Electric cars are becoming fast becoming the go-to choice for people looking for a new motor, and with the rising fuel costs and more frightening climate change evidence than ever before, it’s easy to see why. Electric cars can solve a lot of problems for us and for our planet, but what’s the true cost of leasing or owning one?
Let’s take a look at what you might spend if you’re thinking of going electric.
First up – how much does a traditional car cost per year?
It’s estimated that the average cost of running a car is about £2,500 per year excluding depreciation costs. Insurances comes in at about £500 per year, with repairs and servicing costing roughly £300. MOT and tax can cost anywhere between £150 – £250 per year depending on the make and model, and you’re looking at spending about £1,200 – £1,500 per year on fuel. Add into that parking, tolls, and breakdown cover, and you can see why people may be looking for an alternative option.
How much will it cost me to buy an electric vehicle?
Buying an electric vehicle isn’t necessarily the cheapest option, even if you’re looking to buy second hand. A quick look on Autotrader shows that even the lowest priced EVs tend to be cost a minimum of £10,000 (with the odd exception.) To buy a brand-new EV will set you back between £17,500 and upwards of £100,000, with the average cost coming in at around £44,000. However, the running costs are a lot lower than a traditional car, meaning you’ll offset the price of buying the car over time. If you buy brand new, you may also be eligible for the government’s plug-in grant which will knock up to £1,500 off the price of the car.
How much will leasing an EV cost?
A good option for driving an electric car without having to part with a big chunk of cash is to lease one. It also gives you the option to switch to a new model when your contract ends. You can lease an EV from about £270 per month, and many companies are offering free insurance and maintenance for the first year.
How much does it cost to charge an EV?
Obviously an electric vehicle needs to be charged, but with the government offering up to 75% towards the cost of installing electric vehicle smart chargepoints at domestic properties, you don’t need to worry about shelling out a lump sum to keep your EV running. Most new electric cars have a range of between 250 and 300 miles which won’t take you as far as a tank of fuel, however, currently you’re looking at spending upwards of £80 to fill up your car at the pump whereas it’ll cost you about £15 for a full charge of your EV at home. It’s worth doing some research and keeping your eyes peeled in your area too, as some supermarkets and carparks offer free charging, as do some places of work. Also, if you have solar panels on your house, you can use those to charge your EV for free!
Other costs to consider are of course insurance and maintenance, both of which vary massively depending on make and model, but can often come in cheaper than the conventional fuel car alternative.
There are a few other perks to driving an EV including paying no road tax which will save you up to £165 annually, and no congestion charge if you drive around London. The government is also offering grants for buying a new EV, and for installing charging points at your home.
We’re getting more and more excited about the electric car market, with new models coming out all the time and performance and range getting better all the time. We’ll continue to rate EVs in the coming months so keep checking in to get the latest of what’s hot on the market.