Have you been thinking about buying an electric vehicle (EV)? There’s never been a better time to make the switch.
From the affordability of EVs to reduced running costs compared to petrol cars, advancements in EV technology have made these eco-friendly vehicles much more accessible to everyday car buyers.
Plus, with Auckland Loans offering tailored electric vehicle loan solutions, getting behind the wheel of your dream EV is easier than ever.
Here’s everything you need to know about the affordability of EVs, their running costs, and why securing an electric vehicle loan now is a savvy move.
The Cost of EVs Now vs. Five Years Ago
It’s no secret that EV prices have dropped significantly over the past few years, making them more accessible to car buyers. Back in 2021, the cheapest new EV in New Zealand was about NZ$65,000. Fast forward to 2025, and the EV landscape has evolved dramatically.
Today, affordable models such as the MG 4 Excite 51 and BYD Atto 3 are priced at NZ$39,990 and NZ$49,990, respectively (as at April 2025). This pricing not only makes EVs accessible to a broader range of buyers but also ensures you’re investing in cutting-edge technology without breaking the bank. Combine this practicality with the additional savings from lower running costs, and the value becomes even more apparent.
Looking to make the switch? Auckland Loans can help finance your EV purchase with tailored loan options to suit your needs.
EV Running Costs vs. Petrol Cars
One of the biggest advantages of owning an EV is the significantly reduced running costs compared to petrol-powered vehicles.
According to Canstar’s report on EV running costs:
The average EV costs NZ$14.43 to drive 100km (including Road User Charges or RUCs), thanks to its energy-efficient battery technology. A plug-in hybrid is even cheaper to run, at NZ$10.61 per 100km.
By comparison, a petrol vehicle costs about NZ$22.66 to drive 100km on average.
When you factor in annual mileage (e.g., around 14,000km per year), the savings with an EV can amount to hundreds of dollars.
If you choose off-peak electricity rates or tap into home solar charging, you could cut your EV’s charging costs even further. Every little saving helps!
Taxes and Road User Charges on EVs in New Zealand
While EVs are cheaper to run, it’s important to factor in road user charges (RUCs), which were introduced for EVs and plug-in hybrid vehicles (PHEVs) in 2024.
Here’s the breakdown:
- EV owners pay NZ$76 per 1,000km travelled (roughly NZ$7.60 per 100km).
- PHEV owners pay a reduced rate of NZ$38 per 1,000km (NZ$3.80 per 100km), reflecting their partial use of petrol.
While these charges may increase the overall cost of ownership, EVs still offer superior affordability compared to traditional petrol cars when considering total running costs and long-term savings.
Despite the introduction of RUCs, the environmental and cost-saving benefits of EVs continue to make them an excellent choice for many New Zealanders.
How Auckland Loans Makes Electric Vehicle Loans Easy
If you’re ready to drive an EV, Auckland Loans is here to help. We offer flexible electric vehicle loan options to make owning an EV more achievable.
Why Choose Auckland Loans for Your EV Loan?
- Unsecured Loans: Borrow up to NZ$75,000 without needing collateral, and enjoy a faster, simpler approval process.
- Secured Loans: Looking for a lower interest rate? Opt for a secured loan with flexible repayment terms and potentially higher borrowing limits.
- Fast Approval: Our loans are designed with convenience in mind, often approved within 1-2 hours*, so you can drive your EV sooner.
- Competitive Rates: Interest rates start from just 11.95%, making your financing more affordable.
*Subject to responsible lending checks and criteria.
Features at a Glance:
- Access multiple lenders with one simple application.
- Flexible loan repayment terms ranging from 6 to 84 months.
- Expert financial advice to secure the best deal for your needs.
FAQ
A tailored electric vehicle loan gives you flexibility. Borrow up to $75,000 unsecured with no deposit required, fast approvals, and interest rates from 11.95%. Pre-approval is available, and terms range from 6 to 84 months. Prefer lower rates? A secured loan starts from just 9.95%.
Anyone who meets Auckland Loans’ lending criteria, including proof of income, credit history, and identity verification, is eligible to apply.
No! Auckland Loans offers both secured and unsecured loan options, so don’t need a deposit for an unsecured electric vehicle loan. However, providing a deposit could lower your overall repayments.
Yes! Pre-approval allows you to shop for your EV with confidence, knowing your financing is already in place. It also speeds up the purchasing process.
Our loans are highly flexible. With an unsecured loan, you can borrow up to NZ$75,000. For larger amounts, consider a secured option to access up to NZ$150,000 or more.
Your loan repayments depend on how much you want to borrow and what interest rate you are offered. But for an example, if you borrowed $40,000 (the cost of an entry-level EV today) it would cost you about $190 per week over a 6 year term (based on 12.95% interest rate).
Want to enter your own amount? Try our free online loan calculator.
