Despite bumps in the road, electric vehicle purchasing is accelerating once again in Ireland.
Bank of Ireland Finance has been confirmed as the exclusive finance partner of the all-electric motor franchise Smart – with two new Smart electric vehicles (EVs) now available on the Irish market.
Both new cars, the Smart#1 and Smart#3 sold in Ireland through MDL, feature a premium design fitted with advanced technology, with a range of both four-door and five-seater models available.
“The switch to EVs is an important part of Ireland’s overall green transition”
The new Smart cars are exclusively distributed in Ireland by Motor Distributors Limited (MDL) and sold nationwide through their Smart dealer network.
EV market switches up a gear
The news comes as data from the Bank shows that interest in EVs and applications for EV financing are trending higher again.
According to Bank of Ireland used EV purchase applications up 125% in Q1 2024 compared to Q1 2023.
New EV purchase applications are up 41% in Q1 2024 compared to Q1 2023, according to the data.
Overall, the figures indicate that there has been a 56% increase in EV purchase funding in Q1 2024 compared to Q1 2023.
The Bank’s data shows that 9-out-of-10 EV drivers move into another EV after their original PCP contract ends.
Bank of Ireland Finance, which works with 23 motor franchises nationwide to provide low-rate APR offers for EVs, is the largest provider of wholesale finance for both battery electric and plug-in hybrid EV purchases.
John Feeney, head of Property, Project and Asset-backed Finance, Bank of Ireland said that the EV market continues to evolve as the number of owners with range anxiety falls due to improved charging infrastructure, and awareness levels surrounding EV choice and value rise as motorists become more environmentally conscious.
“It’s an exciting time for Smart to introduce these two new models to the Irish market, and Bank of Ireland Finance has an extensive range of flexible finance options available to customers looking to purchase a Smart car.
“The switch to EVs is an important part of Ireland’s overall green transition, and with more than €11bn in sustainable lending already extended, and a target to reach €30bn by the end of the decade, our focus is on helping consumers and businesses on their green journey. We look forward to supporting customers in making a plug-in or hybrid EV purchase as the market develops further and the sustainable motoring transition gathers speed.”
Main image at top: Karen Kennedy, Head of Customer Development & Innovation, Property, Project and Asset Backed Finance; Paddy Finnegan, CEO of MDL; John Feeney, Head of Property, Project and Asset-backed Finance, Bank of Ireland; and Derek McDermott, Bank of Ireland
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