Things to Know Before Buying an Electric Car

It seems that all around the world, electric cars are becoming a mainstream reality. In some countries, like the UK, they’ve already committed to banning combustion-engine and hybrid cars by as soon as 2035. All this means that many are thinking about making the switch to an all-electric vehicle right away.

Before you do that, however, there are some important things for you to know and consider. That’s what today’s article is all about:

1. Costs

First of all, electric cars typically come with a higher sticker price. An all-electric vehicle in Australia currently averages at around AU$47,500 plus on-road costs. That’s almost AU$20,000 more than the average hybrid car. Covering the cost of the vehicle, either in a single payment or via a finance deal therefore is harder.

It should be pointed out that the running costs of your EV will be lower, especially in terms of fuel. If we say that the average Australian petrol price has remained around AU$1.50 a litre, then charging an EV from the electricity grid to the equivalent distance capability as the litre of petrol would only cost 33 cents.

2. Charging at Home

Speaking of charging, this brings another important point to consider. If you are planning to charge from home, does your home have the wherewithal and ability to hook up a wall-mounted charge station? Charging from the standard mains connection is slower, and busy people often find they need the home charging station option.

3. Public Charging

If you’re travelling greater distances, then public charging infrastructure will also be a key consideration. You’ll need to know where your nearest public charging stations are, and any others on the route of a journey you’re about to undertake. The distances between your home and school/work places, as well as these charging stations, will also be vital knowledge.

4. Financial Incentives

In Australia, a number of incentives have been employed since 2017 to encourage more people to make the switch. One such incentive is the government partnership with Macquarie Leasing that offers 0.7 percent discount for purchases of EVs, and a 0.5 percent discount for eco-friendly versions of conventional builds. Further incentives in future could emerge as they have done in other countries such as tax credits, rebates and similar financial policies that help to make electric cars better value from the get-go.

5. Updates and Upgrades

Electric cars are more jam-packed with technology and digital features than a regular vehicle. While top brands like Tesla offer software updates and upgrades freely to their customers, others may not be as generous. A firmware update may present itself as optional to you at first, but should you decide not to pay for the upgrade, it could leave your car performing at a sub-optimal rate. Ensure you have clarity with the dealership on software, hardware and firmware upgrades moving forward.

Electric Cars – Think Well Before You Buy

In the end, no one should just make the switch to electric without thinking through the implications first. Sooner or later, it’s almost certain that you’ll be driving an EV, but by that time many of the concerns mentioned above will have been solved. In the meantime, think before you buy.