17 Aug The ins and outs of purchasing an electric car
If you’re looking to upgrade your current car, switching to an electric vehicle (EV) can feel like the most sensible choice, but how do you know which EV will be right for you? Here, comparison site mustard.co.uk, take a look at what to consider, and offer tips on getting the very best cheap car insurance.
How much does an electric car cost?
Cost very much depends on the make, model and specification you go for. When you start to explore your options, it’s worth bearing in mind that electric cars are often more expensive than their petrol or diesel equivalents. For example, the Vauxhall Corsa-e is over £11,000 pricier than the petrol model. That said, if you’re looking for a budget-friendly EV, the Smart EQ Fortwo starts at just over £22,000.
Is it cheaper to drive an electric car?
In terms of cost per mile, the answer is yes, electric cars are cheaper to drive, but the exact cost will partly depend on the energy tariff you’re on.
According to figures calculated by energy firm EDF, it’ll cost you just under 5p per mile to drive 100 miles in an EV. In a petrol car, the same journey will set you back more than twice that at 12p per mile — even more depending on the cost of fuel per litre.
Charging up your electric car is also cheaper than filling up a car with petrol or diesel, even when you take into account rising energy costs. EV charging station providers, Pod-Point estimate that it costs just £15.10 to fully charge a battery on an electric car, far less than a tank of petrol. In reality, charging your electric car is likely to cost even less as most rarely have their batteries charged from 0% to 100%.
What other EV costs do I need to budget for?
One of the big advantages of owning an electric car is that you won’t need to pay car tax. If your EV is over £40,000, you’ll also avoid paying the government’s £355 surcharge for high value cars.
But while you’ll save money on tax, you’re likely to spend it on buying a charger for your EV. Technically, you can charge your electric car using a standard 3-pin plug but a dedicated wallbox allows for faster and more efficient charging.
Charger prices vary depending on the size of the model you buy (measured in kilowatts, kW). The greater the number of kW, the more expensive it will be, but the faster your car will charge. Currently, wall mounted chargers cost anything from £300 up to around £800 (plus installation costs).
You’ll also still need to factor in service and maintenance, just as you would for any other car. Although electric cars have fewer moving parts to break down, when they do, they can cost more to buy and repair. This is simply because parts and specialist labour is more expensive.
Another cost is electric car insurance which is also likely to be your biggest ongoing expense. Currently, EV insurance premiums tend to be slightly higher compared to those for petrol or diesel cars, but this is partly because electric cars are more expensive to buy in the first place. As EVs become more popular, you can expect premiums to fall.
How can I lower electric car insurance?
You can lower the cost of EV insurance in the same ways as you can for a petrol or diesel car, for instance:
- Choose a car in a low insurance group
- Drive fewer miles
- Add a more experienced named driver
- Keep your car secure in a locked garage
- Choose telematics car insurance
- Build up your no claims bonus
- Increase your excess
Of course, the easiest way to ensure you get the best value deal on your car insurance is to compare quotes from a range of insurers, which you can do right now at mustard.co.uk.
Can I save money by driving an electric car?
Whether or not you save money by buying and driving an electric car depends on several factors. Firstly, purchase prices tend to be higher, as does insurance, but an EV will cost you less to run per mile. Charging an electric car is also significantly cheaper than filling up the tank with petrol.
Fundamentally, it will come down to how long you keep your electric car for and what you paid for it in the first place. With all that in mind, consider all your options carefully, taking into account the price of the car, its range, and premiums. To find a quote that fits your budget and to make the most of their Cheapest Price Guarantee*, head to mustard.co.uk.
* T&Cs apply. See mustard.co.uk for details.
