Buying an electric vehicle (EV) has clear advantages: EVs are better for the environment and have lower lifetime running costs than internal combustion engine (ICE) cars, and offer some of the best safety ratings and embedded technologies on the market. But if you’re still feeling cautious, you’re not alone. We answer your top five concerns about electric vehicles.
Myth 1: It will be difficult to find a charging station
In one Survey 2021 by the Electric Vehicle Council (EVC), more than half of respondents said they would consider an electric vehicle for their next car, and 92% agreed that public charging infrastructure was important in encouraging them to do procurement. Public charging stations are multiplying in Australia, with the EVC reports a 24% increase in the installation of fast charging installations and a 23% increase in standard charging installations over the 12 months to August 2021.
“As demand for electric vehicles continues to grow, we are seeing our roads and infrastructure evolve to meet the continued growth of the electric vehicle market,” says Peter van der Westhuyzen, executive director of personal banking at Macquarie. “There are an increasing number of charging stations at workplaces and in shopping malls, some petrol stations now offer fast chargers and you can also find more and more charging stations for street parking. “
How easy it is to find a charger might surprise you. There are approximately 3,000 public charging stations across Australia – or a charger for about seven electric vehicles on the road. This number continues to grow, supported by apps and websites showing where they are and the associated costs.
Electric vehicles can also be charged using regular wall sockets, so you may not need a special charger at home. Considering that the average Aussie only drives around 40km a day, charging the battery via a standard wall outlet overnight will recharge the battery and provide more than enough range for most drivers.
Myth 2: Electric vehicles are only good for urban driving
It’s important to consider your lifestyle when choosing an electric vehicle, to make sure you get a model that’s right for you and what you’ll be using it for. “Electric vehicles are definitely a convenient car option if you live in an urban area,” says van der Westhuyzen. “But they are also a great option outside of urban areas – and there are interactive maps that make it easier to find charging infrastructure throughout your trip.
Van der Westhuyzen says it’s important to do your research, just like you would with gas stations if you were driving your ICE vehicle long distances or outside of a metropolitan area. You may find that your battery life will allow you to get to and from your destination without having to recharge in between. Just like ICE vehicles, electric vehicles are designed for many different journeys.
Myth 3: My electric vehicle will not perform as well as my current car
“More and more of our customers are telling us that they love the driving experience,” says van der Westhuyzen. The EVC survey also shows growing interest in EV performance: three-quarters of respondents said performance would encourage EV purchase in 2021, compared to just 48% in 2020.
Driving an electric vehicle certainly does not mean compromising on performance. Many family electric vehicles available today offer similar acceleration to what you would get in much more expensive ICE cars, and there are many other factors that make the driving experience a pleasure.
“EVs are quiet to drive, acceleration is powerful but smooth, and interiors are spacious,” says van der Westhuyzen. “We’ve heard from drivers telling us they’re worried an EV won’t do what their current car can do, but it’s good to understand what’s important to you.”
Whether you need towing capacity, increased storage space inside the car, or exhilarating performance, there are electric vehicles available today that will provide you with what you need. In the next two to three years, Australia will welcome more brands and models offering even more diversity.
Myth 4: Electric vehicles are expensive and financing is too complicated
There are various cost considerations for owning any type of vehicle, and electric vehicles are no exception. Even though electric vehicles may be slightly more expensive to purchase than a comparable ICE car, this cost may be offset by lower running costs and less frequent maintenance, and half of us are willing to pay more for an EV.
“It is likely that purchase prices will also fall as the market becomes more competitive,” says van der Westhuyzen. “It’s also worth considering state subsidies and other incentives for electric vehicles that help with affordability.”
Van der Westhuyzen says Macquarie is committed to helping Australians reduce their carbon footprint and switch to electric vehicles. Macquarie’s Specialized service in the purchase of EV cars offers a reduced financing rate available only for new electric vehicles and does not charge any fees. “Our experts can help you find the right electric vehicle, negotiate the price, manage the trade-in of your old car and, if necessary, arrange financing at a competitive rate for any new electric vehicle,” says van der Westhuyzen .
Depending on where you live, Macquarie may even be able to deliver your new EV to your home, fully charged and ready to go.
Myth 5: I can’t take my electric vehicle on a trip
This is a very common myth – and easily busted. Many makes and models of electric vehicles now offer a range of 350 to 600 km on a single charge, roughly the same as an ICE passenger vehicle.
The ideal road trip might just mean adjusting your habits. “As with any extended journey, planning ahead is important – and perhaps even more so when driving an electric vehicle,” van der Westhuyzen says. “It should also be considered that the charging time varies depending on the model of electric vehicle you are driving. For some electric vehicles on the market, a 15 minute charge on a public fast charger will give you around 300 km of driving distance.
All in all, it’s not that different from taking your ICE vehicle on a trip: check that your EV is fully charged and research available charging infrastructure along your vacation route and at your destination. An unexpected bonus of taking your EV on a road trip might be increased internal storage, thanks to no gas tank or exhaust system.
The environmental benefits, low ongoing operating and maintenance costs, and high performance of electric vehicles make them an attractive proposition for conscious consumers looking for new ways to extend their positive impact. With expert financing options available and more choices on the market than ever before, will 2022 be the year you switch to greener driving?
Financing is provided by Macquarie Leasing Pty Ltd Australian Credit License 394925, a subsidiary of Macquarie Bank. Terms and conditions of application.