Did you know that opting for a green car loan means getting a lower rate? What the latest cash rebate is when you buy an electric vehicle in your state?
With the ongoing updates and changes to incentives for electric vehicles, it’s become a little confusing to know exactly where things stand right now. This article should help clear things up for you.
A state-by-state breakdown of EV incentives
Buying an electric vehicle in Canberra means you’ll be exempted from paying stamp duty while also getting two full years of rego free of charge. That’s already a few grand saved - pretty sweet, right?
On top of that, though, you’ll also enjoy being able to use the transit lane for zero-emission vehicles which will drastically cut down commute times!
When you purchase an eligible electric vehicle, you’re eligible for a $3000 cash rebate from the government as well as stamp duty exemption.
The car you choose can’t be priced over $68,750 and the incentive program is limited to the first 25,000 new hydrogen fuel cell and battery electric cars that are sold. So if you’re umm-ing and ahh-ing about whether to get one, it’s a good idea to get in sooner rather than later.
While not the hottest incentive program of them all, the Northern Territory is definitely still offering something to sweeten the deal for people buying an EV.
Free rego plus a $1500 discount on the stamp duty and grants to help cover some of the costs of installing home charging stations are all just around the corner.
Purchasing an electric vehicle in Queensland priced anywhere up to $58k means you’ll receive a cash rebate of $3000. On top of that, the QLD government offers reduced stamp duty and rego costs to boot.
The South Australian government, while skipping stamp duty discounts, has opted to waive a full three full years of registration costs for anyone who buys an EV. This saving is on top of the $3000 subsidy of eligible vehicles under $68,750 within the hydrogen/battery category.
There is also a $12.5 million EV smart charging subsidy program which has been put into place to assist cost-wise in the installation of home charging stations.
From mid last year, the Tassie government implemented a program that waives stamp duty costs for two years for people who buy electric vehicles. This is in addition to their commitment of developing a network of fast-charging stations statewide.
They have what’s known as the ZEV subsidy in Vic. Short for Zero Emissions Vehicle, this subsidy means that if you buy an EV in VIC worth up to $68,740 through a participating ZEV trader you’re eligible for a $3000 subsidy.
4000 subsidies were included in the first release, and as at 26/08/2022 there are 2485 still remaining.
Although there aren’t any cash incentives, stamp duty discounts or free rego deals happening in Western Australia at the moment, they’re investing $21 million to create an expansive EV charging network which includes 45 charging stations in total.
Save on your EV financing by speaking with us today
Whichever incentives you’re eligible for, as an extra kicker Stratton Finance is here to help you save on your financing package too! Our team has the experience and knowledge to make sure you secure the green car loan with the lowest rate, and we have access to a huge pool of lenders to achieve the best possible results.
Find out how much your repayments could be by using our car finance calculator. If you're happy with the results (you definitely will be), you can put your application through in just 5 minutes.
If you need help working through the application or have any questions for us, please feel free to call us directly on 1300 787 288. If you’d prefer, send us an online message and you’ll hear from us shortly.