Electric cars are enjoying a surge in popularity right now and becoming an increasingly common sight on the roads. This is largely due to the Government’s clean air plans and the planned 2040 ban on the sale of petrol and diesel cars, but also the wide range of excellent electric vehicles available and the various incentives for making the switch.
While more and more motorists are starting to make the switch and join the electric car revolution, there are also those that remain hesitant. One of the main reasons for this is the perceived cost of buying electric and how much more expensive they are than regular cars.
Electric Cost
Much like regular cars, the cost will vary drastically depending on the manufacturer, model etc. The cheapest can be found for around £14,000, whilst a top of the range Tesla will cost over £100,000. The best selling electric car, the Nissan Leaf, starts at around £21,000.
Comparing BMW Models
The best way to gauge how much more expensive these cars are is to compare electric and non-electric models from one manufacturer. As an example, BMW’s highly rated i3 is a subcompact available from £33,340. The subcompact 1 Series is the obvious comparison, with this car available from £21,460 when you buy new. Other BMW models that are cheaper than the i3 include the 2 Series (sports car), X1 (SUV) and 3 Series (mid-size) amongst a few other popular models of various sizes. These are all to buy new and will be cheaper to buy used, but you will also need an extended warranty from a specialist like ALA.
Savings with Electric
It is clear then that it is much cheaper to buy a regular car and even when purchased new. However, this can be misleading because they can actually be much more cost efficient in the long run. You are exempt from road tax when you purchase an all-electric, you can avoid charges like the Congestion Charge (which are becoming more common in major cities) and the running costs are significantly lower – you will pay about a quarter of the cost per mile as charging is so cheap compared to fuel. In addition to this, you can also receive a Government grant of up to £4,500 to buy electric.
While it is true that it can cost a lot more to buy an electric car than a regular car (particularly when it is in a similar class), the savings that you can make in the long run make them the smarter financial investment and especially when you consider the upcoming 2040 ban and increasing number of charges on polluting vehicles.
