Five electric vehicle facts you’ll want to know

Five electric vehicle facts

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  Environmental benefits  |    Affordability  |    Range |    How to charge  |    Grants & rebates 

 

Becoming the owner of an electric vehicle and contributing to a greener tomorrow is now easier than ever. Here’s some information to consider about the drive towards a zero emissions future. 

Did you know Australia’s transport sector is responsible for 20% of our greenhouse gas emissions1? Electric vehicles (EVs) are here to help change that.

Behyad Jafari

 

At Pepper Money, we’re doing our part to create a sustainable future by helping everyday Aussies get the keys to a new EV. In fact, we’ve already helped thousands of Australians make the switch with our electric car loans.

We sat down with the Electric Vehicle Council of Australia CEO, Behyad Jafari to answer your burning questions on EVs. If you’re planning on making the switch to an EV sometime soon, read on for some first-hand insights and tips to consider before booking your test drive.

 

How do electric cars help the environment?

significantly lower carbon footprint

EVs have a significantly lower carbon footprint than cars with a traditional combustion engine, they’ll produce 15tonnes less CO2 than the average gas-guzzlers over their lifetime2.

And you can reduce your carbon footprint even more if you charge your electric car with renewable power sources like solar.

“More of our electricity comes from renewable sources these days, so driving an electric car is already far greener than driving a petrol or diesel car,” says the Electric Vehicle Council CEO Behyad Jafari. “So as our grid gets cleaner, so will the electric car you’re driving.”

Are EVs affordable?

Are EVs affordable?

EV prices start at around $45,000 but prices may drop even lower as demand rises and more options become available. Behyad believes Australians will see electric cars priced as low as $35,000 in the next twelve months!

But you don't have to wait until then. Our electric car loan can make financing your EV easy, with a fixed interest rate of 3.99% p.a. (comparison rate 3.99% p.a.^) and no ongoing monthly fees. And as EV technology continues to evolve, you can keep benefiting – if you upgrade your EV, we’ll even waive the termination fees*.

“Upfront prices for a new electric vehicle are already dropping. And once you pay that purchase price, you’ll keep saving every year you hold onto the vehicle,” says Behyad.

This is because in the long term, an EV can be significantly cheaper to run. You could save up to 40% on maintenance costs as it has less moving parts than a petrol or diesel car, and their greener power source could save you up to 70% on fuel costs.3

How far will a full charge take you?

The average EV can cover about 500km on a single battery charge. Since the average Australian only drives 40km a day4, that gives you over a week of driving on one charge. This is likely only going to increase as battery technology improves.

“Electric car ranges are already meeting the overwhelming majority of people’s needs,” says Behyad. “In the future, I think we’ll begin to see cars sold with ranges attached to them - so you can pay more or less depending on the charge distance it covers.”

How do I charge my EV?

How do I charge my EV?

Charging an EV is simpler than you may think – all you need is a wall socket to top it up at home. There are a few different kinds of EV chargers - each with their own speed and capabilities.

At home, you can use a standard wall socket charger. These typically come with the car and can charge between 10 and 20km per hour.

However, you’ll get substantially faster home charging if you have a dedicated AC EV charger (also known as a wall box) installed. These can charge about 40 to 100km per hour.

For an even more efficient charge, you can visit a 55 to 350kw public supercharger – now commonly found on major highways and in shopping centres. Known for their speed, some superchargers can fully recharge your car in just ten minutes. So, if you’re stopping for lunch on a road trip or just grabbing groceries, plug into an electric car charging station for a quick recharge.

Does the Government offer rebates for swapping to an electric vehicle?

Does the Government offer rebates for swapping to an electric vehicle?

Some states are encouraging the uptake of EVs with the NSW and VIC Governments offering a $3,000 rebate or subsidy for EV buyers.5,6

“The states that are taking action are seeing success. They’re finding that their voters and communities like what they’re doing, and industry is responding to that by investing more in this area,” says Behyad.

Other states and territories, including Tasmania, ACT and Queensland, have also introduced pro-EV policies such as free or reduced registration and waived stamp duty. Behyad expects that we’ll see more happen in this space as EVs continue to rise in popularity across the nation.

We’re here to help

We believe that we have a responsibility to contribute to a more sustainable future. That’s why we want to help Australians embrace the EV revolution – in 2021 we financed 1 in 9 electric vehicles sold in Australia7.

“It’s not just about the car itself, but it’s about making the switch to new technology easier for people,” says Behyad. “That’s where a lender like Pepper Money can help, to provide finance and certainty.”

With our fixed rate Electric Car loan, you might be able to drive away in an EV sooner than you think.

If you’re ready to make the switch, learn how a Pepper Money Electric Car loan could help make it easy.

 


1 Transport NSW, Why buy an electric vehicle, 25/03/22
2 Based on calculations supplied by the Electric Vehicle Council, 2022
3 Transport NSW, Why buy an electric vehicle, 25/03/22
4 Transport NSW, Why buy an electric vehiclee, 25/03/22
5 NSW Government, Electric Vehicle Rebate Guidelines, 25/03/22
6 Solar Victoria, Zero Emissions Vehicle (ZEV) Subsidy, 25/03/22
7 Electric Vehicle Council calculation, January 2022

 

IMPORTANT INFORMATION

Information is current as at 7 April 2022 and subject to change.

Applications are subject to credit assessment and eligibility criteria.  Terms and conditions, fees and charges apply.  This is factual information, not a financial recommendation or tax advice. If you need advice, get in touch with a licensed financial or tax adviser

* Early termination fees will be waived for Pepper Money borrowers with an Electric car loan who upgrade to a new EV and take out a new Pepper Money Electric car loan. Credit criteria, terms and conditions, fees and charges apply.

^ All comparison rates are calculated based on a secured loan of $30,000 over a 5 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate.

Pepper Money Limited ABN 55 094 317 665; AFS Licence and Australian Credit Licence 286655 Pepper Asset Finance Pty Limited ACN 165 183 317 Australian Credit Licence 458899 is the credit provider for asset finance loans.

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