Sep 07th, 2023
Things To Keep In Mind Before Buying An Electric Vehicle Or Hybrid Car
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While the economical advantages of electric and hybrid cars are undebatable, there are a few things you should keep in mind when buying a car of this type.
Below, we’ve popped together a guide about the advantages associated with hybrid and electric cars, and tips to keep in mind when buying a car of this type.
The difference between electric and hybrid cars
It’s commonly known that both electric and hybrid cars are much more environmentally friendly than a regular car that uses diesel or petrol. But, what exactly are they and how do they differ from one another?
An electric car runs solely on electricity and uses a battery to power the motor. In order to run the car, the battery needs to be charged, typically through a wall unit or charging equipment. Some places have electric charging stations that allow a driver to charge their car when they are away from home.
On the other hand, a hybrid car has two or more different types of power used to ‘fuel’ the vehicle. The most common types of power used are electricity and gasoline. This means that the driver has the ability to choose whether to power that particular drive with either option.
Charging Availability.
When purchasing an electric car or hybrid car, it’s extremely important to consider the availability of charging stations, and the purpose that you’ll be using the car for.
If you’re planning to go on long journeys in the car – such as distances that will deplete the battery before you’re able to charge it again at home – then you’ll need to do some research about available charging stations. If there aren’t many charging stations in the area you’ll be using the car, an electric car could become an inconvenience.
The Overall Purchase Price.
Electric and hybrid cars are technologically advanced and use modern mechanics to allow the use of battery power. This innovative technology does come at a higher price. Generally, electric and hybrid cars do cost more to buy than a standard gasoline-powered car.
However, while electric and hybrid cars may cost more initially, they can lower (hybrid) or eliminate (electric) the use of petrol – which is a large cost involved with running a car. To determine whether the initial cost will be offset, you can calculate how much on average you spend on petrol and use this to offset the total price.
They’re eco friendly
The environmentally friendly features of hybrid and electric cars are a huge drawcard for this type of vehicle. Electric cars emit far fewer greenhouse gases and air pollutants than petrol-powered cars, and hybrid cars emit lower amounts too when the electric mode is selected.
They hold their value well
Considering that the demand for electric and hybrid cars is increasing significantly, means that these types of cars are holding their value well. After all, higher demand is linked to higher value.
This is important not just for the associated value when it comes to reselling but is also linked to better loan value. A secured loan takes into account the value of the item at the end of the contract, and an item with higher value is generally linked to lower interest rates.
You’ll save money on petrol
Petrol savings associated with hybrid and electric cars is a huge advantage. Every car owner knows that petrol is a massive cost. In fact, studies have found that the average Aussie spends around $4,000 a year on petrol. Over a ten year period, this works out to be a massive $40,000.
Electric cars still require costs to charge the battery, however, this amount works out to be much less. A full charge of an electric car costs around $5 in Australia. If the car is charged once a week, this works out to be $260 a year, or $2600 over a ten year period.
