan rate for purchasing new and demo vehicles from dealers. Early payout options available. Winner of Mozo's Experts Choice 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 7.09% would cost $36,598.64 including fees.

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* 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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