Contemplating an EV? Here’s the buzz on the pros and cons

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Along with Bunnings sausage sizzles and buying investment properties,tracking petrol price movements could be considered an Australian pastime. When they go up,we hoot and holler,and when they go down,we hoot and holler (but this time in joy).

Inevitably during these discussions,there’s always one person who pipes up with “why don’t you just buy an electric vehicle?” So,for those commenters,this one’s for you.

Technically,electric vehicles (EVs) were invented in the early 1800s,but the invention of the combustion engine pretty quickly put them out of fashion. It wasn’t until nearly 200 years later,in 2010,that the release of the Nissan Leaf,along with some early model Teslas,put mass-market EVs on the map.

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Since then,their popularity has rapidly increased,and their share of total new car sales has tripled every year for the past three years. As of last year,there were more 180,000 EVs on Australian roads,almost 100,000 of which were bought in 2023 alone. There’s also been a huge push to increase the country’s charging infrastructure to make it easier to own EVs and drive them long distances without running out of juice.

What’s the problem?

Despite this,Australia still lags the world on EV adoption – though we are catching up – and many of us wouldn’t consider an EV if buying a car today. This is due to a raft of factors including the ever-pervasive “range anxiety” (worrying if you’ll get stuck without somewhere to charge your car),a lack of model options,and price.

What you can do about it

On that last point,while there are certainly some price barriers when it comes to buying an EV,there are also numerous savings to be made. Here are some things to consider from a cost perspective if you’re thinking about going electric:

Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.