Under this program, customers purchasing new, fully electric Hyundai and Kia vehicles priced below the luxury car tax threshold (currently $91,387) can benefit from a reduction in their finance rates. Eligible buyers could see a minimum discount of 0.5% and up to 1.0% on their finance rates. For instance, on a $70,000 loan, a 1.0% discount over five years could result in savings exceeding $1,900 in interest costs.
This collaboration is part of the Australian Government's broader strategy to encourage the adoption of cleaner transportation options. By lowering financial barriers, the initiative supports the transition towards sustainable mobility solutions, contributing to the reduction of transport-related emissions.
In 2025, Australia added a record 156,000 EVs to its roads, with December alone witnessing EVs accounting for 16.7% of new car sales. This partnership between CEFC and HCAU is expected to further accelerate this trend by making EV ownership more financially viable for a broader segment of the population.
For potential buyers, this means that transitioning to an electric vehicle is becoming increasingly affordable. With reduced financing costs, the total cost of ownership for EVs is more competitive compared to traditional internal combustion engine vehicles, especially when considering the savings on fuel and maintenance.
As the EV market in Australia continues to grow, such initiatives play a crucial role in addressing common concerns among consumers, such as high upfront costs and financing challenges. By providing tangible financial benefits, partnerships like this one are instrumental in driving the adoption of electric vehicles across the country.
