Save a lot of money, pay it off much faster: If you are smart when buying an electric car, you have a few advantages. You just have to pay attention to a few details.
The state purchase bonus makes electric cars cheaper by up to 4,500 euros (new regulations since the turn of the year, see below). If you use this money cleverly, you can get a new car even cheaper. And on top of that, you can get out of debt much more quickly. This is shown by calculations from the comparison portal Verivox for t-online.
Buyers of an electric car can save up to almost 1,700 euros on their loan. All you have to do is use the government purchase bonus not for a vacation or a new sofa, but for a special payment. A nice side effect: Ideally, you will have paid off the loan almost two years earlier.
The state environmental bonus: What is changing
The purchase of electric cars up to 40,000 euros will be subsidized with 4,500 euros instead of the previous 6,000 euros. For more expensive models up to 65,000 euros there are 3,000 instead of 5,000 euros. Plug-in hybrids are being withdrawn from funding. There is only money for private buyers, no longer for craftsmen and businesses. You can find out more about the changes here.
Save interest through special repayments
It is crucial that you choose the right financing. The Verivox figures show the difference using two variants for three of the most popular electric cars.
These are the financing models
- Variant 1: You use the purchase bonus of 4,500 euros for a special repayment three months after taking out the loan.
- Variant 2: You let the car loan continue unchanged until it has been paid off in full – without any special payment.
- Smart EQ Fortwo (21.940 Euro)
- Hyundai Kona Elektro (36.400 Euro)
- Tesla Model 3 (43.990 Euro)
This is how much money the special payment saves you
The result: The special repayment saves you 1,517 to 1,674 euros in interest costs. Buyers of the Smart IQ Fortwo will also be able to pay off exactly 22 months earlier (62 instead of 84 months). The special repayment reduces your interest costs by 1,517 euros. With the Hyundai Kona Electric you save 1,634 euros and 12 months, in the case of the Tesla it is 1,674 euros and nine months.
Important
All car loans were charged an APR of 5.08 percent. These conditions are representative of broad customer groups.
The loan amounts correspond to the sales prices of the respective car models in their basic version according to the manufacturer’s information (accessed on January 27, 2023). The manufacturer’s share of the environmental bonus (at least 2,250 euros net) has already been deducted.
This is how to do it correctly
You can only apply for the environmental bonus at the Federal Office of Economics and Export Control (BAFA) after you have purchased the car.
Therefore, you must first finance the full purchase price. The sample calculations apply to a loan with a seven-year term and an effective interest rate of 5.08 percent. It is assumed here that the government subsidy will be paid out three months after the purchase.
This is how Verivox calculated
For the model calculation, car loans with and without special repayments were compared. In the variant with special repayment, the entire BAFA grant of 4,500 euros is included in the financing three months after taking out the loan. You do not have to pay any early repayment penalty.
Another tip: When taking out a loan, make sure that free special repayments are possible. “Unless otherwise agreed, the bank can demand a so-called early repayment penalty of 1 percent of the amount repaid early,” says Verivox managing director Oliver Maier. With a special payment of 4,500 euros, that would be 45 euros. “Free special repayments are already standard at many banks. Anyone who compares several offers before taking out the deal will easily find a car loan that offers low interest rates and flexible repayment options without additional costs.”
2023-11-09 19:21:59
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