Electric vehicles are becoming a major trend; here are ten advantages and disadvantages for you

Electric vehicle sales in Q1 2024 increased by approximately 25% compared to Q1 2023, equivalent to the total sales volume for 2020 (over 3 million vehicles). Sales are estimated to grow by 20% in 2024, reaching 17 million vehicles, accounting for more than one-fifth of the global car market. On the roads of Hong Kong, it's easy to see an increasing number of electric vehicles. According to a recent statement by Secretary for the Environment and Ecology, Tse Chin-wan, there are currently over 70,000 registered electric vehicles in Hong Kong, accounting for more than 10% of the total number of private cars

Why do so many people buy electric cars? Of course there are many advantages:

1. No fuel costs, low license plate fees

With gasoline prices currently above $100, rising fuel costs for gasoline-powered vehicles are increasing. Furthermore, electric vehicle registration fees are lower. Currently, gasoline-powered private cars have registration fees based on engine capacity, with the cheapest annual fee being $5,074 for vehicles under 1,500cc. Electric passenger vehicles with a net weight not exceeding 1 ton have an annual fee of $572, with an additional $124 for every additional 250 kg of net weight; vehicles under 250 kg are charged the full amount. In other words, the lowest registration fee for an electric vehicle is only about one-tenth of that for a gasoline-powered private car

2. Daily increase in electric parking spaces

Parking lots with charging stations in large commercial buildings and shopping malls, and even theme parks, have almost completely covered popular family weekend destinations and commuting areas. In addition, with the electric vehicle charging station installation plan in residential estates, parking spaces with charging facilities are becoming increasingly common, providing a great incentive for the popularization of electric vehicles for both private and commercial use

3. Good driving experience

Electric motors in electric vehicles provide smooth and responsive acceleration, making the driving experience more comfortable and fluid. In addition, since electric vehicles do not require an internal combustion engine, their operation is extremely quiet, reducing noise pollution and providing a more peaceful driving environment

4. There is no jerkiness when shifting gears while driving

Electric vehicles do not require waiting for turbocharging to accelerate; they can accelerate simply by pressing the pedal (or a button on some cars). Unlike gasoline cars, which have a noticeable jolt when shifting gears, electric vehicles do not have this jolt. In manual transmission cars, this jolt is even more pronounced

5. Reduce pollution

Electric vehicles do not use traditional internal combustion engines, but instead use batteries to drive electric motors, thus producing no exhaust emissions, reducing air pollution and greenhouse gas emissions, and causing less damage to the environment

Besides understanding the advantages of electric vehicles, there are 5 essential things to know

If you're still considering buying an electric vehicle, you might want to take a closer look at these 5 things to make sure you're sure it's right for you

1. Charging equipment:

Charging can be quite inconvenient if your own parking lot doesn't have charging facilities installed. Electric vehicle owners often complain about the difficulty of finding charging spots. Hong Kong now has a number of electric vehicle charging facilities throughout its 18 districts. According to the latest government figures, there are currently 7,415 electric vehicle charging spots in Hong Kong, but it is still not as convenient as refueling

2. Impact of the driving environment:

 High-speed driving, inclement weather, and rapid acceleration can all affect the driving range of electric vehicles, and these factors need to be carefully considered and paid attention to by users

3. Electric vehicles take a long time to charge：

Medium-speed charging takes 3 to 4 hours to complete; while slow charging takes 6 to 7 hours. Fast chargers can charge to 80% in just 30 minutes, but the charging time is still longer than refueling a gasoline car

4. Battery performance declines:

 As batteries are used over time, their performance may degrade, resulting in a shorter driving range. Regular battery maintenance and replacement are necessary

5. Convenience of maintenance：

Compared to the higher maintenance costs of gasoline-powered vehicles, it is recommended to purchase comprehensive vehicle insurance to transfer maintenance expenses

Regardless of the type of car you buy, you must purchase car insurance. If you buy comprehensive insurance, you will have more comprehensive protection when using your car

Visit AWM now for a quote! Inquire at: www.awm.com.hk