Did you know about ten million battery electric vehicles (BEVs) were sold worldwide last year? The EV revolution may have started ten or so years ago, but the future is well and truly here. If you’ve noticed more and more EVs like Teslas on the road, you aren’t alone. There are thousands of EVs on the roads in almost every country on Earth as prices decrease and costs versus benefits increase – as well as the introduction of several new models seemingly every quarter.
So, is 2024 the right time to make your family daily driver an electric vehicle? We’ll look at what you can expect if you drive an EV, and whether it’s right for your family, and possible use cases.
If there’s an ICE car, there’s an EV model
When EVs started emerging on the market, usually in the form of Hybrid Electric (HEV) or Plug-In Hybrids (PHEVs), you could have any kind you liked – as long as it was a sedan. Over the last few years, manufacturers have innovated to produce almost every type of passenger and even light commercial vehicle in EV from alongside Internal Combustion Engine (ICE) vehicles. Sedans, hatches, SUVs, 4WDs, vans, light trucks – the list goes on. Even performance vehicles from luxury European marques have their EV counterparts (and can beat their petrol cousins at their own game.) So, if you’re worried about having a limited selection, don’t be – there’s likely an EV that meets your needs and wants.
Some models available right now
Some family friendly models you can buy is the hugely popular (and roomy) Hyundai Ioniq 5, the sleek and sporty Skoda Enyak iV, Kia’s all-rounder smash hit SUV the EV6, and the European-styled and practical Volkswagen ID 4 SUV, the successor to the family favourite ID 3. The Tesla Model Y and Nissan Ariya, its EV styled on the Pulsar or Tiida of yore, are also plush and comfortable choices. Posher and higher end models are also on the market, such as the Mercedes-Benz EQB upmarket SUV, and the compact yet zippy Audi Q4 E-Tron Quattro.
Of course, EVs, at least at the moment are more expensive than a comparable ICE vehicle. But upfront costs now can reap rewards much later.
If you have solar power
If you have solar power and the ability to install a home EV charger, purchasing an EV seems like an obvious choice. You’ll be pleasantly surprised by the significant cost savings, as EVs are much more energy efficient than petrol/diesel cars (by over 80% in some cases.) By leaving your EV charging overnight, you’ll always have enough power to start your day worry-free. If your workplace provides charging, it could be beneficial. All you have to think about is where the nearest public charging place is if you’re planning on driving long distances without a break.
Where do you usually drive?
The cars we’ve mentioned have exceptional range for EVs, with the Kia EV6 having a 528km range and the ability to accept 50kW+ fast charging. This gets you over halfway from the Melbourne to Sydney run. If you commute from work to home and do the occasional milk or school run, you may only need to charge every week or so if you really wanted. Home charging is fine in this scenario. If you are doing long highway stretches or are constantly mobile for business, you need to be wary of charging station availability – otherwise you may have to wait until more charging infrastructure comes online instead. If you take regular road trips, you’ll have to calculate mileage and plan your route with charging stations in mind, unless you find yourself with a flat battery in the middle of nowhere.
Saving on maintenance
As EVs have fewer moving parts compared to ICE vehicles, industry experts have observed a 70% cost reduction in maintenance. You’re expected to save about $1,600 on fuel and maintenance per year, in fact. That’s another tick in the box for EVs over ICE vehicles.
Getting finance – incentives still available
Another pro for the EV camp is that low or zero emissions cars can be financed with green loans. These loans may offer discounted interest rates, fee waivers, or some combination of both. As BEVs have no emissions to speak of, they instantly qualify for these loans. However, you need to shop around and know what you’re eligible for before you commit to an application. Some states and territories also offer registration discounts, tax deductions, or rebates when you buy certain EVs, such as Western Australia offering $3,500 cash rebates when one buys an EV priced $70,000 or cheaper.
It would seem that upgrading to an EV as your family car could be a good deal – as long as you don’t need to go long distances where chargers might be scarce!