Electric vehicle (EV) adoption is on the rise, with CommBank data revealing a 37 per cent increase in EV purchases amongst its car loan customers in the last six months compared to the six months prior.1
Over the last 12 months, one in five (23 per cent) 2 of CommBank new vehicle car loans were for EVs and hybrid models. In addition, 17 per cent of total lending for cars (both new and used) was for EVs and hybrids.2
On the back of increasing customer interest in EVs and hybrid vehicles, CommBank has launched an online electric vehicle cost comparison calculator for Australians who are in the market for their next vehicle and want to estimate the total cost of ownership, and the vehicle finance options available. The calculator includes estimated information such as vehicle price, fuel or charging costs, running costs like insurance, CO2 emissions and CommBank car loan interest rates.
CommBank General Manager Personal Lending Joel Larsen said CommBank’s new EV cost calculator allows customers to estimate and compare the total estimated cost of ownership and CO2 emissions between any two vehicle models, to help them make an informed decision.
“Our customers are wanting a more complete picture of vehicle costs when deciding on their next car. Our new calculator helps customers make a more informed decision when comparing two vehicles by providing information including estimated running costs, be it electricity or petrol, emissions and what interest rate they can get on a car loan.
“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,” Mr Larsen said.
Among CommBank’s EV customers, Tesla Model 3 and Tesla Model Y are the most popular EV choices and make up more than 70 per cent of EVs financed by the bank.3
Mr Larsen acknowledged the success of CommBank becoming a preferred financier of Tesla, where CBA’s eligible business and retail customers are able to access financing through the bank directly from the Tesla website. This improved customer experience has contributed to the increase in CBA customers taking advantage of CommBank’s discounted finance rate to purchase their Tesla.
Tesla Country Director, Australia & New Zealand, Thom Drew said: “Affordability of EVs is a critical component of our mission to accelerate the world’s transition to sustainable energy. With lower lifetime running costs, including substantial fuel savings and significantly less maintenance – EVs are a sustainable and economical choice.
“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.”
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1CBA data: CBA customer data between 01/02/2023-31/07/2023 and 01/08/2023-31/01/2024 of secured personal loan customers who purchased an EV
2 CBA data: CBA customer data between 01/02/2023-31/01/2024 of secured personal loan customers who purchased a new or used EV or Hybrid
3CBA data: CBA customer data between 01/02/2023-31/01/2024 of secured personal loan customers who purchased an EV.
Media releases are prepared without considering an individual readers objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Applications are subject to approval. Interest rates are correct at the time they are published and are subject to change. Fees, charges and eligibility criteria may apply.
The costs of electricity and fuel input into the calculator have been sourced from the ACCC and are intended as a guide only and subject to change due to market movements.
