New CommBank loan data reveals that young Australians are rapidly making the shift towards more sustainable vehicles, as supply increases and prices drop.
During the first six months of this year, the number of hybrid and EV new car loans more than quadrupled for those aged 18 to 24, compared to the same time last year.1
Australians between 25 and 34 saw the second largest jump, up 111 per cent, followed by 35 – 49-year-olds with a 30 per cent increase.1
The second-hand market also showed a similar trend, with used car loans up an average of 52 per cent across the three age groups.1
CommBank General Manager of Personal Lending, Joel Larsen, said: “We are now seeing more and more manufacturers enter the low emissions vehicle market in Australia and this additional supply is really driving down the price point.
“During the second half of FY24, the average price of electric vehicles dropped by more than 7 per cent to just over $63,000 when compared to the same period last year.
“It’s good to see the price point on hybrid and electric vehicles tracking lower, as we know cost is a major concern among people on the hunt for their next car.”
But the price of a vehicle isn’t the only concern for consumers. New research commissioned by CommBank’s ‘Buy & own a car’ service reveals that at least 60 per cent of Australians have concerns when it comes to financing their next vehicle purchase.2
To help remove some of the worry and make purchasing a car easier for Australians, CommBank recently launched the ‘Buy & own a car’ service which allows customers to search for their next vehicle, gain conditional approval for finance, and determine their loan repayment amounts all in the one place.
“We also know that negotiating on price with car dealers is one of the most stressful parts of the whole process, so we’ve included unique deals and discounts through CommBank’s ‘Buy & own a car’ feature to help ensure our customers get a great price on their next vehicle purchase,” Mr Larsen said.
Since its launch in July, CommBank data shows thousands of customers have sought to take advantage of the bank’s ‘Buy & own a car’ feature to start their car buying journey. In total, 54 brands are available on the platform, including Hyundai, Toyota, Mazda, BMW, Mini, Tesla, BYD and Polestar.
With many Aussies opting for EV and hybrid vehicles, the Toyota Camry and Corolla, Tesla Model 3, GWM Haval Jolion, Hyundai Kona as well as the BYD Seal are among the most popular makes purchased through the ‘Buy & own a car’ service.
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1CBA customer data between 1 January and 30 June 2024, compared to the same period in 2023. Data represents secured car loan customers who purchased a low emissions vehicle during this time period.
2About the research: This research was conducted online by YouGov, between 16/09/2024-18/09/2024, among a sample of 1029 Australians 18 years and older. The data was weighted by age, gender and region to reflect the latest ABS population estimates.
