Should You Get an Electric Car Lease?

October 11, 2024 Electric

Your next lease may be electric! Electric Vehicles, EVs, battery vehicles, undoubtedly you have heard about them. Though you probably haven’t actually heard them in person due to the lack of an internal combustion engine. Electric cars are finally coming into the limelight, and more people are buying them than ever before. If you’re in the market for an EV but aren’t sure whether you should get one, here are some finer details to help you decide what’s best for your financial and eco-friendly goals.

The good news about electric cars

EVs are becoming more and more popular and for good reason. They’re better for the environment, they’re cheaper to operate, and they’re just plain fun to drive. If you’re thinking about getting an electric car, an EV novated lease is a great option. Here’s what you need to know about them.

Things you need to know before going electric

If you’re thinking about making the switch to an electric car, there are a few things you should know first. For one, electric vehicles (EVs) can be more expensive to purchase outright than traditional petrol-powered cars. However, you may be able to offset some of this cost by taking advantage of government incentives. Additionally, EVs require less maintenance than fuel cars.

Do I need a home charger or can I charge at my office?

When you get an EV, you might be wondering if you need a home charger or if you can just charge at your office. The answer is that it depends on how often you drive and where you live. If you live in a city, chances are there are public chargers available, so you may not need a home charger. However, if you live in a rural area or your office is far from a charger, then a dedicated home charger is probably a good idea.

Charging your car at home – the electrical part

In order to charge your car at home, you will need to have a home charger installed. Many EVs include a home charger with the purchase of the vehicle. They are basic, entry-level chargers that use your home’s standard power outlet or alternatively there are faster chargers that can be purchased at a higher cost. In order to be able to claim the electricity costs of charging your electric vehicle, you will need to have a separate meter installed in your home. The cost of installation and the monthly electrical bill will obviously be higher with an EV than with a traditional car, but the savings on fuel costs will offset this.

How much will it cost me per week?

The cost of electric cars varies depending on the make and model, but on average, it will cost you about $200-400 per week to lease an electric car. However, keep in mind that this number can fluctuate based on the price of fuel and electricity. In addition, if you live in an area with a lot of traffic, you may want to consider leasing a hybrid or electric car to save money on fuel.

Driving an EV – takeaways from early adopters

1. EVs are much quieter than traditional cars.

2. They also emit no pollutants, so you can feel good about driving one without harming the environment.

3. Another big selling point of EVs is that they’re cheaper to operate than fuel cars since you only need to charge them and don’t have to pay for fuel.

How far can an EV take me?

With the average motorist travelling approximately 14,500kms according to our peak motoring bodies it equates to just under 40 kms per day on average. The average battery range of the current main crop of electric vehicles is approximately 300kms range. Meaning the average City-based motorist would be able to travel to and from work 4-5 days per week, not needing to charge.

So, what are motorists scared of in making to switch?

The consumer sentiment seems to be around the following items:

Infrastructure; Is there a charging station near me? What happens if I run out of charge?

There is fear of change. Remember getting your first smartphone compared to your Nokia brick or Ericsson flip phone, it was a big change in concept and use. An electric vehicle is no different, you are no longer pulling into Ampol or Shell to fill up (not yet anyway).

Distance; with the cost of air travel decreasing over the long term, most families or people fly interstate when holidaying for work. Sales reps and business development managers no longer jump in cars and drive from Sydney to Coffs Harbour for an in-person meeting, it’s done via Teams or Zoom. The average suburban driver no longer has the need to drive 600kms over a day to go to meetings or holidays.