With the electric vehicle market expanding it’s offering within Australia, you may be asking yourself whether it’s time to make the move to an electric car. However, you might have some questions about whether an electric car is right for you, so let’s explore the pros and cons of going electric!

 

Purchase Price

As electric cars are still fairly new to the market in Australia the initial costs can be higher than purchasing a gas-powered vehicle. Although there are options for a wide range of budgets with hybrid vehicles (partly powered by electricity) starting at around $25,000 and full electric vehicles at around $45,000. Brands that have a wide offering in this space include Hyundai, BMW, and Tesla, but the selection available is expanding with Mazda, Kia and MG launching vehicles in the coming year.

Running Costs

This is where electric vehicles really shine, with the ongoing costs significantly less (as little as a third of the cost per 100km*) than gas-powered alternatives. The cost to recharge an electric vehicle is notably less than the cost of a tank of fuel, and the maintenance costs are also less due to the fact electric vehicles have fewer moving parts and experience less wear and tear.

In lieu of fuel, electric cars need to be charged, much like your mobile phone. Installing a home charging station is simple and means you can charge your car each night. You can also opt to use fast-chargers in public spaces such as car parks and petrol stations.

 

Performance and Drive Experience

Electric vehicles have a reputation for providing a smooth and powerful drive. With no exhaust system cars are quieter, leading to a more relaxing ride. If you like the roar of the engine, many vehicles have the option to switch on a ‘fake’ exhaust sound to give a more traditional driving experience. Electric motors also can react quicker than mechanical engines, giving the driver more responsiveness and agility behind the wheel.

Something that is important to consider is the driving range of electric vehicles. This is a challenge for Australia, which doesn’t have an established network of public charging stations to support a fully-electric fleet on our roads. There are certainly more stations popping up, but if you’re heading on a road trip to a rural area you may find it challenging.

 

The Environment

There is no doubt that the environmental impact of gas-powered vehicles is a big motivator for many people to make the switch to electric. Electric vehicles have zero exhaust emissions, significantly less than gas-powered counterparts. Further, electric vehicles can be charged using renewable energy (for example if you have solar panels on your house), further reducing your carbon footprint each time you head out for a drive.

 

Is an electric car right for me?

There are many pros and cons to electric cars, but there is no doubt that demand within the Australian market is growing steadily. As more brands begin to provide hybrid and electric alternatives, the countries network of charging stations will develop, making owning an electric vehicle even more accessible. While there are still hurdles to overcome when it comes to long-distance driving and pricing, making the move to an electric vehicle could be for you!

 

Regardless of what you choose, MOVE Bank can help you get there with our award-winning New Car Loan. Enjoy a great low fixed rate and no ongoing fees, head to movebank.com.au/newcar to learn more today!

 

* https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Electric_Vehicles/ElectricVehicles/Report/c03

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