There are always pros and cons to all decisions, especially when deciding on a new vehicle type.

Benefits of purchasing an EV

• Reduction of CO2 emissions
• Cheaper to own and run
• Require less maintenance
• Quick and fun to drive!

Barriers to purchasing an EV

• Can be more expensive to buy
• Public charging stations remain a challenge
• Charging can take time
• Driving range anxiety

The electric vehicle (or EV) landscape can be a confusing one for most.

A few considerations that owners need to navigate are:

1. Understanding the various types of EVs
2. Knowing the setup required to own and charge one
3. Identifying the logistics and considerations required for taking longer trips
4. How to finance your exciting new car

We have heard about them, but what are electric cars?

An electric vehicle (EV), battery electric vehicle (BEV) or all-electric car (type of EV), is an automobile that is propelled by one or more electric motors using only the energy stored in onboard rechargeable batteries.

The battery pack can be plugged in and charged from the electric grid and provides the only electricity source to propel the wheels.

Compared to internal combustion engine (ICE) vehicles, electric cars are quieter, have no exhaust emissions and produce lower emissions overall¹.

Depending on the type of EV, the electric motor(s) either assist a conventional internal combustion engine (ICE) or power the car completely.

1. Understanding the types of electric vehicles

2. Knowing the set up required to own and charge EVs

There are three main varieties of charging options EV owners need to know about.

Wall sockets
You know, the one you plug your lamp into. These take far longer to charge your car.
Charging time: 18-24 hours

Wall boxes
These are typically what you would find inside a private garage or a shopping centre car park and are best used to top up your car’s battery.
Charging time: 4 hours

Fast chargers
Typically found at public charging stations, fast chargers resemble petrol bowsers and provide a much faster rate of charge.
Charging time: 40 minutes

Finding public charging stations
There are a number of websites and apps you can download to let you know where your closest charging station is. Most EVs even have this built into their navigation system.

And for those without off-street parking… Did you know?

An electric car infrastructure trial in New South Wales is aiming to provide access to chargers for electric vehicle owners without off-street parking. The Federal Government is tipping more than $850,000 into a $2 million infrastructure trial in New South Wales for 50 electric car chargers to be installed on power poles within the state.

3. Identifying the logistics and considerations required for taking longer trips

Many prospective EV owners are often plagued by ‘range anxiety’, having concerns on how far an EV can go compared to petrol vehicles. For most city dwellers with an average commute of 30 kms, they should not be concerned. With newer electric models (but not all) having a driving range as great as 400-600 km, this is typically more than enough for most day travellers.

If you get stuck?

Most motoring clubs now offer a service where they can give you enough charge to get you home or tow you to the closest charging station.

Google maps are a great resource to find your closest station.

And finally…

4. How can you finance your exciting new car?

We recently documented the range of Your Vehicle Funding Options. Feel free to contact us for your copy.

The most important aspect of choosing your finance option is to talk to us first.

We can help you make an informed decision on your finance structure and provide a pre-approval before you go EV shopping.

With electric cars becoming more affordable (hybrids starting around $33,500 and EVs from around $45,000), they can be a great option for those who are cost and ecologically conscious.