Three car models – potential savings of 1,517 to 1,647 euros
Car buyers save 1,517 to 1,647 euros if they don’t just put the state purchase bonus in their own pockets, but use it to repay their loan. In order to determine the cost advantage, Verivox has calculated two financing variants for three electric car models: In the first, the borrowers use the entire 4,500 euros in the state environmental bonus for a special repayment out of schedule. In the second variant, the loan continues unchanged.
The cost advantage of the special repayment was calculated using the example of three electric car models – 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. “The maximum subsidy is actually only available for electric cars up to 40,000 euros. But the so-called net list price, which the Federal Office of Economics and Export Control (BAFA) shows for all eligible vehicles, is decisive,” explains Oliver Maier, Managing Director of Verivox Finanzvergleich GmbH. “Because the Model 3 is only listed there at 39,966 euros, Tesla buyers can also collect the full state premium.”
Car buyers must pre-finance full price
In the Verivox calculation, the three electric cars are fully financed with a car loan. The manufacturer’s prescribed own contribution to the environmental bonus has already been deducted from the prices. However, car buyers can only apply for the BAFA premium of 4,500 euros after they have bought and registered the vehicle. So you first have to finance the full purchase price and take out a car loan with a term of 7 years at an effective interest rate of 5.08 percent. Half of all Verivox customers receive their car loan at this or a lower interest rate. For the model calculation, Verivox assumed that the BAFA subsidy would be paid out three months after the vehicle was purchased and used for a special repayment of the loan.
Lower interest costs and up to 22 months faster debt-free
“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 more quickly through this special repayment and the car buyers will be debt-free sooner.” With the Smart, thanks to the special payment, it only takes 62 instead of the originally planned 84 months until the car loan is fully repaid. The interest costs for the two-seater are reduced by 1,517 euros. At Hyundai, borrowers save 1,634 euros in interest – their loan is paid off 12 months faster than originally planned. Tesla buyers are debt-free again after 75 months thanks to the special repayment – 9 months earlier than with a loan without special payments. You save 1,674 euros in interest costs by making an out-of-order repayment.
Thousands of euros difference in cost between expensive and cheap
Not all banks allow special repayments out of sequence free of charge. However, the banks are not allowed to charge their customers for more than 1 percent of the amount repaid early. At 4,500 euros that would be 45 euros. “For many banks, free special repayments have long been standard,” says Oliver Maier. “In order to finance their electric car as cheaply as possible, car buyers should always compare several offers before taking out a loan. Anyone who simply takes out a car loan from their own bank almost always pays too much.”
A look at the Bundesbank’s current interest rate statistics makes it clear how well the comparison pays off. For an installment loan with a term of more than 5 years, borrowers pay an average of 7.74 percent nationwide. At this interest rate, the cost of financing with a special repayment for the Smart would be EUR 1,040 higher than for a car loan at the medium interest rate from Verivox. With the Hyundai (2,412 euros) and the Tesla (3,520 euros), the additional costs would be even greater due to the higher purchase prices.
GHG premium brings in up to 300 euros a year
Even after the purchase and the financing, electric car owners can still secure financial advantages: “With the GHG bonus, vehicle owners of an e-mobile can turn the saved greenhouse gas emissions into money,” says Oliver Maier. “They are sold to mineral oil companies via specialized suppliers. The companies acquire pollution rights in order to achieve their statutory CO2 reduction targets.” Depending on the provider, the GHG fixed premiums for the current year are around 250 to 300 euros.
methodology
Car loans with and without unscheduled repayment were compared for the model calculations. In the variant with special repayment, the entire BAFA subsidy of 4,500 euros goes into the financing three months after the loan is taken out. The savings were calculated excluding a possible prepayment penalty of up to 1 percent of the amount repaid early. The accepted loan amounts correspond to the purchase prices for a Smart EQ fortwo, a Hyundai Kona Elektro and a Tesla Model 3 according to the manufacturer’s information (collected on January 27th, 2023).
