This is one of the biggest questions circling the internet and EV world right now, “when is the right time to make the switch”. The answer is, when it’s most beneficial for you.
There are multiple factors that need to be considered when choosing when the right time is for you. This article is to make you aware of those factors, things you may not have thought about yet, and help guide you in finding the right time to make the switch.
Switching to an electric vehicle is trendy and exciting, however, before making that transition it is important to assess your current personal circumstances to ensure you don’t purchase something you will shortly hate. You’ll need to look at your current driving needs, family/work situation and lifestyle to choose the right EV for you.
Let's assess your current work driving lifestyle:
- Does your current job require you to do lots of daily or even overnight trips? Or just driving to and from work.
- Do you need a lot of boot space to store or transport things for your job, or are you okay to work from anywhere as long as you have your trusty laptop on the passenger seat?
Family is the next thing to think about, including your furry friends!
- Do you require baby seats and if so, do you hate bending down to get them in/out of the car. Maybe you have pre-teens or teens, in which case, leg room in the back is something to consider.
- Do you go on family trips?
- Do you love taking your furry friend everywhere you go? Then perhaps you need something with a bigger boot space.
These are just some of the initial questions to think about to better understand your driving lifestyle and needs. It is important to prioritise the things you need and the things you might want to have in the future. One of the biggest regrets people admit making is purchasing their EVs on the criteria of what they might need, like towing or high range when they don’t have a boat nor drive long distances. While it is nice to get luxury features like seat warmers and a sunroof, be careful you’re not over paying for something you simply do not need.
Timing when to trade in your current car is another big factor when making the switch to an EV.
Most people assume that their current car is in great condition, and it hasn’t yet failed, so there is no need for a new one. While this is true, the longer you drive your current vehicle the less it will be worth when you go to sell. Maintaining an older vehicle is usually more expensive with higher service fees and repair fees. In addition fuel costs are on the rise, with Sydney reporting a range of $1.657/litre - $2.229/litre at the beginning of November 2023. Based on current trends, it’s likely that most retailers will continue to raise their prices.
It is important to take this into account when weighing up making the switch.
- How much more can you save in running costs if you make the switch today?
- How much more can you get for your vehicle if you trade it in today?
- What government incentives are available today?
A car is the 2nd biggest purchase in a person’s life, so here at Vyro we do not take these decisions lightly. We are here to help you make this transition as enjoyable as possible, at the most suitable time for you. Call us or inquire now, to see for yourself.
While other countries have emissions laws stating if you sell x amount of petrol vehicles, you must offset the emissions they will create, by selling x amount of EV’s. Australia lacks these laws, meaning in the coming years, we will be the dumping ground for ICE vehicles. This means that the 2nd hand market for ICE vehicles is about to get very crowded, and chances are, you will get half of what you would have gotten, if you traded in now compared to in 12 months time.
With that in mind, there are talks of Australia getting these laws, but it doesn’t look like it will be happening anytime soon.
Each state/territory is in charge of the rebates they offer, and how long they will be offered for. While every state started off encouraging the switch to an EV, with rebates including no stamp duty, discounted registration, and cashbacks, this will not be the case forever. With VIC having already removed their rebates, and NSW announcing they will stop theirs on 1st of January 2024, any state/territory could be next to ditch the rebates..
While the Australian Government is still offering to waive the fringe tax benefit from eligible electric vehicles, there is no time frame aligned with this, only that we know good things won’t last forever.
At Vyro, we aim to educate ourselves so we can better educate you, so we can help you make an informed decision. If you’re thinking about making the switch, get in contact today: firstname.lastname@example.org or 02 8311 4239