The Pros and Cons of Buying an Electric Car
Electric cars have cemented themselves an aspirational reputation in the Australian marketplace as one of the coolest pieces of technology. If you are looking to buy on, here are the pros and cons of electric cars you need to know.
Electric cars aren’t a passing fad, with demand for this type of vehicle seeing record highs. When electric vehicles entered the Australian market, they were introduced as some of the most innovative car technology. The promise of no more visits to petrol stations, no more “regular servicing” because electric vehicles don’t need oil changes, super-fast acceleration, and more cutting-edge automotive technology has caught a lot of drivers’ attention.
With more diverse and affordable electric cars rolling out, the popularity of these electric vehicles doesn’t seem to be wavering any time soon. If you’re considering purchasing an electric car of your own, here’s a quick rundown of its pros and cons:
The Advantages of Electric Cars
As the electric car market matures, several of the growing pains of owning an electric vehicle have been solved by manufacturers and governments. Making the switch to electric has more advantages than ever which include:
Using electric cars reduces your fuel bills
One of the most immediate benefits of owning an electric car is fuel cost savings. While you’re exchanging fuel for electricity, charging an electric vehicle is much different. Electric cars are charged on a per-kilometre basis which means the price you’re paying for recharging your vehicle is significantly less compared to the cost of fuelling up an internal combustion engine.
Plus, you have the option to recharge your electric car at home. This could provide savings on recharging costs and it’s much more convenient as well.
Electric cars have powerful engines
A lot of sceptics doubted the performance and capability of electric cars when they first entered the market. But it’s clear to see that electric vehicles are performing just as well as their petrol-powered counterparts. Electric motors deliver their power immediately while offering a heap of torque which helps you push off the line far faster than a conventional passenger car engine.
Even the most family-friendly and previously mundane vehicles are set to receive perky, instantly responsive electric motors. You can get a whole lot of power to the equation and make driving significantly more entertaining.
Electric cars don’t require as much maintenance
Electric vehicles are no doubt a high-tech exercise in design and engineering. However, they’re not as difficult to maintain as they seem. An electric car’s engine has far fewer moving parts than an internal combustion unit.
A normal car engine has hundreds, if not thousands of components, with a lot of moving parts that need to be lubricated with fresh oil, with some parts requiring regular replacements. Electric vehicles still require maintenance but have fewer moving parts, meaning relatively trouble-free motoring, increased reliability and lower servicing costs.
Electric cars are more environmentally friendly
Electric vehicles have zero exhaust emissions. Compare this to a typical passenger car that releases more than 4 tons of carbon dioxide, and estimates are that there are around 1 billion vehicles on the road today, releasing monumental amounts of CO2 into the atmosphere.
With an electric car, you’ll be minimising your carbon footprint by a significant amount. Electric vehicles are powered through much more sustainable means than fossil fuels making them the greener alternatives.
While there are environmental concerns about the impact of mining rare metals and constructing battery packs, the overall benefit of mass CO2 reductions seemingly outweighs the negatives.
Growing incentives to buy electric cars
Most Australian states now offer financial incentives for customers to make the switch to an electric vehicle, including thousands of potential savings with stamp duty reductions and cheaper registration costs.
Aside from government incentives, lenders like loans.com.au also offer discounts on your car finance when you switch to electric. With green car loans or electric car loans, you can save more on your car finance!
Electric cars offer quiet, comfortable rides
If you’ve ever gone behind the wheel of an electric vehicle, you’ve no doubt noticed just how comfortable and relaxing it can be to drive. Electric motors are whisper quiet, offering no more than a low-frequency hum in the background, which makes them a lovely place to sit on a daily commute in rush-hour traffic. To make things even better, those heavy battery packs need to be supported by serious suspension components, which often give them a soft, forgiving and cushioned driving dynamic.
The Disadvantages of electric cars
Of course, as with every new technology, there are some drawbacks you need to be aware of before buying. Some disadvantages of electric vehicles include:
Electric cars are expensive
Even though there are more affordable electric cars on the market, these vehicles still have high upfront costs. These premium prices can be out of reach for most Australian motorists who don’t have the budget to switch to electric.
Drivers have a lot of range anxiety about electric cars
Range anxiety is perhaps the single-largest factor when it comes to the buying public shying away from the purchase of an electric vehicle. It’s difficult, as a consumer, to opt for a vehicle that offers less driving potential than the vehicle you’re upgrading from. Factor in the lofty price tags that several electric vehicles command and it’s easy to see why Aussies are hesitant to make the switch.
There’s still a lack of charging infrastructures
Recent developments of new fast and ultra-fast charging stations in Australia have improved the charging infrastructures. There are approximately 2,700 charging stations overall with 810 fast and ultra-fast charging stations in the country. However, the locations of these charging stations aren’t evenly spread out. Those who live outside metropolitan areas or rural areas could still have a hard time finding places to recharge their electric vehicles.
The good news is this problem could soon be solved with new developments planned by local and national governments. There’s more effort being put towards building charging stations across the country especially outside major cities to meet growing demand.
Thinking of going electric? Check out your loan options!
At loans.com.au, we offer electric car buyers a great deal on car finance. You can enjoy discounts while you do your part for the environment with a green car loan or electric car loan. Talk to our friendly lending specialists today to learn about how you can save on your car loan while saving the planet.
Find out in under 2 minutes if you qualify for one of our low rate car loans.
About the article
As Australia's leading online lender, loans.com.au has been helping people into their dream homes and cars for more than 10 years. Our content is written and reviewed by experienced financial experts. The information we provide is general in nature and does not take into account your personal objectives or needs. If you'd like to chat to one of our lending specialists about a home or car loan, contact us on Live Chat or by calling 13 10 90.
