The electric vehicle market has exploded in Australia. And with reduced prices and more choice than ever, many car buyers are now starting to consider them alongside mainstream options. In recent years, we’ve also seen more manufacturers throwing their hat in the ring, so there’s only exciting times ahead for this up-and-coming vehicle class. And that can only be a win for consumers.
Types of electric vehicles
The current electric vehicles are mostly suited to those who drive short distances. This is due to battery power and charging needs. Getting suitable power and range for longer distance driving is becoming available in the more expensive electric vehicles such as the Tesla. Charging time can vary depending on your power source and the size of your battery. You’ll find it slower at home using mains power than using a dedicated charging station.
Hybrid
These vehicles combine a standard engine with an electric system. The battery is replenished by electricity generated by the vehicle’s braking system. Some batteries may also be recharged by the engine while it’s running.
Plug-in hybrid electric (PHEV)
This type of vehicle also combines a standard engine with an electric propulsion system. However, the battery can be recharged using power at home or charging stations.
Electric (EV)
Run entirely by an electric motor, there is no safeguard of a standard engine in these cars. These vehicles need recharging at regular intervals.
Why do buyers choose electric vehicles?
There are several reasons why a driver may choose an electric or hybrid-electric vehicle.
- Lower emissions
- Energy efficiency
- Reduced running costs
- Minimal maintenance costs
Generally, the price and performance of electric vehicles has been a hurdle for buyers to overcome. And up until recent years, it was difficult to find charging points in public areas – a necessity for those travelling longer distances from home. All these factors are improving exponentially, making the electric vehicle a viable option for many car buyers.
Who is manufacturing electric vehicles?
You’ll find cars from Hyundai, Mitsubishi, Nissan, Renault, Jaguar, Toyota, and Tesla available to purchase in Australia. And many of these manufacturers are offering several options in their range to appeal to a wider range of buyers.
Financing electric vehicles
Some electric vehicles may be eligible for interest rate discounts such as the one offered by Metro Finance for commercial buyers. Their Green Vehicle Finance Initiative rewards investment in energy efficiency.
If your customers are considering an electric vehicle for their next purchase, we’ll help you find a suitable financing option. Get in touch with us today.
