The cost of electric cars - pros vs cons

Are you considering buying a new car and want to be more environmentally conscious? You might think a hybrid or electric vehicle is just what you're looking for. These types of vehicles do seem to offer several benefits beyond just saving the planet.

But let’s have a look at some of the things that may not work for you with electric vehicles:

Cost of electric cars

A consideration that may make you hesitant is the initial cost of these cars. Hybrid and electric cars can be more expensive than traditional petrol or diesel cars. The cost of electric cars in Australia can vary depending on the make, model, and features. Generally, electric vehicles tend to be more expensive than their petrol counterparts due to the cost of the batteries and other components.

As of 2022, some of the more affordable electric cars available in Australia include the MG ZS EV, the BYD Atto 3 and the Hyundai Ioniq Electric. These models have an average price range between $44,000 to $55,000 AUD.

On the higher end of the price spectrum, luxury electric cars like the Tesla Model S and Model X can cost up to of $100,000 AUD or more.

To offset the costs, the Australian government offers incentives for purchasing electric vehicles, such as a luxury car tax exemption for eligible vehicles below certain price thresholds. Also, some states offer cash rebates for the purchase of electric vehicles. For example, from 16 March 2022, the Queensland government has offered a $3,000 rebate for eligible electric vehicles which cost less than $58,000 (including GST). Rebate amounts and eligibility criteria vary between states and are subject to change. It’s important for you to check the details on your own state government website before purchasing your vehicle.

Overall, while the upfront cost of electric cars may be higher, they can often be more cost-effective in the long run due to lower fuel and maintenance costs. The average at-home cost of charging a 60 kWh battery in Australia ranges from $15 to $20 according to drive.com.au. You could also save money by being smart where you charge and at what time of the day (if you use solar to charge!)

Range concerns

One of the biggest fear factors is range anxiety - that you'll run out of power and be stranded somewhere without a charging station. However, many new models have longer ranges than ever before and features like ultra-fast charging. Charging infrastructure has come a long way in Australia and is continuously expanding.

You can use the map on the Electric Vehicle Council website to find charging stations near you, which may help you decide if range is going to cause you concern. You can even have a charging station at home installed for convenience.

On the flip side, there are many positives to keep in mind.

Electric cars and the environment

Hybrid and electric vehicles claim to produce fewer emissions than traditional petrol-powered cars, which is great news for the environment. They use electric motors and batteries to supplement or replace the petrol engine, meaning that they burn less fuel and therefore emit less pollution.

Fuel Efficiency

Hybrid and electric vehicles tend to be more fuel-efficient than traditional cars, which can save you money in the long run. Depending on how you handle your car, you could improve your fuel efficiency even further with some careful driving.

Maintenance

Electric vehicles may also require less maintenance since they have fewer moving parts and don't need oil changes. Plus, some models come with features like regenerative braking, which captures energy normally lost during braking and uses it to charge the battery.

Weighing up the pros and cons and checking out the infrastructure near you for electric cars will help you decide if an electric or hybrid vehicle is the right choice for you. Technology is advancing all the time and more and more electric and hybrid vehicles are becoming available.

Lots of food for thought!