Loans for electric cars surge 90 percent in one month amid fuel crisis
9NewsMore Australians are preparing to pull the plug on their petrol cars, with new data revealing a massive 90 percent surge in loans for electric vehicles over the past month.
Petrol prices have climbed by 30 percent since the war broke out in the Middle East on February 28, strangling the fuel supply routes through the Straight of Hormuz.
With the cost of diesel now well over $3 a litre and the price of unleaded fuel hovering at around $2.20 in major cities, the prolonged pain at the bowser is causing motorists to rethink whether they want to remain at the mercy of rising fuel prices and supply issues.
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According to non-bank lender MONEYME, applications for its Autopay EV loans nearly doubled between February and March 2026.
However, the shift isn't just a monthly blip, with EV demand surging 270 per cent year-on-year.
Meanwhile, the appetite for traditional fuel-only vehicles has plummeted, dropping 22 per cent in the last month alone.
"What is notable is the speed of change," Clayton Howes, CEO of MONEYME said.
"A 90 per cent increase in a single month indicates that external shocks, including fuel shortages and price spikes, are accelerating decisions that may otherwise have taken years."
Demand for hybrid vehicles has also risen with the fin-tech lender, climbing 44 per cent year-on-year, and 9 per cent in the last month.
The shift in sentiment towards electric cars is echoed in carsales.com.au data, which showed searches for electric vehicles on the platform tripled in March compared to late February.
According to the carsales data, 55 per cent of Australians would now consider purchasing an EV—a massive jump from the 35 per cent recorded only last November.
"Australians are responding directly to fuel price volatility and supply uncertainty," Howes added. "Access to finance is becoming a key enabler as more Australians move to secure vehicles that reduce their exposure to fuel price risk."
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