How much does an electric car cost?
Regardless of the electric vehicle you choose, it may surprise you to learn just how many cost savings it could achieve over the course of your ownership. Beyond the initial purchase price, there are some great financial benefits of buying an electric car in the UK, making it a more affordable way of motoring than you might think.
What are the benefits of buying an electric car?
We’re all looking to save money, particularly while the cost of living rises alongside skyrocketing prices at the pumps. Electric vehicles can help out when it comes to maintenance costs, vehicle tax, congestion charge exemptions, and in terms of powering the vehicle itself.
Here we answer some of the most common questions that are asked in relation to the cost of running an electric car.
Can charging an electric car beat fuel prices?
Despite the rising cost of energy, charging an electric car is currently still cheaper than filling up with petrol or diesel, though there are ways you can maximise this saving. It does depend, of course, on the amount of charging you do, when you do it, and the type of home energy tariff you’re on, so shopping around can make a difference.
Rapid home chargers are around £800-£1000 to install, and are a great way to keep an eye on the amount you spend on charging. You can even purchase a smart charger, which allows you to control your vehicle charging from your phone, and opt to charge at a time of day when energy is cheapest.
What are the tax benefits of buying an electric car?
Zero emission plug-in vehicles come with an attractive benefit in the form of VED (Vehicle Excise Duty), otherwise known as road tax. If you’ve been wondering if you have to pay road tax on an electric car, the answer is no - there’s no road tax to pay for a pure electric vehicle!
Do electric cars have lower maintenance costs?
Because there’s no internal combustion engine (ICE), there are less moving parts under the bonnet of an electric car, so maintenance costs are generally lower than with a car powered by electric or diesel engines.
Do I need to pay the congestion or ULEZ charges with an electric car?
The congestion charge and Ultra Low Emission Zone are initiatives set up to tackle the environmental impact of petrol and diesel cars in and around London. Vehicles that don’t comply with the standards set have to pay the associated charges when they travel within the designated zones, which isn’t a problem for electric car owners; emission-free vehicles are exempt!
What are the benefits of buying an electric car through a business?
Company car tax is already drastically lower if you drive an electric car. On 6th April 2020 battery electric cars became 0% BiK (Benefit in Kind). This increased to just 1% after April 6th 2021 and 2% in 2022/23- that represents a massive saving over a conventional car.
Buying a used electric or hybrid car
Buying a used electric Kia is easier than ever, with many used electric models now hitting the used market with fantastic specs and low mileage. Buying a used vehicle keeps the cost of electric motoring down even more - browse our electric and hybrid used Kias in Cambridgeshire and Norfolk here.