Are Electric Cars Worth It?

Summary

Electric vehicles (EVs) have been a hot topic in recent times, often touted as the way of the future but up until fairly recently, were not a realistic or affordable option for everyday people. But with their prices gradually falling and accessibility growing, combined with high fuel prices and consumers becoming more conscious of their environmental impact, is it time to accelerate into electric?

Content

Electric vehicles (EVs) have been a hot topic in recent times, often touted as the way of the future but up until fairly recently, were not a realistic or affordable option for everyday people. But with their prices gradually falling and accessibility growing, combined with high fuel prices and consumers becoming more conscious of their environmental impact, is it time to accelerate into electric?

The advantages

Although petrol cars still currently dominate the market, it’s predicted that EVs will take over sooner than we think. From their reduced environmental footprint to their cost benefits, there are a range of advantages when making the move to electric.

Government incentives - there are a number of different rebates, subsidies and discounts available to those purchasing an EV in Australia. For example, you may be eligible for lower stamp duty rates, lower car registration fees and grants for EV chargers, depending on the state that you reside in. More information can be found here. Environmental impact - EVs do not emit harmful pollutants into the atmosphere as they do not have an exhaust pipe, and rely less on fossil fuels that negatively impact the environment. Noise pollution is also minimised as they produce less sound and vibrations.

Lower running costs - when comparing the average costs to fuel up a petrol vehicle, EVs are cheaper to run, and could save you thousands annually. They also require little servicing due to having fewer moving parts so maintenance fees can be lower.

The disadvantages

Although there are great benefits to owning an EV, there are some disadvantages to consider. Charging station access - although they are popping up in more and more locations, charging stations can still be difficult to access in certain areas. EVs can also be time consuming to charge, so will require more pre-planning before travelling. Upfront costs - electric cars can be an expensive upfront investment, with the minimum spend in Australia currently sitting around the $45,000 mark, and high-end vehicles over $100,000.

Limited range - depending on the type of vehicle, EVs are limited compared to petrol cars as to how far they can travel. They can range from around 260km for lower cost vehicles and up to 500km for high-end models before charging is required.

As with the purchase of any vehicle, it’s worthwhile taking the time to weigh up the pros and cons before committing. If you’re not quite ready to take the leap to an EV, a hybrid may be more your speed, offering budget friendly options and less harm to the environment.