The initial cost of an electric car is currently higher than a petrol or diesel model, but these costs continue to fall, and it is in the long term that there are tremendous savings to be made by making the switch to electric.
If you are considering electric then the financial aspect is certainly one to consider.
Although the purchase price may be higher than petrol or diesel there are finance options available which most of us take advantage of to spread the cost of a new car. And if you look at residual values an electric car is likely to lose less value over time so it might be cheaper than you think.
The EV chargepoint grant provides funding of up to 75 per cent towards the cost of installing electric vehicle smart chargepoints in the UK.
This is the key area for long term savings. The biggest savings are for those charging at home overnight on the lowest tariffs.
Rising energy costs have resulted in higher costs and latest statistics from Zap-Map suggests that the average price to charge an electric car is 14 pence per mile on slow/fast chargers and 20 pence per mile on rapid/ultra-rapid public chargers.
However by using public chargers only a fraction of the time and charging at home and taking advantage of off-peak tariffs motorists are still better off than filling with petrol or diesel.
These prices are subject to regular fluctuations with changes in energy prices and fuel price caps.
There are fewer moving parts in an electric engine so while you will still need to budget for servicing and maintenance these are generally cheaper than a petrol or diesel car. Our Hendy EV experts can show you comparative costs to help you decide on the best option.
Tax is another area where electric car drivers can reap rewards. There is currently no road tax to pay and if you run your car through a business there are company tax savings too. The company benefit in kind rate is just 2% on pure electric cars which could save you thousands of pounds every year depending on the tax rate you pay.
Many towns and cities have launched incentives for those driving cleaner cars so electric car owners can avoid paying tolls and even take advantage of free or cheaper parking.