I guess you’re wondering if an electric car is worth the switch?
I did the math for you and here’s what I found.
Charging your electric car is much cheaper than filling up at the gas station. It’s even cheaper if you have the ability to charge your car at home. That’s because home charging is a lot cheaper than charging at a charging station.
Plus, there’s very little maintenance required for electric cars – so you can spend your time and money on things that matter to you.
Electric cars also have a very low depreciation rate, meaning they hold their value better than traditional gas cars.
So not only will you be saving money on fuel, but you’ll also get a good return on your investment when it comes time to sell.
So, yes, electric cars do pay for themselves. When you calculate all the long-term savings, they’re actually a pretty smart investment. Especially when compared to a gas or diesel car.
Let’s take a look closer at some of these benefits of going electric:
- Reduced pollution.
- You won’t pay a congestion charge.
- Running costs will be much lower.
- Renewable electricity tariffs.
- Improved driving experience.
- No emissions mean no road tax.
- Local and National government subsidies.
- Some places are free to park.
- Pollution has been reduced.
- 0.1 Reduced pollution
- 0.2 You won’t pay a congestion charge
- 0.3 Running costs will be much lower
- 0.4 Renewable electricity tariffs
- 0.5 Improved driving experience
- 0.6 Improved driving experience.
- 0.7 No emissions mean no road tax
- 0.8 Local and National government subsidies
- 0.9 Some places are free to park
- 0.10 Pollution has been reduced.
- 1 The Initial Price Can Be High
- 2 Charging Equipment
- 3 Fueling Up vs Charging Up
- 4 General Maintenance Costs
- 5 The Depreciation Rate
- 6 The Difference in Car Insurance
- 7 Which is Better Value For Money?
- 8 Key Takeaways
- 9 FAQs
- 9.1 How much is a home charging point for an electric car?
- 9.2 How much does it cost to charge an electric car?
- 9.3 How much does it cost to service an electric car?
- 9.4 How far can electric cars travel on a single charge?
- 9.5 Are electric cars better for the environment than petrol or diesel cars?
- 9.6 Is wireless charging for electric cars available?
- 9.7 Do hospitals have charging points for electric cars?
Since there’s no tailpipe, electric cars produce zero emissions – which is great news for the environment. In fact, electric cars are so efficient that they emit around 30% less carbon dioxide than the average new petrol or diesel car.
Not only does this improve your health, but it also helps to cut down on smog, acid rain, and other forms of pollution.
There are also social benefits to electric cars. By helping to reduce pollution, you’re also doing your bit to improve the air quality for everyone – particularly those who suffer from respiratory problems like asthma.
You won’t pay a congestion charge
If you live in or around a city, you may be charged a congestion charge for driving during peak times. However, electric cars are exempt from this charge.
For example, in a city like London, zero-emission vehicles are eligible for a 100% discount on the daily Congestion Charge. That’s a saving of £15 per day!
Simply apply for the Cleaner Vehicle Discount (CVD) and you could save a lot of money if you drive into the Congestion Charge zone often.
To be eligible, your car must meet certain emission standards and be registered with Transport for London (TfL).
Note: In June 2020 the charge went up from £11.50 to £15 which is an increase of 30%. I predict that we will see similar price increases in every major city around the world.
So if you’re looking to save money and help reduce congestion, an electric car could be the perfect solution.
Running costs will be much lower
This could easily be at the top of this list as it’s such a big saving.
Electricity is much cheaper than petrol or diesel, so you’ll save a lot of money on running costs. In fact, it’s estimated that electric cars are around 2-3 times cheaper to run than petrol or diesel cars.
To put this into perspective, let’s say you drive a petrol car that does 40 miles per gallon (mpg). If petrol costs £1.93 per liter, it would cost you around £11.58 in fuel.
Now, let’s say you drive an electric car that does the same distance on 18 kWh of electricity. If electricity costs 14p per kWh, it would cost you just £2.52 to charge your car – that’s a saving of £9.06!
Of course, the cost of electricity varies depending on where you live, but the savings are still significant.
Plus, with electric cars there’s very little maintenance required – so you can save even more money
Electric vehicles are more cost-effective than gasoline or diesel vehicles in terms of both fuel expenses and maintenance.
Renewable electricity tariffs
There are several energy companies that offer renewable electricity tariffs – which means that your electricity will come from renewable sources like wind or solar power.
This is great news for the environment and it also means that you’ll be doing your bit to help tackle climate change.
What’s more, some suppliers offer discounts on their renewables tariffs for electric car owners. So not only will you be helping the planet, but you could also save money on your energy bills.
Improved driving experience
Electric cars offer a much smoother and quieter driving experience than petrol or diesel cars. This is because there’s no engine noise and the acceleration is instant – so you can enjoy a peaceful journey.
Plus, with regenerative braking, you can actually get a little bit of extra power back into the battery when you brake – which is great for extending your range.
Electric cars also come with lots of high-tech features that make driving more enjoyable. For example, many models come with satellite navigation, infotainment systems, and even self-parking capabilities.
Improved driving experience.
Electric cars offer a smoother and quieter driving experience than petrol or diesel cars, as well as lots of high-tech features.
With an electric car, you can charge up at home or at a public charging point – so you’ll never have to visit a petrol station again.
This is especially convenient if you live in a rural area where petrol stations are few and far between.
Plus, with home charging, you can take advantage of cheaper night-time electricity rates.
No emissions mean no road tax
You don’t have to pay any road tax since electric vehicles generate no emissions. This is a huge saving, as the annual road tax for a petrol or diesel car can be up to £200.
The London Congestion Charge and the Ultra Low Emission Zone (ULEZ) charge are not levied on electric cars – so you could save even more money if you live in or around London.
Plus, with the recent introduction of the Clean Air Zones (CAZ) in some UK cities, electric cars will be able to enter these areas for free while other vehicles will have to pay a daily charge.
So, not only will you be doing your bit for the environment, but you could also save money on road taxes and charges.
Local and National government subsidies
In some, not all, cases the government will subsidize part of the purchase price through a rebate.
In the UK, the government has closed the grant scheme for new cars, but you may still be eligible for a discount if you’re buying a used electric car.
The government also offers grants to help with the cost of installing home charging points. And, in some cases, your workplace may offer funding towards the purchase of an electric car.
So there are plenty of ways that you can get financial help when buying an electric car.
Some places are free to park
Now, when I say free to park, what I really mean is, while your car is sitting at a charging station, you can go off and do something else.
In some cities, like San Francisco, electric car owners can park for free at any public parking space that has an Electric Vehicle Charging Station (EVCS).
And in London, electric car owners can park for free at any on-street parking bay that has an EVCS.
So, if you’re lucky enough to live in a city that offers this perk, you can save money on parking fees.
Pollution has been reduced.
Lowering your carbon footprint is not the only environmental benefit of driving an electric car. Electric cars also produce far less pollution than petrol or diesel cars – even when the electricity used to charge them comes from a coal-fired power plant.
This is because electric cars are much more efficient than petrol or diesel cars. In fact, electric cars are around three times as efficient as the best petrol cars and around four times as efficient as the best diesel cars.
So, by switching to an electric car, you can dramatically reduce your impact on the environment.
Electric vehicles are environmentally friendly, they don’t produce tailpipe emissions, so they aren’t a source of air pollution.
The Initial Price Can Be High
Now, I won’t lie. Electric cars aren’t exactly the cheapest new cars on the market at the moment.
However, the initial price tag is only part of the story. When you factor in all the other benefits of electric cars – including lower running costs, government subsidies and free parking – it’s clear that they offer excellent value for money.
And as battery technology continues to improve, the price of electric cars is expected to come down. So, if you’re considering buying an electric car, it’s worth waiting a few years to see how the market develops.
If it’s your first time owning an electric car, you’ll need to invest in some charging equipment.
The good news is that there are now plenty of options available, so you can choose a charger that suits your needs and budget.
For example, if you only need to charge your car overnight, you could get a basic home charger. These start from around £100-£500 and can be plugged into a standard household socket.
Or, if you need to charge your car during the day, you could get a faster charger. These start from around £500-£1000 and will charge your car in around 4-6 hours.
As electric cars become even more popular, workplaces and public spaces are starting to install charging points. So, if you’re out and about during the day, you may be able to find a place to charge your car for free.
Fueling Up vs Charging Up
Electric cars are very different from petrol or diesel cars when it comes to refueling.
For a start, it’s much cheaper to charge an electric car than it is to fill up a petrol or diesel car.
The savings are substantial. For example, if you’re driving a petrol car that does 30 miles per gallon (mpg), you’ll spend around £12 to fill up the tank.
But if you’re driving an electric car that does the same number of miles per kilowatt hour (kWh), you’ll only spend around £2.40 to charge the battery.
That’s a saving of £9.60 – or 80% – every time you fill up.
General Maintenance Costs
As previously stated, electric vehicles have far fewer moving components than gasoline or diesel motor vehicles.
This means that they’re much simpler to maintain and repair, and this often leads to lower maintenance costs.
In addition, electric cars don’t need oil changes, so you can save even more money on servicing.
Of course, every car is different, so it’s important to check the servicing schedule for your particular model. But as a general rule, electric cars don’t need to be serviced as often as petrol or diesel cars.
The Depreciation Rate
Since electric cars are in high demand at the moment, the depreciation rate is tiny.
In fact, some electric cars are actually appreciating in value!
This is good news if you’re thinking of buying an electric car, as it means that your vehicle is likely to hold its value very well.
However, it’s worth noting that the depreciation rate for electric cars is expected to increase in the future as the market becomes saturated. So, if you’re thinking of selling your electric car, it’s best to do it sooner rather than later.
The Difference in Car Insurance
Car companies like Tesla are starting to introduce their own insurance policies for electric cars. They have the ability to check their data on how you are driving and able to adjust your premiums based on that data.
This is good news for electric car drivers, as it means that they’re likely to get cheaper insurance in the future.
At the moment, electric cars are more expensive to insure than gasoline or diesel vehicles. This is due to the fact that they are still relatively new and insurance companies have less knowledge about them.
However, as more data becomes available, it’s likely that the insurance premiums for electric cars will start to come down.
Which is Better Value For Money?
In the long term, an electric car will be significantly cheaper to own and operate than a petrol or diesel vehicle.
If you’re not sure which one is for you, you can always use one of the car subscription services like Drover or Zipcar. This way, you can try out an electric car for a month or two and see how you like it before making a decision.
- Electric cars are cheaper to own and run than petrol or diesel cars, and the savings can be substantial.
- Because electric vehicles have far fewer moving components than gasoline or diesel automobiles, they’re considerably easier to maintain and repair.
- The depreciation rate for electric cars is tiny, and some models are actually appreciating in value.
- Car insurance for electric cars is expected to become cheaper in the future as more data becomes available.
- If you’re thinking of buying an electric car, it’s best to do it sooner rather than later.
How much is a home charging point for an electric car?
The price of an electric car’s home charging point varies depending on the brand and model, but it is generally between £400 and £700.
How much does it cost to charge an electric car?
The cost of charging an electric vehicle is determined on the brand and model, but it is most commonly determined by how much you are paying per kWh (kilowatt hour). So, check on your last utility bill to see how much you’re paying per kWh, and then multiply that by the number of kWh your car needs to charge.
How much does it cost to service an electric car?
Electric cars don’t need as often as petrol or diesel cars. On average an annual checkup to replace brake fluid, a screen wash and top up other fluids is all that’s needed. You might also want to get the tyres replaced once a year.
How far can electric cars travel on a single charge?
The range of an electric car depends on the make and model, but most can travel between 100 and 200 miles on a single charge.
Are electric cars better for the environment than petrol or diesel cars?
Electric cars are much better for the environment than petrol or diesel cars. They produce zero emissions, so they don’t contribute to air pollution. Electric cars also have a smaller environmental impact than petrol or diesel cars when you take into account the whole life cycle, from manufacturing to disposal.
Is wireless charging for electric cars available?
Yes, there are a few different companies that offer wireless charging for electric cars. However, it’s not yet widely available, and it’s typically only compatible with certain makes and models.
Do hospitals have charging points for electric cars?
Yes, some hospitals have charging points for electric cars. However, they’re not yet widely available, so it’s best to check with your local hospital before you travel.