5 reasons why you should drive an electric car in 2024

The EV revolution is well underway, with more drivers making the switch to electric cars. Up until a few years ago, electric cars seemed part of a distant future, but now they’re making their way onto Australian roads in greater numbers.

Battery range and charging times have significantly improved, and, most importantly, prices have begun to come down thanks to the introduction of more affordable models to the Australian market.

 The global EV industry continues to blossom, with 14.2 million EV and hybrid plug-in cars sold globally in 2023, up 35% on the previous year. That upward trend is continuing in 2024.

To put that figure into perspective, the total sales of EV and Hybrid vehicles sold last year made up around 18% of all cars sold in 2023.

In Australia, EV sales accelerated as well. Over 87,000 EVs were sold in Australia last year, representing a 161 percent increase in sales over the previous year, when just under 54,000 EVs were sold here.

Even though they have a smaller market share in Australia compared to the rest of the world, the growing charging infrastructure and the financial incentives EV drivers can access is helping the EV industry expand at an impressive rate. 

 We’ve highlighted five important reasons why this is the perfect year for you to upgrade to an EV.

1. Increasing range

One of the earliest concerns about electric cars was the relatively small distance they could travel between charges. Fortunately, car manufacturers have made significant improvements when it comes to driving range.

 In 2013, when Nissan introduced the first modern, fully electric five-door hatch in Australia, the Nissan Leaf, it could only travel for 117 km on a full charge. The 2024 model can do around 240 kms.

For those drivers with demands in excess of that, there are a wide range of options. Let’s take the game-changing Polestar 2 Long Range as an example. This premium EV has a range of 654 km when its 82 kWh battery is fully charged, making recharge anxiety a thing of the past.

 Tip: Most rideshare drivers travel somewhere between 150 and 250 km per day, so any EV that has a range higher than that should cover most drivers' needs. 

2. Growing charging network

Australia’s EV charging network is expanding fast, with around 2000 public EV charging sites across the country, each with between 1 and 8 fast charging points. New ones are popping up on a daily basis.

You also have the option to install a dedicated home charging unit. The initial cost of around $1000 is a small investment compared to how much you’ll save over time, with home charging considerably cheaper than using public charging facilities. 

Tip: Splend has partnered with JET charge to give their customers an exclusive offer to install a home charger at a preferred rate. Uber also has a 10% discount on offer for customers taking up at-home charging options with EVSE

Not only has the car range improved over time, charging times have also significantly reduced. The Polestar 2 Long Range can now charge up to 80% of its 654 km range in just 28 minutes.

3. Increasing petrol prices

In 2024, fuel prices reached record highs once again. Filling up the tank is now more expensive than ever. Fuel costs depend a lot on the crude oil price, which is influenced by many social and economic changes. 

If you switch to an electric car, you’ll save money, as charging since electricity fares are currently much lower in Australia than petrol prices.

For Uber drivers, who generally do much higher kilometres than the average driver, the cost savings can really add up. Full time rideshare drivers in Australia generally drive around 1000km a week. Comparing two of the vehicles that Splend has on offer on our flexi own plans - the petrol Chery Tiggo and the electric Tesla Model Y shows you the savings that driving an electric vehicle can deliver - for a driver driving 1000km a week, the Chery Tiggo will cost approximately $165.30 per week in petrol (based on a petrol price of $1.90). The Tesla Model Y would cost approximately $79.80 based on changing cost of 60 cents per kWh, a saving of $85.50 per week. Over a year the savings add up - the above scenario would save the driver $4446 over the course of a year.

Did you know? The Australian Electric Vehicle Council states that for 15,000 km driven, you spend around $2,160 on petrol, while for the same distance with an EV, you pay just $600 on electricity costs. Rideshare drivers stand to save a lot more due to the kilometres they travel.

4. Financial incentives 

Even if the upfront cost of an electric car might seem high at first, it’s an investment you will get back in time. Not only from reduced running costs, but also from the support you get from authorities and private companies in the form of subsidies, which can make a huge impact on your overall EV operating costs.

As a rideshare driver, driving an electric vehicle can increase your earnings through access to higher-earning fare categories (like Comfort Electric) or simply by giving drivers access to Uber Green fares, which are significantly growing in popularity due to customer choice. While you won't see a difference in the fare between Uber X and Uber Green, you're likely to get a lot more rides which can increase your earnings significantly

5. Low running costs

It’s cheaper to drive an EV than a petrol or diesel-powered car. Despite having a higher upfront cost, once you factor in all the costs and benefits, you’ll see that in the long run, it’s more affordable to be a rideshare driver in an electric vehicle.

Aside from reducing your fuel costs, you can also cut down on maintenance expenses and running costs that come with being an on-demand driver, such as specific licences, or authorisations. While insurance costs are likely to be higher for an EV than other vehicles, with Splend, your insurance is included within your plan and we are much cheaper than going out and sourcing insurance yourself, so you’ll save money getting an EV through us.

With fewer moving parts than a petrol or diesel car, an EV also won’t need servicing or spare parts replacement as often.

About Splend

We make the path to car ownership easier for rideshare drivers. But we’re more than a car provider. In addition to new-model rideshare-approved cars and all the essentials to start earning money with Uber as quickly as possible, our customers enjoy driver training and dedicated support, as well as customer benefits such as partner discounts and exclusive events.

Splend makes car ownership easier, more affordable and more accessible for rideshare drivers by building everything they need to earn more, pay less and stress less into one affordable weekly payment. With no surprises and the lowest total ownership cost you’ll find, it is how car ownership for rideshare drivers should be. 

Our flexible plans and Uber-approved cars make becoming a rideshare driving more accessible, without the hassle of car financing.

For more information, make an appointment with your local Splend Hub, email us, or give us a call on 1800 775 363 (1800 SPLEND).