Whichever you choose, it may surprise you how much you can save in the long run. There are some great deals and tax incentives that make owning an electric car more affordable than you might think.
There are lots of cost advantages to owning an electric car. Here are some you might find surprising.
Lower maintenance costs
Petrol and diesel engines are incredibly complex and have hundreds of components that can wear, fail and need replacing. Electric cars on the other hand have just three main components and far fewer moving parts than a combustion engine. That means servicing and maintenance is simpler and cheaper, which saves you money.
There is no yearly or first-year tax with an electric vehicle, which could save you around £500 over the first three years of ownership compared to a mid-sized petrol or diesel equivalent.
Big savings on BiK tax for company car drivers
Company car tax is already drastically lower if you drive an electric car. From 6th April 2020 battery electric cars are now 0% BiK. This increases to just 1% post April 6th 2021 and 2% in 2022/23- that represents a massive saving over a conventional car.
Electricity is cheaper than petrol or diesel
Electricity is cheap, particularly when you charge at home. When you look at cost per mile, driving on electricity can cost around a third of an equivalent petrol or diesel car.