Electric vehicles are clearly here to stay, with automakers trying to beat each other in producing the best EV in every category and for different market segments. Still, is it the right time to switch to electric cars, or should you wait a little longer?
EVs are still expensive, and Australia still lacks the necessary infrastructure for electric vehicles. On the other hand, government incentives make owning an EV more affordable for many people. The unstoppable increase in fuel price also seems to justify buying an electric car now.
Yet only you can decide whether it’s time to shift to an EV. You must consider your budget and personal circumstances before making the big leap.
This guide will walk you through the pros and cons of switching to an EV. Then, you’ll discover a few more considerations to decide if it’s the right time to buy an electric car.
Let’s get to it.
Why Are Electric Cars Currently Better?
There’s a lot of hype surrounding electric vehicles (EVs), and it’s easy to get caught up in the excitement. However, before you invest your hard-earned money in an electric car, you must first understand what you’re getting out of it.
Electric cars are better than combustion-engine vehicles in many ways. For example:
- Doesn’t need fuel: First and foremost, you’ll never have to fill a gas tank again. Fully electric vehicles don’t use any petrol, diesel, or any other kind of fuel. So, you’ll likely save a lot of money in the long run.
- No harmful emissions: EVs also appeal to environmentally concerned individuals because they don't produce any harmful emissions. So, if you care about the climate, this is a big reason you'll want an electric car.
- Easier to maintain: Electric cars use motors, not engines. That means you don’t have to maintain them the way you keep your combustion-engine car shipshape. You’ll save time and money not having to get oil changes, spark plug replacements, or other regular servicing tasks.
- Higher performance: Electric cars are much lighter (they don’t have an engine under the bonnet!) and, therefore, faster.
What Are the Downsides of Switching to an Electric Car?
You’ve probably heard plenty about the EV car benefits listed above because that’s what people always talk about. Unfortunately, people rarely talk about the downsides to electric cars; and believe me, there are plenty.
- High Costs: Anyone who has checked EV prices will tell you that these vehicles are not cheap. Those passionate about saving the environment might say the cost is worthwhile. But for regular people wanting a daily car, today’s EV prices are likely not worth it.
- Limited range: When you drive a combustion-engine vehicle around Australia, you can be sure that you’ll find a petrol station anywhere. EVs, however, need charging stations that aren’t available everywhere. The lack of infrastructure means you’re mostly limited to driving EVs in urban areas.
- Batteries and rare metals: Electric cars run on batteries, and those batteries are made from rare metals. There might be enough materials for EV batteries for now, but not for long. With increasing EV uptake, those batteries and materials will become increasingly limited and, therefore, more expensive.
- Environmentally unfriendly production: Electric cars are undoubtedly better for the environment. However, it’s easy to overlook that their manufacturing process isn’t as good for the environment as people like to think. Plus, EVs increase energy demands which, in many areas, are still being provided by coal power plants and other ‘unclean’ power sources.
Is It Worth Switching to an Electric Car Right Now?
You’ve seen the pros and cons, and you can search for more thoughts about the issue. However, the decision to switch vehicles isn’t solely based on benefits vs drawbacks.
The debate is more up close and personal. Ask yourself these four points:
#1 Personal Budget
Can you afford it? Before you ask anyone else whether it’s the right time to switch to an electric vehicle, ask yourself first whether you have the money for it. If you don’t, then the question is moot and academic.
Sure, there are many government incentives that you can take advantage of. Plus, there’s the promise that you’ll never have to buy petrol again. Despite that, electric cars are still too pricey for many people.
So, before anything else, you must examine your financial situation.
#2 Personal Circumstances
Even when switching to another combustion-engine vehicle, many people make the mistake of doing so for the wrong reasons.
For example, some people feel pressured into buying an electric car for social reasons, like keeping up with their environmentally conscious friends. Or, given the high costs of EVs, some do it to flex their wealth.
So, switching to an EV is only worth it if it suits your circumstances. You must ask yourself if buying an EV will give you anything that your current car can't.
If you'll have to pay off a hefty car loan for the next decade to switch to an electric vehicle, it's not worth it.
#3 Charging Stations Availability
Despite the many advantages of EVs, one area where it’s still lacking is the network of charging stations to adequately serve car owners. So, if your local area doesn’t have many of those stations, it’s probably not worth switching just yet.
That might change in the future, of course, but it's not worth investing in an EV now without an infrastructure to support it.
#4 Macro Environment
Look at the big picture and see what's happening in the country and around the world. Believe it or not, you should factor in government policies and environmental issues when deciding whether an EV is worth buying or not.
For example, Australian government incentives make switching to EVs much more worth it for many people.
However, you must also consider if there are any current or future issues like power shortages or potential EV charging curbs that might make your life miserable as an EV owner.
It’s easy for many people to brush off those possibilities as unlikely, but many EV owners in other parts of the world will disagree.
For instance, US heat waves have led to California’s curbs on charging EVs, where owners can only charge their cars at certain times of the day. Meanwhile, the European energy crisis forces EV owners to spend much more money than anticipated to charge their vehicles.
Both cases are perfect examples of why combustion-engine vehicles are still better than EVs in some aspects, even today.
When Will Australia Phase Out Petrol Cars?
Whether you decide that switching to electric vehicles is worth it or not, there will come a day when you won’t have a choice.
In Australia, for example, the ACT government has decided to phase out new fossil-fuel cars by 2035.
Other states will probably do the same to phase out combustion-engine vehicles in their territory at some point.
You can factor that into your decision-making and find it's not worth switching to EVs just yet.
Final Thoughts
As mentioned earlier, the decision to switch to electric vehicles is personal. So, you must consider your circumstances and decide for yourself instead of letting others influence you into buying EVs that are still pretty pricey and don’t have enough infrastructure to support them.
Whatever you choose to do, know that CarpartAU will continue to be your primary source for updates on the Australian auto industry and deals on new and used spare parts.
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By Ray Hasbollah