How much does an electric car actually cost?

By Pye Motors

With fuel costs rising and the promise of being better for the environment, more and more people are considering the switch to electric cars. Currently the UK is one of Europe’s biggest markets for electric cars with nearly 200,000 full EV’s and close to 400,000 plug-in hybrids.

But how much does an electric car actually cost and is it worth all the hype? We’ve done the research, so you can decide for yourself.

How much does it cost to buy an electric car?
Just as purchasing any traditional fuel engine vehicle, electric vehicle prices vary depending on make, model and specifics. Current electric cars may seem initially to be more expensive to purchase, however, many have been found to cost less over the period of ownership.

To encourage more people to make the switch to electric the Government has introduced a variety of grants and schemes. These help individuals and businesses to purchase an electric vehicle or install charging points, in some cases offering £3,000 off the car purchase prices.

Insurance of electric cars also remains high, however with the popularity of the cars increasing It is predicted that prices will reach parity with petrol or diesel car prices by 2025.

In summary to see the true benefit of owning an electric car you need to look at the total cost of ownership. The initial purchase price will invariably be higher, but the running costs including maintenance and service charges will undoubtedly be lower than a petrol or diesel vehicle.

How much does it cost to charge an electric car?
There are a number of different ways to charge and pay to charge your EV so of course, the cost of charging varies.

  • Charging at home - This is often the most popular and cost-effective way to charge. Firstly because the Government’s electric vehicle home charge scheme covers up to 75% of the costs of installing a home charge point. Secondly, you can choose to charge your car during off-peak times such as overnight when there is a lower demand for electricity.
  • Charging on the go - The cost of charging your EV at a public charge point depends upon your chosen network and location of charging points. Many local authorities charge on a pay by session basis. Prices depend upon the power rating, tending to be cheaper the slower the type (slow, fast or rapid chargers), with rapid charging costing on average 24p/kWh which is around £6-7 for 30 minutes of charging.
  • Charging Cards - In addition to smartphone apps, radio frequency identification electric car charging cards are provided by some of the major UK public charging networks such as chargeyourcar. A membership costs £20 per annum and there is a £1 connection charge.

Electric cars like the Mustang Mach-E have an extra FordPass Trip Planner feature. This factors in when you need to charge and suggests charging points along your route. Other apps like Zapmap offer a list of charging options including type so you can determine where you can charge and at what speed. Electric vehicles can use any brand or network to charge as long as you sign up and make payment.

Are electric cars cheaper to run?
Unlike the internal combustion engine, there are less moving parts in an electric vehicle due to the simplicity of the electric motor, which should lead to a reduction in maintenance costs. However, many are made with cutting edge technology which can make them more expensive to repair and this includes parts and eventually a replacement battery.

Most electric vehicles come with either no or a reduction in road tax, further encouragement from the Government to make the switch. There are also benefits when driving into clean air zones such as in London and proposed schemes throughout the country as electric vehicles are exempt having zero emissions,

At Pye we have a number of hybrid vehicles and fully electric vehicles like the Mustang Mach-E and the E-Transit. Ford are introducing a further seven vehicles this year to offer a wider range throughout the brand. If you’re looking to make the switch our Pye team can guide you through the different options and ensure you purchase the right vehicle for you. Join our May Test Drive event and see for yourself. 

Want to talk?

  • Pye Motors Morecambe 01524 598598
  • Pye Motors Kendal 01539 816800
  • Pye Motors Barrow 01229 842323
  • Pye Hire 01524 598641
  • Accident? Repair Centre 01524 847962

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