Thinking EV? They're surprisingly affordable

It's well known that fully electric vehicles (EVs) cost more upfront. But, what you may not realise is that over the lifespan of the car (in other words, all the years you own or lease it), an EV could actually work out better for your bank balance, as well as better for the environment.

Here are some of the reasons

Grants

The Government wants us all to be more environmentally friendly, so it offers grants to encourage people to use electric vehicles. You can see a list of them here.

Cost

On average, a journey of 100 miles in an EV will cost £2 to £4 if you charge at home and £8 to £10 if using a public charge point. Driving 100 miles in a petrol or diesel car will cost around £13 to £16 in fuel - potentially two to three times more than the cost of charging the electric car. So, the more you drive, the more you save.

Tariffs

You can boost your charging savings even more if you charge at home on an off-peak overnight tariff. See a great analysis of these tariffs from the Energy Savings Trust here.

SMR

There are fewer mechanical components in an electric vehicle than a traditional one, which can mean lower servicing and maintenance costs.

Road tax

EVs costing no more than £40,000 pay £0 in road tax also known as Vehicle Excise Duty (VED).

Clean air zone

EVs don't have to pay the charges associated with Clean Air Zones or London's Ultra Low Emission Zone.

No Congestion Charge

EVs don't have to pay London's congestion charge either.

Parking

Some towns and cities have free parking for EVs.

Find out more

Read more about the benefits of electric vehicles in our Thinking EV? series here.

Published at 27 April 2021

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27 April 2021