EV Journey

Looking back at 2024, it felt like the “Year of the Electric Vehicle” in Australia. Everywhere I looked, there was a new incentive, a new model, or a new Tesla price drop. At the time, I was seriously considering making the jump. As a BMW X1 driver, the logic seemed sound on paper—until I actually tried to fit that logic into my garage.

Here is the story of my brief, intense flirtation with the EV market and the three hurdles that eventually stopped me at the finish line.

The Allure: Free Power and Diesel Fatigue

The initial spark came from the wallet. In 2023 and early 2024, diesel prices were a rollercoaster, often hovering around the $2.00 per litre mark. My BMW X1 is a fantastic machine, but watching the numbers climb at the bowser every week was starting to grate.

Then there were the perks. Working at a university campus offered a golden opportunity: free EV charging. The idea of commuting to work and “refuelling” for $0 while I sat in my office was incredibly seductive. Combined with the cost-effectiveness of off-peak charging at home, the potential savings were clear. I was ready to trade the rumble of a diesel engine for the silent hum of a battery.

The Reality Check 1: The “Garage Gap”

The first hurdle was surprisingly physical. I love the compact footprint of the BMW X1—it’s nimble but spacious. However, when I started looking at the EVs I actually liked (the Tesla Model Y and the Ford Mustang Mach-e being the main contenders), I ran into a literal wall.

Those extra cm might not sound like much, but in a standard Australian suburban garage already squeezed with storage, it’s the difference between “getting out of the car comfortably” and “performing a Cirque du Soleil act” just to squeeze through the door. The EVs I preferred were simply too “wide-hipped” for my current living situation.

The Reality Check 2: The Infrastructure Anxiety

While my workplace was an oasis of charging, the rest of the world felt like a desert. In early 2024, while the network was growing, it still lacked the “plug and play” reliability of a petrol station. Reports of broken chargers, long queues at holiday hotspots, and the “range anxiety” of regional trips made me realise that unless I stayed strictly within my commute, the logistics would become a second job.

The Reality Check 3: The Novated Lease Trap

The final nail in the coffin was the math. I was looking at a novated lease to take advantage of the FBT (Fringe Benefits Tax) exemptions. It seemed like a no-brainer—until Tesla started their aggressive price-cutting war.

In the first half of 2024, Tesla slashed prices multiple times (sometimes by nearly $10,000 in a single go). While great for new buyers, it sent a shockwave through the used car market. Financial advisors issued stern warnings: if the “sticker price” of a new car drops significantly during your lease, the residual value (the amount you owe at the end) could end up being much higher than what the car is actually worth. I didn’t want to reach the end of a five-year lease only to find I was “underwater” on a car that had depreciated faster than a tech gadget. 

Holding off on leasing several years has also seen a greater array of vehicle options becoming available at a lower price, with greater technology options within. Sadly, most do not yet offer extended range though some like the BMW iX3 are starting to show this is starting to arrive, albeit at a price.