How Electric Vehicles Are More Affordable Than Many Believe

Written by Karen Bryan

It is becoming more common to see electric vehicles on UK roads as more and more motorists are making the switch. This has been accelerated by the Government’s clean air plans, which include a proposed ban on diesel and petrol cars by 2040. It appears that the public is switching sooner rather than later, with diesel sales plummeting by 30% and the sale of Alternatively Fuelled Vehicles rising by 33% in November.

Why People are Hesitant

So, what is currently stopping people from making the switch? Energy provider OVO carried out a 2000 person survey to find out why some motorists were hesitating, which revealed that financial reasons were one of the primary factors in stopping people. Over 50% of people aged 55+ said that expenses would put them off, whilst 43% of people aged 16 to 24 agreed.

Cost of Buying

The starting cost for an electric vehicle is currently around £14,000 – whilst it is true that there are much cheaper cars on the market, this is still not a huge sum and particularly when you factor in that they are much cheaper to run than a petrol or diesel powered vehicle. Additionally, you can benefit from a Government grant of up to £4,000 when you purchase one and an additional grant of up to £500 for a home charging point.

Running Costs

It is the low running costs that make them much more economical, however. First, electricity is cheaper and you will pay about a quarter of the price per mile with electric. Secondly, there is no road tax for electric cars and, finally, there is no congestion charge. We are likely to see similar charges, like the T-Charge, rolled out in other areas of the country in the near future ahead of the 2040 ban, which will make driving petrol and diesel even more expensive.

Future Cost

In the years to come, it is easy to see them becoming more affordable too. The technology is still quite new which keeps the prices high, but as more and more vehicles (and different types) are introduced, it will gradually lower the cost and especially if demand continues to rise. Not just this, but we will also begin to see more electric vehicles enter the used car market as those that made the switch earlier may look to upgrade to a newer model.

The green car revolution is fully underway and electric cars are now a common sight on UK roads. When misconceptions are realised and prices fall further, it is easy to see this revolution accelerate way ahead of the 2040 ban. To make sure you’re getting your money worth, be sure to shop for a great car loan. Crediful can give you insight into what’s available in the market.