Electric Vehicles are the talk of town. The Electric Car Discount Act introduced in December 2022 has made EVs more affordable than ever for novated lease buyers. That’s because EVs priced under the EV Luxury Car Tax threshold (currently $89,332) are exempt from Fringe Benefits Tax, saving drivers thousands in tax.
However, in a survey conducted by SG Fleet, we found that there are some common questions and misconceptions out there.
Let’s filter through fact and fiction, busting seven myths along the way.
First, a note regarding EV availability
You may have seen media coverage of automaker supply-chain challenges over the past few years.
Coupled with increased EV demand, you’d be forgiven for thinking ownership could be a way down the line.
And while that may be true in some cases, there’s also some good news! SG Fleet Group is working closely with manufacturers to bring you the latest on stock levels.
At the time of writing, the following models have little to no wait time:
• MG – ZS EV and HS+ EV Each month, we receive an allocation of these popular and affordable MG models exclusively for our customers.
Enquire here >
• Polestar – Polestar 2 Pre-configured standard and long-range models are available from this month (March 2023). Meanwhile, build-your-own models are available from June 2023.
Check it out here >
• Tesla – Model 3 Access existing inventory of the vehicle recently crowned Australia’s most popular passenger car.
Enquire on a Tesla >
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EV Myth: Batteries do not offer enough driving range
The average Aussie drives 100-250kms per week. The average battery range is 480km, and thanks to rapidly advancing technology many new EV models can drive for almost 550km on a single charge e.g. Polestar 2 long range single motor and Tesla Model 3 Performance.
EV Myth: There are not enough charging stations
There are 3,000 EV public charging stations across Australia, with the network continuing to expand. Check out the locations here. Some of the fastest chargers can provide 400km range in 15 minutes. Apps such as Chargefox make it easy to locate a fast charger.
EV Myth: Electric vehicles do not perform as well
EVs deliver full torque instantly, meaning they can accelerate much faster than equivalent combustion engine vehicles. EVs with batteries mounted along the bottom of the vehicle also have a lower centre of gravity, meaning better handling and cornering.
EV Myth: Electric vehicles are bad for the environment
EVs today are significantly better for the environment. As technology continues to improve and transition towards more renewable energy sources, EVs and their manufacturing will become even greener.
Brands such as Polestar are set on paving the way when it comes to sustainability.
The brand is committed to true transparency, with the Polestar 0 project having the ultimate goal of producing a climate-neutral car by 2030. Its other initiatives include building better batteries and ensuring responsible sourcing.
EV Myth: Electric vehicles are not practical enough for me
The list of EVs that can tow is increasing. In terms of SUVs, the leaders of the pack are the BMW iX at 2500kg, followed by Tesla Model X at 2250kg. Not far behind are the likes of the Kia EV6 (1600kg) and Volvo XC40 (1500kg). Meanwhile, from Volvo’s sister brand comes the Polestar 2 – a sporty fastback than can tow 1500kg.¹
EV Myth: Electric vehicles are too expensive
There are multiple options in the market available under the $60K mark from brands such as BYD, MG, Hyundai, and Nissan.
Top-selling EV brand Tesla has recently made the dream of owning a Tesla even more accessible. With its production ramping up, it’s been able to lower the price of both its Model 3 and Model Y vehicles. You may find yourself asking, is it time for a Tesla?
EV Myth: Electric vehicles are more difficult to maintain
Electric vehicles have significantly fewer moving parts and systems, making them easier and less expensive to maintain. For example, Tesla states that for its vehicles the need for annual service check-ups has been eliminated. Owners only need to bring their cars in to check certain components at specific intervals.
EV incentives across Australia
In addition to Australian Government concession schemes, state-or-territory-based incentives for EVs may be applicable in the form of rebates, discounts, and exemptions. The best way to see what you may be entitled to is to check your state government's website.
Save by novating an EV
We’ve crunched the numbers on popular eligible EV models to demonstrate the savings on offer.