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Cost Of Ownership

The initial cost of an electric vehicle may currently be higher than a petrol or diesel model, but these costs continue to fall and it is in the long term that there that savings can be made by making the switch to electric.

If you are considering an electric vehicle for your next purchase, then the financial aspect is certainly one to consider.

Finance

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.

And the government also offers a grant of £2,500 off the price of a car below £35,000 and subsides a wall box charger.

Fuel

This is the key area for long term savings. The biggest savings are for those charging at home overnight on the lowest tariffs. A recharge can be as low as £2 for around 150 miles and even if you are using public chargers the recharge costs will be lower than the cost of filling your tank with petrol or diesel.

Maintenance

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.

Taxes

Another area where electric car drivers can reap rewards. There is no road tax to pay and if you run you car through a business there are company tax savings too. The company benefit in kind rate is just 1% on electric cars which could save you thousands of pounds every year.

Road costs

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.