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Going electric makes financial sense

Written by Heather Maude // Posted on // Found in HomeLife

As Britain puts in place plans to ban the sale of all diesel and petrol vehicles from 2040, is now the time to think about going electric?

Prices of electric cars have fallen and the UK has seen a big surge in demand. There are now more than 3,400 electric cars sold each month in the UK, compared to just 500 per month in 2014. It is clear to see that the electric market is becoming increasingly popular and more accessible than ever.

There is no denying that the initial cost to purchase an electric vehicle (EV) is expensive but once you get past that there are plenty of financial benefits to be had. An electric car is a new piece of technology and not very many of them are produced. The cheapest EV is the Renault Zoe costing £13,995 (that’s with a £4,500 subsidy from the government).

You’ll also need to consider installing a home charging unit as EV’s use your electricity supplies from your home – it’s as easy as charging a mobile phone. The Government’s Electric Vehicle Homecharge Scheme offers up to £500 to help with the cost of installation.

You have lower running costs

An electric vehicle will save you money. According to The Guardian, for an electric car to travel 100 miles it would cost £3-£4 and an overnight charge. Compare this to a petrol car, which would cost £15 to cover the same distance, it’s a no brainer.

An electric car also doesn’t require as much servicing as there aren’t as many components. Go Ultra Low estimate that motorists can save £300 on the maintenance upkeep of their vehicle when they switch to electric.

You can take advantage of money saving incentives

The ‘plug-in grant’ from the UK Government applies either a £4,500 or £2,500 to certain electric car models. As a buyer, you don’t have to do anything to apply for the grant as the discount is automatically applied in the vehicle price when you buy from a dealership.

Your new environmentally friendly credentials not only mean you are helping to save the planet but you’ll be saving yourself a pretty penny too…

  • Money saving perks of owning an electric vehicle include:
  • Exempt from the London Congestion Charge
  • Free or discounted parking
  • Free residents parking permit in some cities
  • Use of the bus lanes

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