Compare Polestar car loans and financing options

Polestar was established in 2017 as an electric performance car brand. It was initially a collaboration between Swedish manufacturer Volvo and Chinese multinational automotive company Geely. It has since evolved into an independent brand focused on developing electric vehicles.

Polestar is an independent company within the Volvo Car Group, which is a subsidiary of Chinese automotive company Zhejiang Geely Holding Group (Geely). Geely acquired Volvo Cars from Ford Motor Company in 2010.

Polestar vehicles are primarily manufactured in China. The manufacturing facilities are located in Chengdu, the capital of southwestern China's Sichuan province. The production plant in Chengdu is jointly operated by Volvo Car Group and Geely. Polestar also has a factory in Luqiao, China, where the Polestar 2 electric vehicle is produced. 

Additionally, Polestar has announced plans to establish a production facility in the United States for its future models. Volvo's factory in Ridgeville, South Carolina is scheduled to begin building Polestar vehicles in 2024.

• Polestar 1: This is a high-performance plug-in hybrid grand tourer. It features a sleek design and a combination of an electric motor and a gasoline engine for enhanced performance and efficiency. It’s important to note that this production line has been discontinued, meaning no new sales are available.
• Polestar 2: This is an all-electric compact luxury sedan. It offers a stylish design, advanced technology features, and a long electric range. The Polestar 2 aims to be a direct competitor to other electric vehicles in its class.
• Polestar 3: An all-electric SUV, incorporating sustainable materials, long-range capabilities, advanced driver assistance features, and a focus on performance and design.

The pricing of Polestar vehicles in Australia can vary depending on the model and specifications. However, to provide you with a general idea, the starting price for the Polestar 2, the brand's first fully electric vehicle, is around $67,000.

The price can also vary depending on where the car is delivered to in Australia. Deliveries can incur transport charges, and all vehicles are subject to state laws, insurance requirements, registration fees and stamp duty costs.

State-by-state breakdown of Polestar 2 drive-away prices:

Source: Polestar. Prices listed are for newly delivered vehicles and are accurate as of 13/06. 

The pricing for higher trims and additional options can increase the cost. It's important to note that pricing can also change over time due to factors such as currency fluctuations and updates in the product lineup.

The Polestar 3 has a starting price of approximately $133,000. While local pricing for the Polestar 4 has not yet been revealed, it is expected to be somewhere below that of the Polestar 3.

For the most accurate and up-to-date pricing information, you can visit the official Polestar website or contact a Polestar dealership in Australia.

What is the waiting time for Polestar deliveries in Australia?

Production of the Polestar 3 has been slightly delayed and isn’t expected to begin until the first quarter of 2024, meaning deliveries down under won’t start arriving until at least the second quarter of 2024.

Deliveries of the Polestar 4 remain on track to be available in Australia sometime in early 2024.

There’s no word yet on when, if ever, the Polestar 5 will make its way to Australian shores.

Autonomous driving technology is a rapidly evolving field, and there have been advancements in recent years. As of 2023, Polestar’s range does not feature any self-driving vehicles.

However, the 2024 Polestar 5 will come equipped with full Level 3 autonomous driving capability that will allow it to drive in geofenced areas without supervision from the driver, where legal, according to carsales.com.au.

For context, the Society of Automotive Engineers (SAE) designates the Levels of Driving Automation. They’re the industry’s most-cited source for driving automation information. There are six defined levels - ranging from Level 0 (no driving automation) to Level 5 (full driving automation) - in the context of motor vehicles and their operation on roadways.

Source: Society of Automotive Engineers (SAE) Levels of Driving Automation.

While no current Polestar models have self-driving capabilities, some vehicles do feature driver-assist software. 

For example, Pilot Assist (Polestar 2) can help the driver to keep the car between the lane's side markings as well as maintain an even driving speed, combined with a preselected time interval to the vehicle ahead.

Banks, financial institutions and other lenders and car finance specialists offer green car loans that you can use to finance a Polestar purchase. These loans typically come with competitive interest rates and flexible repayment terms, depending on your credit score.

Additionally, you can inquire about direct financing options in-person at a Polestar dealership or online through their dedicated Australian financing hub. Polestar offers fixed rate loans, novated leasing and cash payments.

It's sensible to compare loan offers from multiple lenders to find the most suitable terms and interest rates for your specific financial circumstances. You may want to consider the following as part of your evaluation:

• Interest rate: The higher the rate, the more your loan may cost in interest charges.
• Comparison rate: Combines the cost of interest with standard fees and charges, revealing the loan’s total cost.
• Fees: May include establishment fees, account keeping fees, and other fees.
• Features: May add extra value for some customers e.g. extra repayments and redraw facility.
• Loan term: A shorter loan term may have higher monthly repayments, but cost you less in total. A longer loan term may help to lower your monthly repayments, but you could end up paying more in total interest.