With the move to electric cars getting ever closer, it’s hard to ignore the EV options available in the current market.
However, our recent customer survey findings indicate that consumers, particularly women, still think electric vehicles are too expensive. This highlights one of the main reasons for not considering an EV altogether.
But why are electric cars more expensive?
Currently, the EV market is pretty small. That means these models are produced in smaller batches. Plus, there’s a whole load of expensive systems onboard.
The battery alone is made of expensive materials, and they’re not as easy to obtain as conventional components. All this contributes to a higher list price.
But, over time, as the market grows, economies of scale will see the cost of EVs gradually decrease. In addition, alternative battery systems that rely less on costly elements are already being considered to help bring prices down.
So, what makes electric cars more affordable in the long run?
The list price for electric cars is typically higher, but overall that shouldn’t deter you from making the switch. The reason? There are many other benefits and affordable leasing deals that make driving an electric car more accessible to everyone.
Let’s delve into why electric vehicles might not be as expensive as you think…
Cheaper to recharge than refilling at the pumps
One of the main selling points of EVs is the affordable recharging options. This has received some bad press of late as energy prices rise. However, it’s still less than filling up at the pumps. Remember, petrol and diesel prices have shot up over the last year too.
Installing a charge point at home is the most cost-effective option. In addition, your energy provider may offer a dedicated tariff for off-peak charging to help keep costs down.
Even out on the road, public charge points are pretty reasonable. For example, rapid charge points cost around £6-£7 for 30 minutes, giving you a top-up of around 100 miles.
Affordable leasing deals on EVs
If the list price of an electric car puts you off, then why not consider splitting the cost into affordable monthly payments? With a leasing deal, you can do just that. There’s usually an initial deposit to pay, and you can choose the term length depending on your circumstances. What’s more, it’s easy to upgrade as you can switch your vehicle once the contract ends.
Leasing an electric car makes eco-motoring more accessible and affordable, as there’s also less maintenance.
No road tax to pay
Another benefit of EVs compared to petrol/diesel alternatives is you don’t need to pay road tax. As there are no emissions from the tailpipe, a fully electric vehicle is exempt from this charge.
Exemption from congestion charges
Electric cars produce zero emissions. So, this is not only good for the planet but also for your bank balance. If you travel into congestion charging areas or Clean Air Zones, charges apply for polluting vehicles. As an electric car driver, you can breeze through the streets without incurring fees.
It’s ideal for people that commute in urban areas. Some workplaces also offer free electric charging points. So you can save money on charging up while you work.
Cheaper maintenance costs
General maintenance costs compared to conventional cars are typically lower. This is due to fewer moving parts in the car. For example, in a petrol vehicle, there are oil changes, lubricant top-ups and replacement cambelts alongside other factors. However, you don’t have that to worry about that with an EV.
Of course, other areas such as tyres, brakes, suspension and steering all need a regular service. But, much of the health check of the car happens when your garage plugs it in. The onboard computer highlights issues and checks battery health to ensure you get the most efficiency out of your vehicle.
Electric battery costs
Some consumers express concern about the cost of the battery and its replacement if needed. However, most, if not all, electric models on the market currently come with a battery, and you won’t need to pay extra for it. Alongside this, many car manufacturers have dedicated EV battery warranties that cover this component for several years or around 100,000 miles (whichever is sooner).
Improved resale value
With improved technology and more market choice, second-hand EVs retain value well compared to petrol/diesel counterparts. This means that purchasing an electric vehicle outright could hold good value when you come to sell it. Alternatively, leasing a car factors the depreciation into the equation, so you don’t have to worry about resale as you hand the car back.
Affordable alternatives
If the upfront cost of purchasing an electric car puts you off making the switch, choosing a plug-in hybrid is a great alternative. Hybrid vehicles are more affordable as they still use combustion engines. However, you get the benefit of lower emissions and excellent fuel economy. Even mild hybrids that only use an electric motor to boost the engine power still provide cost-effective motoring. Plus, they’re the most affordable hybrid option on the market. This gives you a stepping-stone to the electrification and a taster of how cost-effective green motoring can be.
Affordable electric car lease deals with Leasing Options
While the list price of an electric car is higher than your average petrol/diesel model, EVs can prove cheaper in the long run. It’s understandable to be conscious of the current cost of living issues. So, choosing a leasing deal over other finance options may suit your circumstances.
This gives you the freedom to explore eco-motoring at a more affordable monthly cost. Plus, at the end of the lease, hand the car back and choose an upgrade if you wish. There’s a range of top brands to choose from, including Kia, Vauxhall, Volkswagen and BMW, and many more. So, why not check out how affordable electric cars can be.
