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You often hear of reasons why getting an EV can hinder your driving experience; however, there is no denying the irrefutable evidence proving that an EV is already a worthy long-term choice for any car buyer. 1 in 8 new cars joining the road in July 2022 were electric. EVs are becoming more mainstream, more reliable and more affordable than ever! This guide aims to demonstrate the numerous benefits of going electric.
As with any large purchase, one should look at an EV as an investment, much like solar panel installations or going to university. The larger upfront cost can be intimidating but can be quickly justified by the many ways in which money can be saved. Below are a handful of the reasons why more money is saved by going electric.
Not only are EVs cleaner environmentally, they come with an array of individual and business tax incentives to help drivers go electric.
Understandably, this will not be relevant to everyone. However, if you are fortunate enough to have a company car, then here is an example of why it is highly recommended that you request an electric or plug-in hybrid vehicle. The following table outlines the difference in monthly cost between petrol, diesel, hybrid and electric company cars.
| Car Model | Audi A3 Saloon (Petrol) | Audi A3 Sportback (Diesel) | Kia Niro (Hybrid) | Kia Niro (Plug-In Hybrid) | Kia Niro (Electric) |
|---|---|---|---|---|---|
| Taxable List Price (P11D) | £34,000 | £34,140 | £33,030 | £38,970 | £41,690 |
| CO2 (G/KM) | 131 | 124 | 106 | 22 | 0 |
| ÷ Benefits in Kind (BIK) | 31% | 29% | 26% | 12% | 2% |
| Car Benefit in Kind | £10,540 | £9,900.60 | £8,587.80 | £4,676.40 | £883.80 |
| x 40% Tax Bracket | £4,216 | £3960.24 | £3,435.12 | 1,870.56 | £333.52 |
| Net Monthly Total Cost | £351.33 | £330.02 | £286.26 | £155.88 | £27.79 |
As well as leaving a much smaller carbon footprint, the Niro EV model would cost the employee £27.79, this is roughly 90% less per month than the Niro Hybrid which costs £286.26. This is because the BIK is much lower for electric vehicles due to the difference in CO2 emissions. Additionally, compare these statistics to similarly priced petrol and diesel models, with similar P11Ds, and the difference is clear to see.
For example, the Hyundai IONIQ comes with a hybrid or electric engine. The range of the electric model is 193 miles (310.6 km), at the cost of circa £0.03 per mile to charge. A full charge could cost around £6.37*, depending on where the vehicle is charged.
Conversely, the hybrid version can achieve 62.8 miles (101.07 km) per gallon. A petrol car’s range is naturally longer than its EV counterpart, however, say we only intend to go 193 miles (310.6 km). We averaged £1.80* for a litre of petrol, converted to gallons gives us £8.17 per gallon. At these rates, it would cost about £25.10 to fuel this vehicle enough to reach 193 miles (310.6 km).
Comparing these figures together, we can see that the cost of refuelling the EV is 74.62% less than that of the hybrid engine. Although these figures may not be 100% accurate, the undeniable margin of safety is telling of the money-saving nature EVs possess.
*The energy and fuel prices estimated at the time of writing, are subject to change.
Concerned about the electric range not being enough? Use our mileage calculator to find out the ideal range for you.
It’s no surprise that, among the other benefits, the cost of maintaining an EV is far smaller than its petrol and diesel counterparts.
“No oil to change, no engine to manage, with fewer parts to wear down, electric cars are cost-efficient and easier to maintain than internal combustion engine vehicles.” - Kia Spokesperson
Electric vehicles have significantly fewer moving parts, leading to a reduction in wear and tear of parts. For example, due to how electric engines function, an EV will start to slow down quicker than a petrol car when the accelerator is not being pressed. This reduces the amount of stress placed on the brake pads, thereby reducing the amount of wear that they receive over time.
Although some previous government EV incentives were revoked in June 2022, they are still working to tackle some key barriers to achieving a successful EV transition. To learn more about these incentives, check out our guide to the UK’s EV grants and initiatives 2022. All these changes are part of the government’s road to zero strategy, which primarily includes:
The Government have pushed for a £20 million cash injection to boost the number of on-street electric vehicle charge points in towns and cities across the UK. This, in turn, will create more access to charge one’s car near home or at work for thousands more EV drivers around the country. Couple this with the various locations such as supermarkets and car parks that offer free charging, and you are flying! In addition to these benefits, you don’t pay for parking while using a street car charger – this saves money extra on the ever-growing city parking fares. Oh, and these parking spaces are reserved exclusively for EVs, too!
The UK’s charge point network is continuing to grow as intended. By the end of 2020, there were 20964 devices. This has grown to a huge 33,281 devices (August 2022), 57.1% of which host fast chargers and 18.3% rapid chargers.
Imagine this: your electric Hyundai IONIQ 5 is on 10% battery (about 30 miles), you drive to the local supermarket for a quick food shop, you plug a rapid charger into your car; you return 18 minutes later to find your car is at 80% battery (about 240 miles (386.24 km) of range).
Convenient and cheap!
Furthermore, Hyundai says that “IONIQ 5 users only need to charge the vehicle for five minutes to get 100 km of range.” This is quickly becoming industry standard and certainly alleviates any potential need for range anxiety. However, if you can only use a fast charger, a more affordable car such as the Nissan Juke can perform a fast charge from 20% to 80% in 60 minutes.
To the homeowners lucky enough to have a home charger; a slightly obvious one, but worth mentioning nonetheless. The average cost + installation of a home charging point is £1000, this still adds value to any property with a drive or private parking. Especially once the 2030 petrol and diesel car ban is implemented.
With the introduction of clean air zones in major cities in full effect, it may be worth considering the switch to avoid being charged. Clean air zones are designed to reduce carbon emissions within certain areas, predominantly dense cities. Drivers will be charged based on the CO2 output of their vehicle when driving in these zones. This is to incentivise more sustainable methods of transport such as cycling, public transport and electric vehicles. Fully electric or hydrogen-powered vehicles are automatically exempt, as they don't produce any exhaust emissions. Find out more about clean air zones. As an example, driving a non-exempt car through the London Ultra Low Emission Zone twice a week for a year would run you up a cost of £1,248!
Finally, an extra benefit of EVs is that they often include the latest safety technology. Letting you drive in style and comfort on the longer journeys. Along with this, EVs are exclusively automatic vehicles, making the drive even smoother. All the more reason to make the switch!
