Electric cars are becoming increasingly common on our roads, with many believing they are the way of the future – for the environmental benefits, as well as the potential savings on petrol or diesel. Indeed, the seemingly ever-increasing fuel costs are driving many consumers towards making the switch to electric, but just how affordable are these eco-friendly cars?
In this article, we explore the various costs involved with owning an electric car and whether they’re worth your investment.
The upfront cost
The price point still remains high, even for entry-level electric cars. The cheapest EVs will still typically set you back more than their combustion counterparts. However, with the popularity increasing rapidly, many manufacturers are set to release more affordable electric cars in the near future.
It’s about weighing the upfront cost against the potential savings in the long run. Think about how often you use your car and how many miles you cover. If you’re driving a lot of miles, you’ll soon get your money’s worth.
The cost of charging
The main factor for many consumers when opting to switch to EVs is the potential to save on the cost of fuel. It’s thought that charging electric cars is more affordable, which it typically is if you’re charging at home. Even with the rising costs of power, charging your EV at home costs around £15.10 on average, which is considerably cheaper than a tank of fuel.
However, you’ll also need to factor in the cost of installing an electric charging port if your home isn’t already equipped with one. Most manufacturers will have deals available if you buy a brand new car, but this often isn’t the case with second hand EVs so it’s worth keeping in mind.
Insuring your EV
Purchasing insurance for an electric car can often be more expensive than a combustion one. Insurers require a higher payment as electric cars are typically newer, so replacement parts are less readily available and often cost more. The value of the car is also usually higher too, meaning it’s more expensive to replace should it get written off.
Similarly to the cost of purchasing the vehicle, the prices will come down as the popularity increases. If you’re looking for an EV but you’re particularly concerned about insurance costs, opt for one of the more popular models to ensure parts are readily available.
End of life
If something goes wrong with your combustion vehicle, you can typically have it repaired cheaply, at least in comparison to EVs. The battery in an electric car is the most expensive component – when it goes wrong, you’re looking at thousands of pounds to replace it. In some cases, it may be a better option to recycle your car and begin the search for a new one.
Is an electric car right for you?
As it stands currently, there are many factors to consider when deciding whether an electric car is right for you. Ultimately, an electric car provides the most value to those that drive a lot of miles or those looking to minimise their carbon footprint
However, as times change and governments worldwide implement bans on manufacturing combustion vehicles, a lot of these barriers will start to lift, making an EV a brilliant choice for anyone.
Guest blog post by: Stuart Bloom – The Sixth Degree Media