Electric cars have become a fixture on Australian roads. Electric vehicles have only grown in popularity since their introduction to the market. 

If you’re thinking of buying one of your own, here are some things you need to know: 

What’s the difference: Electric cars vs Petrol cars? 

An electric car or electric vehicle (EV) runs on an electric motor. A rechargeable lithium-ion traction battery pack usually powers these vehicles, but other types of electric batteries are also available. 

The traction battery's capacity will determine the maximum distance an electric car can travel. Electric cars in Australia can have a range of 200km to over 600km depending on the make, model, and manufacturer. The larger the battery pack is, the longer distance an electric car can travel. 

Petrol cars, on the other hand, are the most common type of car in Australia. These cars have a spark-ignited internal combustion engine and have either manual or automatic gearboxes. 

How do you recharge an electric car? 

Before you buy an electric car, you need to know how to fuel up or in this case— recharge. Similar to a standard car, an electric car’s battery will start to wane the longer you use it. You recharge it by plugging the vehicle into an external electricity supply, either a wall outlet at home or a public charging station. 

There are different types of charger stations, each with varying levels of charging speed. There are over 2,000 public charging stations in Australia as of writing. The three types of charging stations are regular, fast, and ultra-fast. As the names suggest, the fast and ultra-fast charging stations offer electric car owners a quicker recharge compared to the regular ones. 

The most prominent electric vehicle charging networks in Australia are Tesla, Chargefox, Evie, BP Pulse, and NRMA. Most electric car charging stations are in urban areas, but there is work underway to provide rural regions with more charging options. 

Tax benefits of buying an electric car 

The Australian Government offers electric can plug-in hybrid (PHEV) car owners exemptions from fringe benefits tax. The luxury car threshold for electric cars is $89,332 for the financial year 2023-2024 which is much higher compared to petrol cars at $76,950.  

In addition to national incentives, states and territories offer new electric car owners the following benefits: 

  • New South Wales: EV owners could receive a rebate or stamp duty refund. This is for those who bought an eligible EV before 1 January 2024. 

  • Victoria: A yearly discount for EV owners of $100 off their vehicle registration.  

  • Queensland: EVs bought on or after 21 April 2023 under $68,000 could get a rebate of $6,000. For residents to get this incentive, they must have an annual household taxable income of below $180,000. EVs registered in Queensland also have discounted registration duty. 

  • Western Australia: The WA Zero Emission Vehicle rebate offers WA drivers up to a $3,500 rebate. This rebate scheme is available until 10 May 2025 to the first 10,000 eligible EV buyers. 

  • South Australia: EVs registered on or before 30 June 2025 can get exemptions on car registration costs for up to three years. This is for electric cars with a purchase price of below $68,750. 

  • Tasmania: Buyers can get around $2,000 off eligible EV models’ purchase price. 

  • Australian Capital Territory: EV owners can enjoy lower registration fees starting 1 July 2024. There’s also the motor vehicle duty exemption so EV drivers can save further. 

  • Northern Territory: For new or used EVs, residents can get free registration. Stamp duty concessions of $1,500 are also available for EVs valued under $50,000. 

Because EVs are usually more expensive compared to the standard petrol car, having incentives like the ones above helps cut overall costs. 

Benefits of electric cars 

When it comes to electric cars, the primary concern of most car buyers is expense. The high initial purchase price puts off most buyers. Although electric cars are a bit more expensive than their petrol counterparts, more and more manufacturers are coming out with more economical EV options. 

There’s more to electric cars than their purchase price. Consider these long-term benefits when buying an electric car: 

Fuel savings 

This is one of the best perks of an electric car. High fuel prices have increased the overall cost of owning and using a car. Using electricity as fuel is a much cheaper choice and will lower your operation cost significantly in the long run, whether you are driving an all-electric vehicle or a hybrid one. 

Less maintenance 

Going electric also means fewer trips to the mechanic. Since electric cars use electricity as fuel, they require less servicing compared to petrol vehicles. The regenerative braking system also reduces the wearing of the brakes. In the case of pure electric cars, they also have fewer mechanical parts, which eliminates the requirement for oil changes. 

Great driving experience 

Performance-wise, electric cars can give smoother and quieter operations compared to internal combustion engines. They also have better responsiveness and can produce maximum torque over a wider range of RPM, which means extra-fast acceleration. This makes electric cars ideal for long-distance travel. 

Environmentally friendly 

Perhaps, the best reason to buy an electric car is to help preserve the environment. Around 18% of carbon emissions in Australia are brought by all combustion engine vehicles. You can help lessen this negative impact by driving an electric car, which produces zero emissions. 

Aside from doing your part in our massive fight against climate change, owning an electric car will allow you to help preserve Australia’s finite resources. Most EV charging networks on the road, like Chargefox, use renewable energy to produce electricity. At home, you can use solar panels to recharge your car with electricity. All of these will contribute greatly to protecting our environment. 

Financing with an electric car loan 

If you’re ready to switch to electric, Aussie Car Loans is here to help! Get in touch with us today to learn more about your financing options for a new or used electric vehicle. Call us today on 1300 889 669 or send an online enquiry and one of our finance experts will be happy to assist you. 

FAQ 

Is it worth it to buy an electric car? 

It depends on what you need out of your vehicle. Electric cars are typically more expensive compared to petrol cars. However, EVs are usually cheaper to maintain and can help you save on fuel or charging costs. Federal and state governments also offer incentives like rebates and duty exemptions for EV buyers. 

What are the benefits of an electric car? 

Benefits of buying an electric car include low fuel/energy costs, less maintenance, and most importantly, eco-friendliness. 

What are the disadvantages of an electric car? 

Common drawbacks of buying an electric car are the high purchase price cost, long charging times (for non-fast charger stations), and limited range for some models. 

Are electric cars expensive? 

Electric cars are usually more expensive compared to their non-electric counterparts. 

Is it hard to find EV charging stations? 

It’s becoming easier to find charging stations for your electric car. There are over two thousand charger stations all over Australia. State and territory governments are working to add more charging infrastructures to meet the growing demand. 

When should I buy an electric car? 

You should buy an electric car when you can comfortably finance your purchase. Aussie Car Loans can help you find the best electric car loan deal. Get a quick quote today! 

How long do electric cars last? 

Generally, electric car batteries can last between 15 to 20 years. It all depends on how well you maintain your EV through the years. 

Do electric cars hold their value? 

Electric cars, like petrol cars, depreciate in value as soon as you drive them off the lot. Some makes and models may retain value better than others, but their value will depreciate in time. 

Where can I charge my electric car? 

You can charge your electric car at home if you have the right equipment. You can also use public charging stations like Chargefox, the NRMA, Tesla, Evie Networks, and more.