How Much Would an Electric Car Save Me
Electric cars are growing in popularity among drivers, as a result of big industry investment and increasing awareness of their environmental benefits and costs.
Electric vehicles now account for just over one in ten sales of new cars (10.7%), according to data from the Society of Motor Manufacturers and Traders (SMMT). This has surged from just 1.1% in 2015.
If you are looking for tips and information on electric car costs, this article covers:
- Whether electric cars are cheaper overall
- Typical running costs for an electric car
- How this compares to petrol and diesel cars
Are electric cars cheaper to run?
As the name suggests, electric vehicles run on electricity – either partially or wholly. The electricity is supplied through a battery inside the vehicle.
There is often an assumption that it is more expensive to insure and own electric than conventionally powered petrol or diesel cars. It's true that the upfront purchase price of a new electric model is often higher, reflecting the cost of the battery.
The price of what SMMT data shows to be the most popular car in the UK – the Vauxhall Corsa – starts from £15,815 for the new petrol model. This compares to a starting price of £22,360 for the electric version, the Vauxhall Corsa-e.
The most popular electric car in the UK is the Tesla Model 3, which has a starting price of £40,990.
In the long term, however, electric vehicles can work out cheaper as they have lower fuel and maintenance bills. Drivers in the UK can also benefit from big government subsidies to bring the cost down even further.
There is also a government grant of up to £2,500 to help with the cost of a new electric car.
Below, we compare electric vehicle running costs against petrol and diesel equivalents.
Find out more: 'Buying a Tesla saved me £15,500 in tax'
Electric car running costs
The cost of running an electric car – also known as the electric car cost per mile – will depend on the make and model.
But here are some typical annual costs for a fully electric model, assuming you travel 7,400 miles a year – the average among British motorists, according to government figures – and charged the car at home.
- Charging cost per 100 miles: from £3.75 (£277.50 a year)
- Insurance: £629 average
- Road tax: £0
Sources: Comparethemarket, Choosemycar, Gov.uk
Petrol car running costs
These are the typical running costs for a petrol-powered Vauxhall Corsa, the most popular car sold in the UK, assuming annual mileage of 7,400.
- Fuel cost per 100 miles: £7.54 (£558 a year)
- Insurance: £553 average
- Road tax: £155
Sources: Comparethemarket, Gov.uk
How much does it cost to charge an electric car?
There are two ways to charge the battery of an electric car: at home or at public charging points in places such as service stations.
The cheapest and most convenient way to charge an electric car is at home. This means you avoid the hassle of using public charging stations that charge a fee (although there are free electric car charging points around the UK).
To charge at home, you will ideally need access to off-road parking through a garage or driveway. This is because you will need easy access to mains electricity, and to be able to run a lead to connect the power source and the vehicle.
A government grant towards the purchase and installation costs of a dedicated car charger (see below) is also conditional on the applicant having off-road parking at their property.
You can charge the car through a standard three-point electric plug, but this will take about 30 hours for a full charge.
To speed up the process, electric car owners typically buy a rapid charge wall box to boost the power and reduce charging times to under 10 hours.
The cost of these chargers ranges from about £800 to £1,500, depending on how quickly you want your car charged.
To help with the installation cost of an electric car charger, the government offers up to £350 (or 75%) off the price through its Electric Vehicle Homecharge Scheme (EVHS).
Find out more: The government grants available to electric car owners
Electric cars with the cheapest running costs
| Vehicle | On the road purchase price | Cost to fully charge | Cost per 100 miles | |
| 1 | Hyundai IONIQ Electric | £36,995 | £5.81 | £3.75 |
| 2 | Tesla Model 3 Standard Range Plus | £40,990 | £7.19 | £3.78 |
| 3 | Tesla Model 3 Long Range Dual Motor | £48,490 | £10.78 | £3.85 |
| 4 | Fiat 500e | £22,995 | £6.04 | £3.89 |
| 5 | Hyundai Kona Electric | £30,450 | £9.70 | £3.96 |
| 6 | Tesla Model 3 Long Range Performance | £59,990 | £10.78 | £3.99 |
| 7 | Mercedes-Benz EQA | £44,495 | £8.62 | £4.01 |
| 8 | Renault Zoe ZE50 R110 | £27,595 | £7.86 | £4.03 |
| 9 | Volkswagen ID.3 Pure | £29,635 | £6.90 | £4.06 |
| 10 | Honda e | £30,715 | £5.10 | £4.08 |
Many drivers leave their car charging overnight, if they drive daily, so that they always start with a full battery each morning.
According to charge point operator Pod Point, these are the charging costs for a typical electric car with a 60kWh battery and 200-mile range:
- Cost of charging at home: £9.20 for a full charge (most electric vehicles have a quoted range of up to 250 miles on a single charge).
- Rapid charging at motorway service stations: £6.50 for a 30-minute, 100-mile charge.
- Public charging: Varies according to location
Many electricity providers offer tariffs with off-peak prices, so this could be worth looking into if you own an electric vehicle and want to reduce your energy bill.
Electricity costs are cheapest overnight, as this is when demand on the national grid is at its lowest.
Find out more: 'Buying a Tesla saved me £15,500 in tax'
Free electric car charging
There are thousands of charging points across the UK where you can power your car up for free. This could be useful if you are away from home and need a top-up.
Free charging stations can typically be found in supermarket and hotel car parks, dealership forecourts and at airports.
See the Zap Map website for a map of free charging stations across the UK.
When you need to pay, you can find electric car charging cards to speed up the process.
Is electric car servicing cheaper?
Electric cars require less maintenance than their petrol or diesel-powered equivalents. This is because engines in non-electric models are made up of hundreds of moving parts, so it's more likely that something will go wrong.
In contrast, the components of a battery motor are much simpler.
Having said that, an electric car will still have to be regularly serviced to check tyres, brakes, lights and steering.
When an electric car does need maintenance, the cost can be expensive as the electric car battery price could be about £5,000. However, many car manufacturers offer a warranty of eight years, or 100,000 miles.
You can also choose to buy an electric car where you lease the battery, for which you will pay a monthly fee.
This means the upfront purchase price is cheaper and you don't have to worry about battery maintenance costs.
Can I convert my existing car to electric?
Converting a petrol or diesel car requires replacing the combustion engine and fuel system with an electric motor and battery.
The process will probably only appeal to car enthusiasts who have the time, knowledge and desire to commit to the project. The electric car conversion kit cost could come in at thousands of pounds, so you are unlikely to save much money.
There are some companies offering to do the process for you. These firms often focus on classic cars.
They include Netherlands-based New Electric, which has a subsidiary in Ireland and offers services across Europe.
How much could I save with an electric vehicle?
Annual tax, maintenance and fuel costs on an electric car are about half the price of standard petrol cars, according to research from Direct Line.
Although charging an electric car will increase your energy bill, the cost is likely to be offset by the absence of petrol or diesel costs.
Your insurance bill may be higher with an electric car, due to the expensive battery system within the car. Nevertheless, electric cars are cheaper to run overall.
Direct Line says the average annual saving for drivers is £107. An electric vehicle costs an average of £3,752 a year over the course of its life, compared to £3,858 for a petrol car. The estimated shelf life of any car is about 14 years.
Owners of fully electric vehicles do not pay road tax (vehicle excise duty), and also escape the congestion charge in London.
And while electric cars can be more expensive upfront, costs are coming down amid developments in battery manufacturing.
There are also various government grants to bring down costs even further.
Find out more: How to save money by going green
How Much Would an Electric Car Save Me
Source: https://www.thetimes.co.uk/money-mentor/article/electric-car-costs/
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