Deciding whether to buy an electric vehicle (EV) can be a big decision, but it’s one that more and more people are considering. With advancements in technology, the cost of petrol, increasing environmental awareness and various government incentives, electric vehicles are becoming a more popular choice.
So if you’re thinking of switching to electric, we’ll guide you through the key points to think about, helping you to decide whether an EV is right for you.
Why buy an electric car?
Is it worth buying an electric car? That’s a matter of opinion. But here are some of the major reasons why people make the switch.
Environmental benefits
One of the most popular reasons to consider an electric car is environmental impact. In a 2023 survey by IT company Indra, 47% of drivers polled worried about what driving a petrol car was doing to the planet.
From that point of views, EVs make sense. They produce zero tailpipe emissions, which means no harmful pollutants like nitrogen oxides and particulate matter. When powered by renewable energy sources, EVs can significantly reduce your carbon footprint - according to the US EPA.
Lower running costs
Electric cars can be cheaper to run than traditional petrol or diesel vehicles. Electricity is generally less expensive than fuel, and EVs are more efficient - meaning they convert more of the energy from the battery into movement. According to EV experts Plugsurfing, petrol cars can waste as much as 70% of their fuel’s potential energy. And while some cars are more fuel-efficient than others, EVs makes full use of 75% of the power they get.
Maintenance costs are also lower because EVs have fewer moving parts and don’t require oil changes, exhaust system repairs etc.
Government incentives
At various times, the UK government have offered incentives to encourage the adoption of electric vehicles. These currently include:
Vehicle Excise Duty
Discounted access to low emission zones
In some areas, you might also benefit from lower electricity rates for charging your vehicle during off-peak hours. These incentives can make the initial purchase of an EV more affordable and add to the overall cost savings.
Key considerations before buying an EV
So far. So good. But there are other practical things to consider before buying an electric vehicle:
Initial purchase price
While the running costs of an electric car are lower, the initial purchase price is generally higher compared to traditional vehicles. For lots of people, this can be a major barrier.
However, EV prices are gradually decreasing as technology advances, production scales up and there’s more competition between car manufacturers. According to industry experts, electric car prices are expected to drop by 28% between 2024 and 2030.
There’s also a growing market for used electric cars - with Auto Trader seeing demand for used EVs continuing to grow.
Charging infrastructure
Before buying an EV, you’ll want to make sure there’s a decent charging infrastructure in your area. Public charging stations are becoming more common, but their availability can vary from place to place. Installing a home charging setup can be a great start, but it requires an initial investment. If you’re based in a more rural location, for example, it might make less sense to drive an EV than if you live in a town or city with lots of charging options.
Range and battery life
The range of your future electric vehicle – how far it can travel on a single charge – is obviously important to weigh up. In fact, it’s been such a preoccupation, there’s a new term - range anxiety. That’s when the driver of an electric car is worried they won’t make it to a charging point before their battery runs out.
Many modern EVs offer ranges that are more than enough for daily commuting and errands. If you’re planning to use yours for long-distance travel, you might need a bit more planning for charging stops.
Battery life is also a major factor. Battery degradation was once a bit of a barrier to EVs, but battery tech is improving every year. And most EV manufacturers now offer warranties that cover the battery for a certain number of years or miles.
Charging speed
Charging speed can vary significantly depending on the type of charger used and the battery in your EV. 7.4 kW is about standard and typically takes several hours to fully charge an EV. Fast chargers can significantly reduce this time, but are more typically found at public charging stations and workplaces.
The likelihood is that your home won’t have the electrcial capacity to support a more powerful charger. If you live in a modern apartment building, landlords might offer electric vehicle fast charging.
Re-sale value
Traditionally, re-sale value has been a big barrier to people taking the plunge. While the upfront cost of EVs was previously very high, their depreciation was pretty steep too. But this is changing. As the market for EVs grows and technology improves, resale values are starting to stabilise. However, it’s well worth researching the resale value for the specific model you’re interested in.
Types of electric vehicles
Not all EVs are created equal. Broadly speaking there are three main types of electric vehicles - each with their own benefits.
Battery Electric Vehicles (BEVs)
BEVs are fully electric vehicles that run solely on battery power. They have no internal combustion engine and produce zero emissions when running. BEVs need to be plugged in to recharge their batteries and typically offer the longest electric-only range.
Plug-in Hybrid Electric Vehicles (PHEVs)
PHEVs combine a battery-powered electric motor with a traditional internal combustion engine. They can run on electric power alone for a certain distance before the engine kicks in. This makes them versatile for both short commutes and longer trips, but they obviously still produce emissions when running on the engine.
Hybrid Electric Vehicles (HEVs)
HEVs also combine an electric motor with an internal combustion engine, but they can’t be plugged in to recharge. Instead, the battery is charged through regenerative braking and via the engine. HEVs typically have better fuel efficiency than traditional vehicles but don’t offer the same environmental benefits as BEVs or PHEVs.
Cost comparison: EV vs traditional cars
Fuel costs
Electricity is generally much cheaper than petrol or diesel, which means the cost per mile for an EV can be a third of a petrol car. And the cost gets even lower during off-peak charging hours.
Maintenance costs
EVs have fewer moving parts than traditional vehicles, which means there are fewer components that can wear out or fail. That means lower maintenance costs over the life of the vehicle. EVs don’t require oil changes, and their braking systems tend to last longer due to regenerative braking.
The decision is yours!
In short, EVs have their pros and cons. On the plus side, electric vehicles offer significant environmental benefits, lower running costs, and often give a quieter, smoother drive. Buy at the right time and you could also make the most of government incentives. And if you live in a property that’s suitable for home charging, that will make EV ownership much more convenient.
However, there are some drawbacks to consider. The initial purchase price of an electric car can be higher than that of a traditional car, and the availability of charging infrastructure, especially in rural areas, might be limited. Plus, the range of EVs can be a concern for those who frequently travel long distances.
If you value sustainability and lower long-term costs, an EV could be a great choice. But if you need a vehicle for long trips or live in an area with limited chargepoints, you might want to weigh your options carefully. Whatever you decide, it's clear that EVs are becoming increasingly viable and attractive alternative for many drivers. So you can get on board now or wait until the next exciting EV development happens. You probably won’t be waiting for long!
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