For a long time, many motorists have been hesitant to make the switch to an electric car because of the costs involved. This is an understandable concern as electric vehicles often cost more than regular vehicles, but you should find that they are becoming a cheaper option and will prove to be a smart financial move in the long term.
Electric cars, unlike conventional vehicles, are battery-powered without diesel or petrol required. They’re environmentally friendly and cheaper. Moreover, electric car manufacturers continuously innovate and install advanced features for added practicality, functionality, efficiency, engine performance, and excellent customer value.
Check out why buying an electric car is becoming cheaper for consumers below.
In years gone by, the price tag of an electric car would make even someone on a decent salary think twice, but this is now changing. Research shows that electric vehicles will be cheaper than petrol by 2027 due to the decline in the cost of batteries along with the sharp increase in demand. This should encourage more motorists to make the switch, especially with the ban on the sale of new petrol and diesel cars being brought forward to 2030.
Another cost that has deterred many motorists from making the switch in the last few years has been the cost of insurance. Car insurance is always a major cost to cover, but for electric vehicles, it has been higher due to the technology used, meaning that repairs and replacements would be more expensive.
As established above, production costs are falling, which will have an impact on the cost of insuring an electric car in the coming years. In fact, an analysis of premiums in the first three months of 2021 found that electric cars were £45 cheaper to insure than petrol or diesel. Motorists should also look into GAP insurance to provide financial protection in the event of a write off.
In addition to being cheaper to both buy and insure; you will also find that electric cars are much cheaper to run and will help you to make big savings in the long term. Obviously, you do not have to pay for fuel which is a major cost, and there is also no road tax on electric vehicles. This all means that every aspect of owning electric is more affordable, so now is the perfect time to make the switch.
Choosing a car suitable for you entails considering the maintenance cost. The amount can quickly pile up if your car is inefficient and with many worn-out components.
Electric cars don’t need special maintenance. They only require basic maintenance because their batteries, motors, and electronics require minimal or zero regular maintenance. Moreover, electric vehicles don’t need a lot of fluids, like engine oil.
Electric vehicles (EVs) have fewer components than fuel-powered automobiles. EVs have fewer moving parts than engine cars. Hence, only fewer components need repair or replacement when they reach their beyond-useful life.
The major expense for electric car owners is the battery pack. When the battery starts to wear out, the holding of a charge declines. You’ll notice longer charging times than usual and a shorter driving distance. However, electric car batteries don’t diminish their functionality quickly. Lithium-ion electric car batteries can run up to 100,000 miles at a consistent, satisfactory driving range.
It is clear that it makes financial sense to make the switch to electric, but there are other benefits too. There are now many different types available in different categories, which means that it should not be too hard to find one that suits your needs. You will also find that the battery technology and charging infrastructure are both constantly improving, so range anxiety is no longer an issue, and you will never be too far from a charging point no matter where you are.
Some motorists have been hesitant to make the switch because of the costs involved with an electric car, but as you can see, it makes a lot more financial sense than a petrol and diesel car, along with the obvious environmental benefits of switching.