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Can an EV save me money?

Reading Time: 2 minutes
piggy bank with green ev charging

With the impending ban on all petrol and diesel vehicles by 2035 you may be thinking, will owning an electric vehicle save me money? Well we’ve taken a look at a few of the main benefits of living with an EV, here are some of them.

  • Free EV charging at some supermarkets
  • Electricity is cheaper to fill your car than petrol or diesel alternatives
  • Free parking in cities for EVs
  • Cheaper road tax

Can owning an EV save you money?

In this article, we’re going to look at whether owning an electric vehicle can save you money over a fossil-fuelled alternative.

How does an EV compare to a fossil-fuelled car?

Many people ask if they can save money by owning an electric vehicle over a fossil fuel alternative. The most obvious issue with an EV is the outright cost. This has sometimes been more costly than the fossil fuel alternative, however, over the last couple of years, these costs have dropped significantly due to huge improvements in battery technology. This has resulted in a dramatic decrease in the cost of producing batteries, meaning electric vehicles are now much more affordable than they have ever been, making some of them similar prices to their fossil fuel counterparts. There are also many more EV manufacturers releasing new vehicles at competitive prices.

How will an EV save me money?

We are now going to look at the different ways you might save money if you own an electric vehicle. There are a lot of areas across the entirety of the UK that offer free parking or highly subsidized parking if you drive an electric vehicle. With an increase in cities introducing low-emission zones and these zones reaching further away from the city centres, you will be pleased to know that all-electric vehicles are exempt in these zones. The overall running cost of an EV is roughly 49% cheaper than the alternative petrol or diesel model, this includes servicing costs. EVs are far less to maintain as internal combustion engines have hundreds of moving parts that need maintenance, whereas EVs have a lot less. Electric vehicles also have no exhaust systems to emit nasty emissions, therefore you do not pay road tax. Bear in mind though, that some EVs do qualify for road tax based on retail price when new. Electricity is much cheaper than fuel when running your car on a daily basis, especially if you charge your car at home and have a solar panel system, there are also some supermarkets where you can charge an EV for free.

So can owning an EV save you money?

When you combine these perks and the advantages of owning an electric vehicle, you can see that you could save a fair amount by making the switch over to an EV or even a hybrid vehicle. Residual values of electric vehicles are seen to be far greater than their petrol and diesel counterparts. So you could be better off investing in an electric vehicle to retain a higher future value when you chose to upgrade your car. With the upcoming ban in 2035 on all petrol and diesel vehicles investing in an EV now could set you in good stead for the future.

You can see how much your EV will cost to run using this handy electric car charging calculator.

So if you’re looking at purchasing an EV, your going to need EV charger fitted at your home or workplace, so why not get in touch with our friendly sales team now to discuss your requirements and get a quote.

 

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