Macquarie Bank - 2.99% p.a. Finance Rate on New and Demo Electric Vehicles

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roffey1 on 20/07/2021 - 13:13 macquarie.com.au (442 clicks)
Last edited 20/07/2021 - 22:22 by 1 other user

Rate applies to new loans secured by new and demo electric vehicles, effective from 9 July 2021 subject to change without notice. Not available to rental buyers. All applications are subject to the satisfaction of approval criteria. Terms, conditions, fees and charges apply.

2.99% Comparison Rate is based on a secured consumer loan of $30,000 and a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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• 

  mrvaluepack on 20/07/2021 - 13:14

  +3

  Lowest ever car rate i've seen.

  • 

    Broos on 20/07/2021 - 13:53

    I had 2.19% with Pepper Money on my Tesla.
    Although, this is an advertised rate so it’s very good.

  • 

    PinzVidz on 20/07/2021 - 14:31

    Toyota has done zero in the past. Of course that's pretty much at RRP with little to no negotiation.

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  life is suffering on 20/07/2021 - 13:22

  What's the comparison rate ?

  • 

    BargainGeezer on 20/07/2021 - 13:26

    2.99% according to the email I received.

  • 

    NatoTomato on 20/07/2021 - 13:27

    Macquarie is saying a 2.99% comparison rate as well? I don't know if that's right.

    • 

      bthaddad on 20/07/2021 - 13:41

      +2

      If there are no fees aside from the interest rate, then it's right.

• 

  tunzafun001 on 20/07/2021 - 13:48

  +2

  Ive owned an electric car for years, and mass adoption should have happened years ago. But the Vic government have killed it for Victorians with the sheer stupidity tax. Once you factor in the cost of Battery replacements (Australian heat kills them, I'm on my second) + 2.5c / km + electricity prices (most people can't use solar / TOU tarrifs as they are at work) it doesn't make financial sense to own one. Tim Pallas is a potato who convinced the whole bag of spuds that EV cars run free.
  Dont take my word, do the numbers. Looks at the extra purchase cost, the extra stamp duty payable. Then look at how many kWh you will need at what price. Then work out how many times you will charge per year and divide it by the battery life (half the life what the manufacturers say as those numbers are based on 25C no humidity). Aussie cars parked in the sun will go 65C+. Some have cooling.that will kick in. But that uses power (which has a cost Tim) and adds charging cycles. Basically petrol up to just over $2 works out cheaper since a battery replacement is over $5k and needs to be factored in.
  By all means buy one for environmental reasons, but not for cost savings. FYI - try and use your mortgage instead of a loan. Should be close to 2%,or lower now with current economic situation.
  Other states, vote very carefully at your next election. If an EV tax is on the agenda..show em the door.

  • 

    Broos on 20/07/2021 - 13:57

    +2

    What car are you driving to have to replace the battery due to heat? Must not have good battery management. You should not have to change your battery within the first 10 years.

    The battery of my Tesla is in the base of the structure. No way that’s hitting 65°. It’s lucky to hit 30° even on consecutive hot days.
    There is lots of misinformation in your post.

    • 

      askbargain on 20/07/2021 - 14:00

      +4

      Probably owns a Leaf.

    • 

      burningrage on 20/07/2021 - 14:21

      My Outlander is on the 2nd battery but that's because they breached the 80% degradation guarantee.

      I think Tunzafun001's point is PHEV / EV is not worth it because of the new tax. He is correct. My next car next year won't be an EV purely because of the tax. I've done the calc the extra tax adds costs to the equivalent of 6litres / 100 kms car.

      Given the Mitsi Eclipse price gap between PHEV and Non PHEV is about $16k (https://www.news.com.au/technology/motoring/motoring-news/20…) then this is an extra impost (you don't get rebates for PHEV) plus still paying for petrol too.

      • 

        askbargain on 20/07/2021 - 14:39

        PHEV and EV are quite different. They add a battery to PHEV to make it seem more fuel efficient. Nothing is done to protect the battery's longevity. The 2c/km is ridiculous.

        • 

          burningrage on 20/07/2021 - 15:33

          @askbargain: That's why I insist on Battery Degradation Guarantee.

          Tesla guarantees I think no more than 10% degradation after 5 years or something? (Tesla owners can attest?). I used to ask them about this.

          Mitsi has 10 years warranty now but unsure about battery specifically. Come next month, we will find out just out of curiosity.

          • 

            askbargain on 20/07/2021 - 16:49

            @burningrage:

            Tesla guarantees

            8 years 80%

            • 

              tunzafun001 on 20/07/2021 - 23:19

              @askbargain: Just looked it up

              Telsa - 8 years / 240k km at 70%.
              Mitsubishi - 8 years, 100k km 70% ..I think.

              So a couple of things.

              30% represents a 180km reduction in range. So you may lose 179km of range and it won't be a warranty claim. That's quite significant.

              8 years isn't all that long. All my car's I've had previously have been well more than 8 years old.

              Lithium near the end drops significantly/ quickly. So if you are at 71% at 8 years, you might be in for hurt at 10 years.

              Read the warranty fine print. Fast charging wears a battery down faster etc and their may be a disclaimer that voids warranty if exclusively used, or maybe servicing done outside the manufacturer etc. I do know of a couple of denied warranty claims due to water ingress and physical impact damage underneath. In reality probably fair, but both of these wouldn't have caused an issue in a car without a battery.

              I still chose EV, but my point was mostly about Potato Pallas stating EVs have "zero running costs".

      • 

        tunzafun001 on 20/07/2021 - 23:25

        Yeah, the Mitsi PHEV being included as a ZLEV is completely incorrect and I'm confident anyone would get all their tax back if they challenged it.

        In fairness, it's the perfect car for the average Australian. No range anxiety/ waiting for a charger for holiday road trips. Reduces pollution in Metro environments, can go off-road, can tow.

        But "it doesn't pay anything for road use" couldnt be further from the truth…have I mentioned I think Pallas is a Potato.

    • 

      tunzafun001 on 20/07/2021 - 23:50

      @Broos -Depends where you live. But even then the road surface temp today using an infra red thermometer (mid winter 15C max day) was 61C at 1pm. Obviously sun exposure, no wind. But it felt quite warm, so I was curious.

      So with the battery underneath, on a mid summer's day (no idea what temp it gets to, but must go close to 80-90C at least), the battery isn't far from it. In fairness, I never saw the battery go above high 40s, but even then, that's a long way from the optimal 22-25C. If you fast charged it on a day like that, the SoH will take a hit.

      Tesla do a good job of their battery management. But the energy has to come from some where, so it's going to be reduced range. Or alternatively you will use say 30% more electricity in summer. So 30% more cycles. Winter also an issue with the heater on. Heating elements are probably 3kw ish. Real low temps, means increased electron resistance = less range.

      Non EV drivers would be surprised to see the range reduce when they have the AC on + the car has an AC running on the battery as well.

      Hotter temps also have reduced charging efficiency. Ie. If you put 100kwh into a 100kwh battery it won't fill it (probably 10- 20% loses) - again depending on charge rate, temp, cable length etc.

      So looping back. EVs aren't the free driving the government perceive it as. Definitely comparable to petrol (but smaller range EVs will cost more than petrol due to increased battery cycling). The biggest battery you can get is the way to go (less cycles), but you will be paying a premium for it over a petrol car with the equivalent range.

      Major point. The EV tax is pure stupid.

  • 

    askbargain on 20/07/2021 - 13:59

    I'm on my second

    What car?

    Some have cooling.that will kick in. But that uses power (which has a cost Tim)

    Does it spin the wheels?

    and adds charging cycles

    Obviously protecting the battery is more important.

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  Headless on 20/07/2021 - 14:17

  -1

  I got this email too, i pressed unsubscribe

  • 

    jackspratt on 21/07/2021 - 00:45

    is that because you already own an EV?