The state now contributes a maximum of 4500 euros in environmental bonus to the purchase of an electric car. That’s 1,500 euros less than last year. Buyers can more than compensate for the reduced state subsidy with a simple credit tip – up to 1674 euros are in it.
This is shown by model calculations by the comparison portal Verivox for the financing of three popular e-car models.
Between 1517 euros and 1647 euros savings potential
Anyone who finances a Stromer with an installment loan can use the state bonus for a special repayment. In the process, borrowers pay less interest, so they can recoup the reduced funding – and even more. According to Verivox, car buyers save 1517 euros to 1647 euros with this trick.
To examine the cost advantage, Verivox took a close look at three e-cars: a Smart EQ fortwo for 19,262 euros, a Hyundai Kona Elektro for 33,723 euros and a Tesla Model 3 for 44,970 euros. According to Oliver Maier, Managing Director of Verivox Finance, the maximum funding actually only applies to vehicles up to 40,000 euros. However, the so-called net list price is decisive. “Because the Model 3 is only listed there at 39,966 euros, Tesla buyers can also collect the full state premium.”
The experts calculated two financing options for each of the three e-cars, whereby the purchase is always fully financed by a car loan. Once the borrowers use the entire bonus, i.e. 4500 euros, for a special repayment out of sequence. In the second variant, the loan continues unchanged.
Car buyers must pay in advance
The manufacturer’s own contribution to the environmental bonus has already been deducted from the vehicle prices. However, car buyers can only apply for the bonus of 4500 euros after the purchase and registration of the vehicle. This means that you must first finance the full purchase price.
To do this, they take out a car loan with a term of seven years and an effective interest rate of 5.08 percent. According to Verivox, half of its customers receive a car loan at this or a lower interest rate. The model calculation assumes that the state environmental bonus is paid out three months after the vehicle is purchased and used for a special repayment of the loan.
Get debt free up to 22 months faster
“Anyone who uses the state bonus for a special repayment reduces the remaining debt and thus has to pay significantly less interest,” explains Oliver Maier. “In addition, the loan will be repaid faster thanks to this special repayment and the car buyers will be debt-free sooner.”
With the Smart, it would normally take 84 months for the car loan to be fully repaid. Thanks to the special payment, it only takes 62 months, while interest costs are reduced by 1517 euros. In this way, Hyundai buyers save 1634 euros in interest and are debt-free twelve months earlier than with a loan without special payments.
Tesla buyers also save nine months with a total repayment period of 75 months. The interest costs decrease with this repayment out of turn by 1674 euros.
„Anyone who simply takes out the car loan with their own house bank almost always pays too much”
Special repayments out of sequence are not possible free of charge at all banks, although they are not allowed to charge their customers more than one percent of the amount repaid early. At 4500 euros that would be 45 euros. “For many banks, however, free special repayments have long been standard,” says Oliver Maier.
Before taking out a loan, car buyers should definitely compare several offers. “Anyone who simply takes out the car loan with their own house bank almost always pays too much.” This is illustrated by a look at the current interest rate statistics from the Bundesbank.
For an installment loan with a term of more than five years, borrowers pay an average of 7.74 percent nationwide interest. At this level, the cost of a loan with a special repayment for the Smart would be 1040 euros higher than for a car loan at the medium interest rate with Verivox. The additional costs for the Hyundai are 2412 euros and for the Tesla even 3520 euros.
