Electric cars (EVs) are still more expensive than traditional petrol or diesel cars, but the cost is falling as technology improves and mass production increases. The initial purchase price of an EV can be around £30,000, while a comparable petrol or diesel car might cost £20,000. However, there are a number of ways in which owning an EV can save you money in the long run.
1. Lower running costs
Fuel costs are one of the biggest expenses for any car owner, and EVs are much cheaper to run than petrol or diesel cars. Electricity is much cheaper than petrol or diesel per mile travelled, so you’ll save money on fuel costs straight away.
2. Reduced maintenance costs
Electric cars have far fewer moving parts than traditional petrol or diesel cars, so they require less maintenance. This means that you’ll save money on things like oil changes and engine repairs over the life of your car.
3. Government incentives
There are a number of government incentives available to encourage people to switch to EVs, including the Plug-in Car Grant which offers up to £3,500 off the purchase price of an eligible EV. There are also a number of schemes which offer free or discounted parking and charging for EVs.
4. Cheaper car insurance
Due to their lower running costs and reduced maintenance needs, EVs can often be cheaper to insure than traditional petrol or diesel cars. This is another way in which you can save money in the long run.
5. Zero emissions
Electric cars produce zero emissions, so they’re much better for the environment than petrol or diesel cars. This means that you can help to reduce your carbon footprint by driving an EV.
6. Enhanced performance
EVs often have enhanced performance compared to traditional petrol or diesel cars, thanks to their instant torque delivery. This means that you can enjoy a smoother and more responsive drive when behind the wheel of an EV.
7. Increased range
The range of EVs is constantly increasing as technology improves, and many newer models can now travel for over 200 miles on a single charge. This means that you’ll be able to make longer journeys without having to worry about running out of charge.
8. Quick charging
Many EVs now come with quick charging capabilities, meaning that you can recharge your car’s battery in a matter of minutes rather than hours. This is ideal for long journeys or if you need to top up your charge before heading off on a journey.
As the world moves towards a low-carbon future, EVs are becoming increasingly popular and mainstream. This means that investing in an EV now could help you to future-proof your motoring needs.
10. Resale value
Due to their growing popularity and increasing demand, EVs often hold their value better than traditional petrol or diesel cars. This means that you could get a good return on your investment if you decide to sell your EV in the future.
Electric vehicles are still more expensive than traditional petrol or diesel cars, but there are a number of ways in which owning an EV can save you money in the long run. The initial purchase price may be higher, but running costs are lower and there are a number of government incentives available. EVs also have a number of other benefits, including enhanced performance and increased range. With all these factors considered, it’s easy to see why EVs are becoming increasingly popular.