Cost of Electric Cars
How much does an electric car cost?
That depends on which one you buy, but whichever you choose, there are some government incentives that make it cheaper to buy a new EV. There is a government grant for electric cars called the Plug-in Car Grant – this reduces the price of a battery electric vehicle by £3,500. So a new Kia e-Niro – WhatCar?’s Car of the Year 2019 – costs just £32,995 after the £3,500 grant. There is also a £500 homecharge grant to help you with the cost of a home charger.
Cost of Electric: Cheaper than you think
Here are just few reasons to Stop Wondering. Start Driving.
Lower maintenance costs
Petrol and diesel engines are incredibly complex and have hundreds of components that can wear, fail and need replacing. Electric cars on the other hand have just three main components and far fewer moving parts than a combustion engine. That means servicing and maintenance is simpler and cheaper, which saves you money.
There is no yearly or first-year tax with an electric vehicle, which could save you around £500 over the first three years of ownership compared to a mid-sized petrol or diesel equivalent.
Big savings on BiK tax for company car drivers
Company car tax is already drastically lower if you drive an electric car. But in 2020/2021 it drops from 16% to just 2%! That represents a massive saving over a conventional car. For example, in that tax year, the BiK tax on a Kia e-Niro for someone in the 40% bracket would be just £292. Compare that to a mid-size diesel equivalent which would be £4,058 – that’s a massive saving!
Electricity is cheaper than petrol or diesel
Electricity is cheap, particularly when you charge at home. When you look at cost per mile, driving on electricity can cost around a third of an equivalent petrol or diesel car.
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