What are the Benefits of Investing in an Electric Vehicle?

There are fewer and fewer arguments against buying an electric vehicle (EV).

 

With advances in technology, increase in supply, decrease in price, government subsidies, and benefits to the environment, it becomes increasingly difficult to look the other way and see your diesel car through the same lens.

We’re already moving towards an increasingly electrified and intelligent future, and electric vehicles can be part of the answer to completing the transition. So, what are the benefits of owning an electric vehicle?  


Cheaper to run in the long run.

The price of an electric car can be similar to a fuel car, but it can be an excellent investment for drivers looking for a cheaper and more efficient way to get around in the long run.

In fact, the cost of electricity required to charge an electric vehicle is about 70% cheaper than oil. Governments around the world are also offering subsidies when purchasing an electric vehicle

Whilst Australia is still far behind the rest of the world when it comes to incentivising the purchase of EVs, individual states still have their own incentives:

– The ACT waves stamp duty and gives a 20% discount on the registration of electric cars. 

– VIC exempts electric vehicles from the “luxury vehicle” stamp tax rate. They also offer an annual $100 discount on vehicle registration, but this only applies to vehicles that exceed the LCT threshold of $77 563. 

– In QLD, they pay 2% of stamp tax. 

– NSW, starting September 1st, EVs under $78 000 will be exempt from stamp duty. 

– SA, WA and NT offer no incentive.

 

EVs are cheaper to maintain.

Owning an electric vehicle can lead to significant long-term savings, specifically when it comes to maintenance compared to fossil fuel-powered cars. 

Unlike internal combustion engines, electric ones are more reliable as they have fewer moving parts. For example, electric motors have on average half a dozen fewer moving parts than a petrol or diesel motor, meaning less wear and tear of motor components and considerably less maintenance than conventional vehicles. 

EVs require no oil change, have no gasket to replace, no valves to clean, and do not have internal combustion engines. Hence, these usual additional maintenance costs can be waived.

In comparison, internal combustion engines in cars, especially as they age, can be expensive. 

However, it’s worth noting electric cars are not without expenses. Unlike its petrol equivalent, the biggest maintenance expense for an EV remains the battery packs. Unfortunately, similarly to other battery types, when EV batteries begin to wear over time, they will gradually lose their capability to hold a charge. 

Naturally, the longer you own an electric vehicle, the shorter the driving range will be. However, EV car batteries do not wear & tear quickly, and it is estimated that the typical lithium-ion EV battery will last 160,934 kilometres and maintain a stable driving range. 

 

Cost of Charging an EV. 

Petrol prices are constantly fluctuating. One minute they are at record lows, and then they’re creeping back up to the old prices that we’ve been accustomed to accept. 

Avoiding this makes switching to EVs an interesting option. So how much would you be paying for each charge in comparison? Petrol and diesel-powered cars are rated by how many litres of fuel they use per 100KM (litres/100km). With EVs, it’s how many kilowatt-hours (kWh) are used per 100Km. 

The lower the kWh/ 100km value, the less you’ll spend on household power to travel any given distance. To figure out how much an EV’s energy will cost is as simple as checking your electricity rate.

In Australia, the cost of charging ranges anywhere from $0.30 – $0.60. This equated to around $11.50 – $23 to charge a small car and $22.50 – $45 for larger longer distance EV’s. Cheaper EVs can travel about 300km on one charge. More expensive EVs can travel over 600km. The average Australian travels 36km per day. 

The most important factor to consider when charging is the type of EV charge you’ll be using. Depending on which level of charging station you use, time can be decreased to a matter of minutes as opposed to hours or days. 

In saying this, you might occasionally be able to charge for free at public stations, but this isn’t something that you can count on. Most EV owners charge at home, so you’ll need to know what the cost of charging will be.

 

Benefits of EVs for the environment.

There are many benefits to owning an electric vehicle regarding ongoing maintenance and cost to run, but there are also many environmental benefits. The advantage of an EV is the contribution that they make towards improving air quality and noise pollution. 

As EVs are fully electric, they have no tailpipe emission and do not produce carbon dioxide when driving, reducing pollution considerably. Recent research from the Electric Vehicle Council states that vehicle pollution causes over 1,700 deaths each year in Australia, 50% higher than annual car crash deaths

By reducing greenhouse gases, we are helping the world move towards a more sustainable and pollution-free environment. However, EVs aren’t a miracle solution, as they still create some degree of greenhouse gas emissions when charging because electricity often comes from sources that aren’t clean.

We would further reduce emissions by EVs charging from a more sustainable source such as solar systems or engaging retailers to provide electricity from a renewable source. 

 

Enjoy a safer drive.

There are a few reasons why electric cars can be considered safer and greener than gasoline cars.

Recent findings from crash testing and real-world experience have shown that EVs can improve occupant safety. Because of the weight and position of the battery within the vehicle, an EV has a lower centre of gravity that makes it less likely to roll over

In addition, driving an EV also helps decrease the chance of an accident due to fatigue. It’s well known that when travelling long distances, it is recommended to rest every 2 hours. However, this recommendation is often ignored as one driving a conventional car can easily stop for five minutes to fill their tank before returning to the road.

On the other hand, when driving an EV on long distances, you are forced to stop to recharge the battery every 400km. This required pause significantly decreases the risk of causing an accident.

 

The benefits of driving electric cars are clear. As electric vehicles become more mainstream, their cost continues to rapidly drop, and an increasingly wider variety of benefits are offered for drivers to make the switch. 

Considering the positive environmental impacts and cost-saving you can make on fuel, tax and maintenance costs, EVs continue to be a great long-term investment. 

With innovative technologies continually being developed, cutting charging costs to minutes and further enhanced safety and automatic features, there has never been a better time to switch to driving an electric vehicle. 

 

Does your business specialise in EVs or EV technology? Need help finding quality talent to further the industry’s growth? Get in touch with our experts today!

 

About the Author:

With a Master in Coaching Psychology & HR, Andrea's utilises her skills to match top talent with businesses making a difference.

Read more about Andrea Sanz Rodriguez.

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