CommBank has witnessed a remarkable 37% increase in electric vehicle (EV) purchases among its car loan customers in the last six months, signalling a growing shift towards more sustainable transportation options.
Over the last year, EVs and hybrid models accounted for 23% of all new vehicle loans, with these eco-friendly options making up 17% of total lending for both new and used cars.
“We offer a discount on our car loans for customers purchasing an EV or hybrid vehicle and when you combine this with often lower running costs for EVs, and lower cost models coming to market, EVs are becoming a more attractive proposition for more people,” said Joel Larsen (pictured above), CommBank general manager of personal lending.
To support this burgeoning interest in electric and hybrid vehicles, CommBank has launched an online electric vehicle cost comparison calculator. This tool is designed to help Australian consumers estimate the total cost of ownership for their next vehicle, incorporating variables such as vehicle price, fuel or charging costs, insurance, CO2 emissions, and loan interest rates.
“Our new calculator helps customers make a more informed decision when comparing two vehicles by providing information including estimated running costs, emissions, and what interest rate they can get on a car loan,” Larsen said in a media release.
Among the bank’s EV financing, Tesla models, particularly the Model 3 and Model Y, are the most sought-after, constituting over 70% of the EVs financed.
CommBank’s strategic partnership with Tesla, allowing direct financing through the Tesla website for eligible customers, has contributed to the popularity of Tesla vehicles, the bank said.
Thom Drew, Tesla country director for Australia and New Zealand, commented on the affordability and lower lifetime running costs of EVs.
“Working with preferred financiers like CommBank that share our mission makes Tesla ownership even more accessible and encourages more Australians to make the switch to EV,” Drew said.
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