Making the Switch: 4 Reasons to Consider an Electric or Hybrid For Your Next Car

The sale of Electric vehicles (EVs) in Ireland has steadily been rising for the last number of years. The Irish government’s Climate Action Plan seeks to have 1 million electric cars on the roads by 2030, and as we all try to reduce our emissions, many of us will be considering the switch to an EV soon. Generally speaking, there are three main types of electric cars which we’ll cover in this article:

 

• The standard EV also known as a battery-electric car (BEV) is powered solely by an electric motor and rechargeable batteries. You charge by plugging in at home or using charging points across the country.

 

• A plug-in hybrid (PHEV) has a petrol or diesel engine as well as an electric motor. A plug-in hybrid won’t tap into the petrol tank until the battery runs out of power. As the name suggests, a plug-in hybrid has to be plugged in to recharge its battery fully.

 

• A hybrid vehicle has a petrol or diesel engine and an electric motor. Unlike a PHEV, the battery of a Hybrid vehicle is charged by running this motor. The electric motor assists the engine so that the car consumes less fuel and emits fewer emissions.

 

Up to the end of September 2021, 14,526 new electric cars were registered in Ireland, – more than double the number registered for the same period in 2020.  When you consider this figure is in addition to the 15,000+ hybrid vehicles (which themselves currently account for more than 25% of the new car market), it’s clear to see that EV’s have moved into the mainstream and are here to stay.  If you’re thinking of making the switch, here are 4 reasons to consider an EV or Hybrid as your next vehicle.

 

1.   Low Running Costs

 

One of the main advantages of investing in an electric car is that the cost of charging a BEV/ PHEV, or even refuelling a hybrid car, is much less than the cost of diesel/petrol motorists pump into a traditional combustion engine. The question on everyone’s mind is how much will you really save with an electric car?

 

While you will pay for electricity (and be prepared to see an increase in your electricity bill), this is more than offset by a significant reduction, or complete elimination of, a petrol/diesel bill.  And let’s not forget about all the other regular costs associated with owning a car, such as services and tax. EVs and Hybrids have less wear and tear due in large part to fewer moving parts – meaning your regular service should also be significantly cheaper than that of a standard motor. In addition, when you consider that in Ireland, motor tax is calculated on the emissions level of your vehicle,  EV’s fall into the lowest bracket (currently set at €120 per annum), you begin to see the cost savings owning an EV can bring.

 

2.   Reduction of Range Anxiety

 

The EV’s of today really don’t compare to the EV’s of years gone by.  Rapidly evolving battery technology means higher capacities and increases in driving range. When EV’s were first introduced, most had a driving range of around 100km. Nowadays, most EVs will have a driving range of more than 300km with some higher-end models even reaching the 500km mark! You can expect your range to drop by around 10-15% in winter, but this is partially due to the heating and lights being on more often – something that also affects the fuel efficiency of the average petrol/diesel car.

 

Range anxiety is a real thing though with first time EV drivers but just like you wouldn’t let your fuel gauge go into the red, it’s the same for an electric car. You’ll quickly get familiar with a range you won’t let your car drop below before recharging. The majority of motorists drive approximately 50km a day so, depending on your lifestyle and location, you may only need to charge two or three times a week – meaning an EV would be well suited to most.. There’s even less range anxiety with a Hybrid vehicle, as you’re used to the concept of being able to refuel at any time.

 

3.   Affordability

 

We’ll just put it out there – it’s no secret that the initial purchase price of an EV is currently higher than a petrol or diesel counterpart, however, this price gap is narrowing all the time. With Government grants and tax incentives, the price difference between an EV and a regular petrol/diesel car is becoming smaller and smaller.   Currently, the SEAI offer grants of up to €5,000 for a BEV or PHEV purchased and registered in Ireland.  In addition, these vehicles also qualify for VRT relief of up to €5,000 for a BEV and €2,500 for a PHEV, providing a maximum combined subsidy (grant + VRT relief) of €10,000 for BEV’s and €7,500 for PHEV’s.  For more information, why not check out the SEAI’s website at https://www.seai.ie/technologies/electric-vehicles/

Like the average petrol car, there are always second-hand options available in EVs. Thanks to ever-increasing sales of new EVs, there is now a far wider range of all-electric hatchbacks, SUVs and saloons available on the used market.

 

4.   Environmentally Friendly

 

Finally, and arguably the most important reason to make the switch is the environmentally friendly nature of EVs and Hybrids. One of the main causes of carbon emissions here in Ireland is the continued burning of fossil fuels, and car engines contribute significantly to this every day. Electric and Hybrid vehicles emit fewer greenhouse gases and air pollutants over their lifetime than a petrol/diesel vehicle. The more EV’s on the road, the better our environment is for us all to enjoy – it’s simple maths!

 

Are you considering making a switch to an EV? At Vendor Finance, we can help get you finance approved – so you know just how much you have in your back pocket when shopping for your new EV/Hybrid.  Our hassle-free approach is finance made simple – providing you access to top lenders nationwide with just one application – saving you time and money in the process. Give us a call today on (071) 931.0137 to speak with one of our friendly advisers or simply complete our short online application form here.