Electric Car Cost
How much does an Electric car cost?
The cost of buying a new EV is approximately 18% more than buying an internal combustion engine vehicle. This is due to the manufacturing costs associated with the batteries and electric motor – a lot more new technology that goes into each EV. However, thanks to advancements in this technology already, EVs have reduced in price and a Bloomberg study even predicted they will cost the same as petrol cars by 2024. That’s not a reason to hold off on buying an EV, as the savings come after you’ve bought one…
Running an electric vehicle can easily lead to a four-figure fuel saving each year. This is because the cost of energy required to charge your EVs battery is significantly lower than the cost to put petrol or diesel in your fuel tank. It can cost as little as 2p per mile to fuel an electric car in comparison to up to 14p per mile for a conventional petrol or diesel vehicle
Electric Car Maintenance
Electric cars offer a huge advantage over conventional petrol and diesel vehicles when it comes to running costs. An electric car motor has two or three moving parts in comparison to the hundreds of components that make up an internal combustion engine. This means no oil changes, timing belts, sparkplugs, clutch, or gearbox. Because most electric cars can generate power under braking, they are also very gentle on brakes and tyres. Most electric cars require check-ups rather than any true servicing. The only items that really require replacing are the tyres, brakes, and the cabin air filter.
Electirc Car Home Charger Cost
There are many companies out there who provide home chargers. The price to pay varies depending on the company, the power of the charger and whether you are eligible for the OLEV government grant.
Gov grant scheme – The OLEV grant allows you to reduce the cost of your home charger by £350. Take a look at the checklist below to see if you are eligible for a £350 government grant.
Find out more information about the OLEV grant here: https://www.gov.uk/government/collections/government-grants-for-low-emission-vehicles
Electric Car Insurance Costs
An important consideration when purchasing any new vehicle is insurance. Insurance premiums for EVs are typically higher than hybrids, petrol and diesel-powered cars, due to being new and expensive technology - don’t forget though, you won’t have to pay road tax on EVs that cost less than £40,000!