A new electric car will generally be more expensive to buy or lease than a petrol or diesel equivalent, but you can save money during the lifetime of using the car through reduced running costs.
Electric cars can be one-fifth of the cost of a petrol car in terms of fuel use.
Electric cars are much cheaper to service and maintain than petrol or diesel cars because they have very few components compared to conventional internal combustion engined cars. Therefore, perhaps not surprisingly, electric cars are also proving to be reliable.
Vehicle Excise Duty
Pure electric cars are charged £0 a year Vehicle Excise Duty (VED), whereas a new petrol or diesel car is charged from £140 a year.
Second hand electric cars can offer excellent value for money and can be cheaper from day one.
Company car benefit-in-kind tax
Company car drivers can save thousands of pounds per year in benefit-in-kind tax by choosing an electric car, as a pure EV gas 0% BIK in 2020-2021, 1% BIK in 2021-2022, and 2% BIK in 2022-2023 – and in 2023-2024 and 2024-2025.