Misinformation continues to be a major barrier to EV uptake and transitioning the car parc with most people misinformed about the cost of repairs.
The survey conducted by Youi insurance found that lower fuel costs are the number one factor driving the decision to buy an EV (57 per cent), followed by lower maintenance costs (48 per cent) and positive impact on the environment (42 per cent).
But the survey of 1000 people also found Australians believe electric vehicles are the most expensive cars to insure and Youi insurance data shows this may be incorrect.
Only 16 per cent of people feel confident in their knowledge of EV insurance, a figure that is even lower for repairs at 14 per cent.
It showed 56 per cent of Australians think EVs carry the highest insurance premiums but Youi’s quoting data indicates EV insurance costs often fall within the same initial price range as regular vehicles.
Despite this, more than one in five (22 per cent) are considering an EV as their next purchase according o the YOUi survey, a figure that drops to one in ten in separate surveying by The Age and Resolve Political Monitor.
“There’s a lot of misinformation out there,” said Marni Jackson, Youi’s head of product – vehicle and leisure. “When comparing Youi’s insurance premium data, EVs and regular vehicles often fall within the same initial price range, before comparing individual circumstances.”
The findings come from Youi’s EV Data Digest report, conducted by Dentsu Intelligence found 85 per cent of Australians lacking confidence in understanding key aspects of EV ownership including charging time and other costs.
But having owned an EV , drivers are more likely to stick with 78 per cent saying they are likely to purchase another electric vehicle, compared to just 22 per cent of the general population.
Only 7 per cent of respondents had owned an EV the report says.
Initial purchase price remains a barrier cited by 53 per cent of respondents, the cost of installing home charging stations at 48 per cent and availability of public charging stations at 47 per cent.
Confidence levels are particularly low regarding resale value, with only 14 per cent feeling confident in their understanding. Similarly, just 14 per cent feel confident about repair costs and only 11 per cent understand available government rebates.
“The research shows that while many Australians are still uncertain about EVs, they’re actively considering them,” Jackson said. “In fact, 69 per cent say they need more information before they feel confident purchasing, yet 55 per cent also say sustainability is a key factor in decision-making.”