Thinking of switching to electric? The environment (and your budget) will thank you. From manageable maintenance costs to cheap charging, we’ve put together some handy insights on the running cost of electric cars and the pros and cons of owning an electric vehicle in today's environment.
So, if you’ve been on the fence about the electric revolution, let us convince you otherwise.
Benefits of Electric Cars
Electric cars (EVs) are everywhere these days. There are now over 900,000 fully electric vehicles on the UK roads. So, what are the electric car charging costs, and are they maintainable for daily life?
As EVs don’t run on fossil fuels, they present a road to a greener, cleaner future. They gain EV power by running off a lithium-ion electricity-charged battery. So, when you hit a congestion zone, your fully electric vehicle is exempt as it doesn't contribute to pollution levels.
Possible campaigns for a zero-carbon society which looks at how we lead every part of our routine, including how we get around! Switching to an electric car won't produce carbon emissions and will help reduce C02 levels.
How Much Does It Cost to Charge an Electric Car?
The running cost of electric cars may vary depending on the location of the charging point. Rapid charging will hit your wallet harder due to its convenience and on-the-go accessibility.
According to RAC, it costs an average of 71.41p per kilowatt hour to charge an EV on the go rapidly. However, if you were to charge your EV at home, you'd spend an average of 32p per kWh.
However, there's no uncertainty around surging prices compared to petrol or diesel. According to the AA EV Recharge Report, one of Britain's ultra-rapid chargers at peak times has fallen to its lowest cost this year. Whereas petrol prices continue to fluctuate, more often than not increasing due to countless external factors such as global supply and geopolitical tensions.
How Long Does It Take to Charge an Electric Car?
The charging time will differ significantly depending on whether your electric car is running on empty or needs a top-up to get you to your destination. That said, drivers rarely wait for the battery to drain fully, instead topping up at home or stopping off for a 10-minute recharge for rapid EV power.
Going from empty to fully charged can result in an 8-hour wait. Although, it's more convenient to top up as you go, opting for a fast or rapid charger at your nearest supermarket, shopping centre, etc. Charging time can range between 30-60 minutes and 3-4 hours, depending on the battery size and the type of charger.
Many people charge their EVs at home overnight while sleeping for fuller battery, convenience, and cheaper electricity.
It’s worth noting this can deplete the battery life if overexerted, and you may risk overheating the battery. Make sure to charge overnight with caution.*
*We unpack EV battery in much more depth a little later.
How Much Will Electric Car Tax Be?
You don't pay road tax if you own an electric car in the UK in 2023. Unlike petrol and diesel cars, the higher the C02 emissions released, the more you will pay in road tax. However, this is all due to change from April 1st 2025, as electric cars will have to pay Band B VED with charges depending on your vehicle.
In recent news, Victoria's Electric Vehicle Tax was addressed on its social, environmental, and economic impact—the tax aimed to tax electric vehicle drivers to raise funds for road maintenance.
As EV drivers don't put their money on petrol, less money goes towards road maintenance. However, the EV road user charge was overturned as it was considered invalid and a deterrent for drivers interested in changing to a greener choice.
There's much to consider when choosing a new electric car! We know that EVs are eco-friendly and better for the environment, plus they reduce noise and air pollution.
However, there are numerous things to consider around the running cost of electric cars and the long-term maintenance required to keep them in check.
According to The World Economic Forum, there are savings to be made by owning and running an electric car. The running cost of electric cars is now equal to, if not cheaper than, petrol or diesel cars in total cost of ownership.
Let's dive into EV maintenance and see where electric cars are cost-effective, plus the hidden costs that creep into the budget.
EV Maintenance
Make a saving on your maintenance costs with an electric vehicle. According to Go Ultra Low, you could save up to 23 per cent on your maintenance costs over a three-year, 60,000-mile ownership period. EV maintenance can be more affordable as there are fewer parts (18 in an EV and 2,000 in a petrol engine).
What Maintenance Do Electric Cars Need?
There are things you can keep an eye on before servicing and MOT, such as tire wear, the brake fluid and pads, your windscreen wipers, and your car's overall "health".
Pay attention to how your car runs, including how long the battery lasts and if you've noticed any sudden changes. Ensure you keep your car from draining its battery completely to maintain optimum health and prevent a shorter lifespan.
Do Electric Cars Need Servicing?
Electric cars require servicing as much as any combustion-powered vehicle. However, the frequency may differ depending on the model, garage recommendation, and mileage completed on any given car.
Renault has different terms for electric vs combustion-powered vehicles. You won't need to shell out for maintenance as often with an electric vehicle due to fewer moving parts, meaning the total cost of ownership is more affordable!
How Do I Make the Electric Vehicle Battery Last?
- Be wary of temperature: Avoid long journeys in blazing, direct sunlight, or freezing temperatures. An EV has an optimum battery temperature of around 20-40 degrees c.
- Keep your car in the shade when the weather is hot. This prevents overheating!
- Monitor your charging habits. Keep your charge anywhere between 20-80% for steady battery performance. Overcharging can impact the battery’s efficiency. As much as it can be economical to charge your EV overnight, make sure not to make it a regular habit!
- Mix up your charging routine. Sometimes, it’s best to opt for slower charges to prevent the battery from degrading. Too much rapid charging can deplete the battery life.
- Plan your journey. Many EVs will let you know what level your car is charged to; alongside navigation tools you can use to map out when you need to charge your car in advance.
- Don’t stay stuck on the driveway. Every so often, if you’re less on the go, get your car moving for a short run around to prevent wear and tear on your tyres.
Cost of Running an Electric Car VS Petrol
It's usually much cheaper to keep an EV running than a petrol car, as electricity continues to be much more affordable than petrol or diesel overall. Electric car charging cost varies depending on the destination and time spent charging your vehicle. So, it’s worth considering how and where you upkeep your vehicle the most currently and how you plan to do so in the future.
As explained by Money Saving Expert, charging a Nissan Leaf from empty to full at home once a week for a whole year would help you travel 8,000 miles for around £600, unlike petrol, which would offer the same distance but for £1000+. A huge win for the running cost of electric cars.
Hybrid VS Electric: The Facts
Are hybrid cars the perfect balance of efficiency and environmentally friendly transport? As we creep towards 2035, we may see the end of new petrol, diesel and hybrid vehicle sales as part of a greener plan. However, a hybrid might be the option if you want a reliable car that uses less energy and doesn't break the bank in the meantime.
When searching for your next car, you must reflect on what kind of trips you do regularly. A plug-in hybrid vehicle might be the perfect solution before you move to fully electric. In contrast, a hybrid car is an ideal alternative to petrol or diesel to complete short trips comfortably. Although, electric vehicles can travel much longer distances than hybrid cars, even on a single charge. So, it’s worth diving into all the pros and cons to make the best decision.
See what car is the right fit for your lifestyle with our easy-to-use comparison tool.
Electric car insurance has faced recent scrutiny. As discussed in The Guardian, quoted figures show a rise in insurance premiums for electric vehicles is 72% higher than last year. However, the cost of car insurance on petrol and diesel cars also continues to rise alongside inflation.
Eager to go electric? Check out our latest leasing deals. For more on electric and hybrid vehicles check out our blog.
