How much money does an electric car really cost?
Electric cars are defining the future of our roads. More and more people are turning to these models to travel around, but there is still a lack of information on electric cars. Despite their benefits and their growing place in the market, it can be difficult to gather all the necessary details that enable an informed purchase. This guide aims to highlight how much an electric car realistically costs to set the record straight.
Myth buster: Electric cars are too expensive!
This is not true, and especially not anymore. There was a time in their origin when EVs were only available to those with a huge salary; however, those times have changed. Now there are still top end price bracket models, but that is true of petrol and diesel cars as well. There is also a large used car market for you to browse which has highly discounted prices when compared to new cars. You can find a breakdown of the cost of owning an electric car here from ElectriX. This is a helpful and informative website that covers all things EV, including all the electric vehicle costs. Everything you need to know is all in one place for you to browse through at your leisure!
First cost: The purchase
The initial payment will depend on a variety of factors. Is the car brand new, or is it used, for example? Brand new cars that have never touched the road before will of course cost more money than used cars who have travelled about a bit. The most expensive part of an electric vehicle tends to be the battery, so if a certain model has a better battery, it will probably cost more. These are just a few general considerations that influence price margins. So, when it comes to the initial purchase, you have two basic options.
Leasing is a method of buying a car during where you put down a deposit, or down payment, and a fixed sum agreement is compiled. You then have a monthly cost to pay for a term defined by the lender. These payments must be completed on time until the total cost is fulfilled. It is a popular choice in the current economy, and it makes car ownership more accessible for those with fewer savings and a reliable salary. You are not the full owner of the car until all payments have been made.
The second option is buying outright. You pay the full cost of the vehicle and assume ownership immediately. This is more expensive upfront than leasing; however, people prefer it as it is more finite and less risky. The more that electric vehicle technology advances, the more accessible these types of vehicles have become. Top end models cost upwards of £100,000, which we appreciate is a large sum. This is for brand new, prestigious brands. The average cost is thankfully more reasonable, with most electric cars now costing similar to the average petrol and diesel used car models of around £15,000.
Second cost: The whole setup
Aside from the actual car, you also have to buy a charger cable and a charging station. You also have to have enough space to set these things up, like a large garage. How much you spend will depend on the specific selected product, but generally speaking it will cost anything up to and beyond £400 for the basic ingredients. You might also consider extra safety precautions to prevent theft of the vehicle while charging, but that is a personal preference.
Running costs include the electricity to charge the car, a new cable from time to time and not much else. A good battery will last upwards of ten years so chances are you will never have to replace it during your time as the car’s owner. There are also the standard costs of a driver such as insurance.
The benefits of EV
Environmentally more friendly
Electric vehicles will one day be the norm in society. So many studies have shown the positive impact when held up against petrol and diesel vehicles. They do not emit CO₂ into the atmosphere because they don’t have an exhaust pipe. They don’t use up valuable and depleting natural resources. There is the consideration of the electricity used to charge the vehicle, which sometimes comes from fossil fuels. However, there is a way around this by using solar panel chargers, or even wind turbines if available.
Fewer running costs
Another obvious advantage is the lack of running costs when compared to fossil fuelled vehicles. One big bonus is that you will never have to pay road tax, something which can cost hundreds of pounds a year otherwise. But there are also government initiatives and often free parking spaces for EVs in shopping centres, supermarkets and more.
With fewer costs all round, electric vehicles are becoming more and more popular amongst the general population. It’s hard to argue with the benefits.