How Much Money Can You Save With an Electric Car?

How Much Money Can You Save With an Electric Car

The cost of living crisis has hit Brits in just about every area of life in recent months, but the rising cost of fuel has possibly had a greater effect than others.

If your fuel bills have spiked, one solution may be to look into getting an electric vehicle (EV) – far lower fuel costs could mean that you beat the system.

Well, it’s not quite that simple, so let’s take a look at the details.

What savings can you make with an EV?

  • Fuel: Fully recharging an EV costs a fraction of filling the tank of a petrol or diesel equivalent right now – although a relative paucity of charging points might mean that you need to plan journeys a little more thoroughly.
  • Tax: Fully electric vehicles are exempt from paying road tax, while EVs are also exempt from paying top rates in many traffic-controlled areas.
  • Servicing: An electric engine includes far fewer moving parts than an internal combustion engine, making servicing easier and cheaper.

Where are EVs more expensive?

Quite simply, the list price of an EV will almost always be higher than a fossil-fuelled option of similar spec.

The key is to add up all of your costs – including fuel – of your petrol car and see how that compares to a more expensive EV and all the savings you could make.

What cars can save the most?

A study by The Times has uncovered the 10 EVs with the lowest running costs available in the UK. So, an easy decision and we’re all off to the Hyundai dealership, right?

Not quite.

Of course, you will always have to factor in exactly what you want from a new car. What are your expectations around additional extras, driving style and comfort?

Range is also a key consideration when looking into getting an EV. If you regularly travel on motorways for work, you will need to invest in a car with a longer range to avoid punctuating journeys with regular stop-offs to recharge at service stations.

  1. Hyundai IONIQ Electric £36,995

Cost to fully charge: £5.81 Cost per 100 miles: £3.75

  • Tesla Model 3 Standard Range Plus £40,990

Cost to fully charge: £7.19 Cost per 100 miles: £3.78

  • Tesla Model 3 Long Range Dual Motor £48,490

Cost to fully charge: £10.78 Cost per 100 miles: £3.85

  • Fiat 500e £22,995

Cost to fully charge: £6.04 Cost per 100 miles: £3.89

  • Hyundai Kona Electric £30,450

Cost to fully charge: £9.70 Cost per 100 miles: £3.96

  • Tesla Model 3 Long Range Performance £59,990

Cost to fully charge: £10.78 Cost per 100 miles: £3.99

  • Mercedes-Benz EQA £44,495

Cost to fully charge: £8.62 Cost per 100 miles: £4.01

  • Renault Zoe ZE50 R110 £27,595

Cost to fully charge: £7.86 Cost per 100 miles: £4.03

  • Volkswagen ID.3 Pure £29,635

Cost to fully charge: £6.90 Cost per 100 miles: £4.06

  1. Honda e £30,715

Cost to fully charge: £5.10 Cost per 100 miles: £4.08

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