If you're in the market for an economical commuter, a hybrid, or an electric vehicle, you might want to wait till next year.

Vehicular Emissions Scheme (VES) rebates are about to be adjusted come 2021. That means that if your car falls within the VES bands A1 and A2, you will be looking at an increased rebate of $5,000!

Cars in Band A1 will enjoy a $25,000 rebate instead of $20,000, and cars in Band A2 will enjoy a $15,000 rebate instead of $10,000.

And shoppers looking for an electric car have even greater discounts to look forward to as well, as this enhanced VES is going to be coupled with the Electric Vehicle Early Adoption Incentive, also commencing on 1 January 2021.

This means that buyers of electric car will be able to enjoy combined cost savings of up to $45,000 when they purchase a new fully electric car!

It is not all good news however, as the VES surcharges for vehicles in both Bands C1 and C2 will also be increased by $5,000 for private cars.

This means that a car in Band C1 will incur a surcharge of $15,000 instead of $10,000, and a car in Band C2 will incur a surcharge of $25,000 instead of $20,000. There is no need to rush out and secure your purchase this month however, as the increased VES surcharge will only be implemented from 1 July 2021.

Furthermore, there will be no change in the pollutant criteria for each VES band for the duration of the enhanced scheme, so you can still shortlist your favourite cars now and know exactly what rebates or surchages you will be facing come next year.