Electric vehicles (EV) offer a range of benefits, from environmental sustainability to cost savings. In this article, we explore the surge in EV adoption among people over 50, the environmental and cost-saving benefits of EVs, and how asset finance can make EV ownership accessible and affordable for retirees.
The rise of electric vehicles
The stereotype that electric vehicles are only for young, tech-savvy drivers is quickly fading. In fact, older adults are increasingly embracing EVs. According to a recent survey by Consumer Reports, nearly 40% of respondents over 50 would consider purchasing or leasing an EV for their next vehicle. This trend is not limited to the United States. In Australia, EV sales have been growing steadily, with more than 46,600 EVs sold in the first half of 2023. The reasons for this shift are multifaceted.
Environmental consciousness
Many of us are concerned about the impact of climate change and want to reduce our carbon footprint. EVs offer a cleaner alternative to traditional petrol-powered vehicles. They produce zero emissions, which means they don’t contribute to air pollution or greenhouse gas emissions. By driving an EV, we can feel good about doing our part to protect the environment.
Cost savings
EVs are also more cost-effective than traditional vehicles. They require less maintenance, have lower fuel costs, and are eligible for government incentives and rebates. For example, in Australia, the government offers a range of incentives for EV owners, including reduced registration fees, tax credits, and free public charging. These incentives can help offset the initial cost of purchasing an EV.
Technological advancements
EVs have come a long way in terms of technology and design. They now offer a range of features that appeal to people over 50, such as advanced safety features, user-friendly interfaces, and comfortable seating. EVs are also quieter and smoother to drive than traditional vehicles, which can be especially appealing to us with hearing or mobility issues.
The environmental benefits of electric vehicles
Electric vehicles offer a range of environmental benefits that make them an attractive option for anyone who is concerned about the planet. Here are some of the key benefits:
Zero emissions
EVs produce zero emissions, which means they don’t contribute to air pollution or greenhouse gas emissions. This is especially important for those of us who may be more vulnerable to the health effects of air pollution.
Reduced dependence on fossil fuels
EVs rely on electricity, which can be generated from renewable sources such as solar or wind power. By driving an EV, we can reduce our dependence on fossil fuels and support the transition to a cleaner energy future.
Lower carbon footprint
EVs have a lower carbon footprint than traditional vehicles. According to the Union of Concerned Scientists, EVs produce less than half the emissions of petrol-powered vehicles over their lifetime. By driving an EV, we can reduce our carbon footprint and contribute to a more sustainable future.
The cost-saving benefits of electric vehicles
Electric vehicles offer a range of cost-saving benefits that make them an attractive option for those of us who are looking to save money. Here are some of the key benefits:
Lower fuel costs
EVs are much cheaper to fuel than traditional vehicles. According to the US Department of Energy, the cost of charging an EV is 34.7 cents per litre of petrol. This can result in significant savings over time.
Reduced maintenance costs
EVs require less maintenance than traditional vehicles. They don’t have oil changes, spark plugs, or timing belts, which means they require fewer trips to the mechanic. This can result in significant savings over time.
Government incentives and rebates
Many governments offer incentives and rebates for EV owners. For example, in Australia, EV owners are eligible for reduced registration fees, tax credits, and free public charging. These incentives can help offset the initial cost of purchasing an EV.
Asset finance for electric vehicles ownership
Asset finance can make electric vehicles ownership accessible and affordable for retirees. Asset finance is a type of loan that is secured against an asset, such as a car. Here are some ways that asset finance can make EV ownership more accessible:
Lower upfront costs
Asset finance can help us purchase an EV with a lower upfront cost. This is because the loan is secured against the asset, which means that the lender is taking on less risk. This can result in lower interest rates and lower monthly payments.
