Are Electric Cars Affordable?

Photo, Jenny Ueberberg.


Are Electric Cars Affordable?

One of the ways to promote a cleaner environment is by consumers buying an electric car. But are electric cars affordable..?

There has been more pressure than ever for people in the UK to adopt a greener lifestyle and help towards the UK governments climate action pledge. One of the ways in which the government is promoting a cleaner environment is by consumers to adopt an electric car into their lifestyle. But are electric cars affordable?

It’s true, there are often concerns around how affordable electric cars are and their high purchase price. The guide below looks to explore how affordable electric cars are and if owning one could save you money.

How do electric cars work?

Electric cars are eco-friendly as they use an electric motor to power the vehicle, instead of a traditional combustion engine such as petrol or diesel. An electric motor replaces the need for an engine and instead uses rechargeable electric batteries to power the motor. Petrol and diesel engines release harmful emissions into the environment which contribute to the acceleration of global warming. By owning an electric car, you can cut pollutants and help reduce your carbon footprint.

Are Electric Cars Affordable?

Photo, Obi – @pixel6propix.

Can I afford an electric car?

One of the main factors that put drivers off is that electric cars have a much higher purchase price than other options. Electric cars use much more complex, more expensive technology and are also not mass produced on the same scale as petrol and diesel cars. It can be hard to save up to get a new electric car with cash as the cheapest in the UK starts from around £20k.

There are many used electric cars available on the market though if you did want to try save on the purchase price. Alternatively, you could consider a low interest car finance deal to help spread the cost of getting an EV on finance.

Can you get an electric car on finance?

If you are considering getting an EV, car finance is a great way to help spread the cost of ownership. It’s worth remembering that car finance is never guaranteed, and you will need to meet the lenders criteria before you can get approved. However, there are many car finance deals available for both new and used EVs.

If you want to keep costs low, you could consider getting an electric car on PCP to help spread the cost. PCP benefits from low monthly payments as you only cover the cost of depreciates whilst you use the car, and you can choose whether you hand the car back or pay the balloon payment and keep it.

Are Electric Cars Affordable?

Photo, Roberto H.

Can EVs make good sports cars?

Electric vehicles (EVs) can potentially make good sports cars, depending on the specific design and capabilities of the vehicle. Many factors can contribute to the overall performance of a sports car, including the power and torque of the electric motor, the weight and aerodynamics of the vehicle, and the quality of the suspension and handling.

Some EV sports cars are capable of very high acceleration and top speeds, thanks to their electric motors, which can produce instant torque and power. They may also offer improved handling and agility due to their low centre of gravity, which can be achieved by placing the heavy batteries in the floor of the vehicle.

However, it’s important to note that not all EVs are designed to be sports cars. Some are designed more for efficiency and range, rather than performance. (It’s worth checking a sports car manual for information on a car’s range at higher speeds.) It’s also worth considering that EVs may have limited driving range compared to some sports cars with internal combustion engines, depending on the size of the battery pack and the vehicle’s energy consumption.

Are electric cars cheap to run?

If you decided that you can afford to buy an electric car, you may be wondering how costly they are to run. Well, the good news is that when compared to combustion engine vehicles, electric cars cost much less to run. Electric cars don’t need to be refuelled and instead can be charged at home by having a charger installed or at any designated caring point.

Charging points are located across the UK and can usually be found at supermarkets, retail centres, car parks and more. Its considerably cheaper to charge your EV at home by taking electricity from the national grid than it does to full your petrol or diesel car with fuel.

Are maintenance costs on EVs lower?

Cars in the UK need to have a regular service at 10,000 miles or each year, whichever comes first and any car after 3 years old need an annual MOT. If you don’t keep your car in good condition, it can cost you more in the long run. However, for electric car drivers, they can benefit from lower maintenance costs too. Maintenance costs tend to be lower as there are fewer moving parts within an electric motor, meaning there is less chance of something going wrong and they are less likely to breakdown throughout ownership.

Do you need to pay road tax on an electric car?

A fully electric car does not need to pay road tax on UK roads. Road tax is calculated by the amount of CO2 tailpipe emissions released by a vehicle and since full EVs don’t release any, they are fully exempt from road tax charges. Electric cars are also exempt from any congestion charges or clean air zone charges that apply in certain areas across the UK.