Desire for electric and hybrid vehicles accelerates

author-avatar By on February 11,2020
Desire for electric and hybrid vehicles accelerates

Photo by Dario on Unsplash

More Aussies intend on making their next car purchase an electric or hybrid one, amid the increased focus on environmental issues.

Those are the findings from Roy Morgan, who found a 4.7% and 1.6% rise in the number of people intending to buy either a hybrid or electric vehicle respectively, compared to the same time last year.

Roy Morgan CEO Michele Levine said environmentally-friendly vehicles are growing in popularity at the expense of petrol guzzlers. 

"Although electric and hybrid vehicles are still in their infancy in Australia, both engine types are becoming more and more attractive to people intending to buy a new car in the future. This comes at the expense of petrol vehicles, which continue to decrease in popularity," Ms Levine said.

"A year ago, 148,000 Australians were intending to buy a hybrid vehicle, and 50,000 were intending to buy an electric vehicle. This has grown to 188,000 and 63,000 respectively and, given the increasing focus on environment issues, we can expect those numbers to keep rising."

Among Australians who intend on purchasing a new car in the next four years, 12.7% said they would go for a hybrid car while 4.2% said they intended on buying an electric vehicle. 

Looking for a new car?The following new car loans have some of the lowest fixed-rates on the market.   

Provider
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayment
 
New Car Loan
5.45% 5.80% $572 More details
from 6.99% from 8.05% from $594 More details

Data accurate as at 18 May 2020. Rates based on a loan of $30,000 for a five-year loan term. Products sorted by advertised rate, then by company name (A-Z). View disclaimer.

 

Of the Australians who said they would buy an environmentally-friendly car, 37.5% said they would go for a Tesla, followed by a Hyundai (20.4%), Toyota (19.6%), Kia (12.5%) and BMW (12.3%). 

Ms Levine said it would be encouraging for car brands to see 'green' cars becoming more popular.

"The electric car market is still evolving, with many manufacturers yet to release a fully electric vehicle. This data is particularly encouraging for brands such as Toyota and Kia - for despite them not having yet released electric models in Australia, future car intenders are considering those brands for their next purchase," Ms Levine said.

"Kia may well consider bringing forward the introduction of their e-Niro and E-soul electric vehicles to the Australian market on the back of such results."


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2019. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2019) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.

Some providers' products may not be available in all states.

In the interests of full disclosure, Savings.com.au and loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*The Comparison rate is based on a $30,000 loan over 5 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Latest Articles

author-avatar
Emma joined Savings.com.au as a Finance Journalist in 2019. She is a journalist with more than five years experience across print, broadcast and digital media, with previous stints at Style Magazines, 4ZZZ radio, and as editor of The Real Estate Conversation. She's most passionate about improving the financial literacy of young women and millennials by writing about complex financial topics in a way that's easy for the average Joe (or Jill) to understand. When she's not writing about finance she's watching Greys Anatomy (again).

Get free insights & tips monthly

By subscribing you agree to the Savings Privacy Policy

Loading data please wait...

{{returnData.productName}}

Overview

Current Rate

{{returnData.currentRate | percentage:2}}

Comparison Rate*

{{returnData.comparisonRate | percentage:2}}

Rate Type

{{returnData.rateType}}

Advertised Rate

{{returnData.advertisedInterestRate}}

Comparison Rate*

{{returnData.comparisonRate}}

Monthly Repayment

{{returnData.monthlyRepayment}}

Interest Type

{{returnData.interestType}}

Total Interest Rate

{{returnData.totalInterestRate | percentage:2}}

Base Interest Rate

{{returnData.baseInterestRate | percentage:2}}

Bonus Interest Rate

{{returnData.bonusInterestRate | percentage:2}}

Total Interest Rate

{{returnData.totalInterestRate | percentage:2}}

Introductory Rate

{{returnData.introductoryRate | percentage:2}}

Introductory Term

{{returnData.introductoryTerm}}

Base Interest Rate

{{returnData.baseInterestRate | percentage:2}}

Term

{{returnData.term}}

Advertised Interest Rate

{{returnData.advertisedInterestRate | percentage:2}}

Interest Frequency

{{returnData.interestFrequency}}


Fees and Features

Ongoing Annualised Fee

{{returnData.annualFee}}

Upfront Fee

{{returnData.upfrontFee}}

Offset Account

Redraw

Principal & Interest

Interest Only

N/A{{returnData.interestOnly}}

Max loan to value ratio (LVR)

{{returnData.maxLVR | percentage:0}}

Lump sum repayments

N/A

Additional repayments

Maximum Loan Term

{{returnData.maximumLoanTerm}}

Upfront Fee

${{returnData.upfrontFee}}

Ongoing Monthly Fee

{{returnData.ongoingFees}}

Early Repayment Fee Applies

N/A

Vehicle Types

{{returnData.vehicleType}}

Maximum Vehicle Age

{{returnData.maximumVehicleAge}}

Pre Approval Available

N/A

Online Application

N/A

Account Keeping Fee

{{returnData.accountKeepingFee}}

Minimum Monthly Deposit

{{returnData.minMonthlyDeposit}}

Linked Account Required

N/A

Interest Calculated

{{returnData.interestCalculated}}

Interest Paid

{{returnData.interestPaid}}

Online Application

N/A

ATM

N/A

EFTPOS

N/A

Account Keeping Fee

{{returnData.accountKeepingFee}}

Minimum Monthly Deposit

{{returnData.minMonthlyDeposit}}

Linked Account Required

N/A

Interest Calculated

{{returnData.interestCalculated}}

Interest Paid

{{returnData.interestPaid}}

Online Application

N/A

ATM

N/A

EFTPOS

N/A

Minimum Deposit

{{returnData.minDeposit | currency : '$' : 0}}

Upfront Fees

{{returnData.upfrontFee | currency : '$' : 0}}

Annual Fees

{{returnData.annualFee | currency : '$' : 0}}

Notice Period to Withdraw

{{returnData.noticePeriodToWithdraw}}

Online Application

N/A

Automatic Rollover

N/A

Maturity Alert

N/A