However, if you do have the money to spare, why not treat yourself to luxury car lease deal like the Porsche Taycan for a mere £136,351, or a BMW i8 Roadster for £120,357?
They’re both capable of going very fast, and will ensure your savings accelerate away just as quickly.
What’s the cheapest electric car to lease?
If you’d rather pay a lower monthly cost for an electric car, leasing could be your best option. We’ve got a great range of electric and hybrid lease cars in stock, with our cheapest deal starting from only £168.62* a month for a Seat Mii Electric.
Other affordable electric car lease deals include the Honda Jazz from £182.21*, and the Toyota Corolla Hatchback from £191.26*. You could drive off in a great value electric car for much less than a petrol or diesel alternative, helping you save pounds as well as the planet.
*Prices may vary.
Are electric car MOTs cheaper?
No-one looks forward to MOT time, as it usually means spending a lot of money on fixing problems you never knew you had. However, with an electric car you could see yourself spending a lot less. Data suggests that the price of MOT and servicing is around 49% lower for an electric car, with fewer moving parts leading to less wear and tear.
When you add up the total cost of MOT, refuelling, road tax, insurance and servicing, the amount you pay for a fuel car is around £2,205 a year. For an electric car, that’s 21% less at £1,742.
The numbers all make going green make sense.
Are electric cars cheaper to insure?
The only area that electric cars fail on financially is insurance. On average, the price of insuring an electric car is 45% more expensive than fuel-powered competition. However, as with all car insurance, the price really depends on what kind of driver you are. If you’ve got a good few years of no claims on your side, live in a safe area and do a safe job, the price of insurance for an electric vehicle might not be too much different to a fuel-powered car at all.
Electric cars are generally more expensive to insure due to the parts that make them up. While their lack of moving parts will make them cheaper to have serviced, their core components - such as lithium-ion batteries - cost a lot to repair if they get damaged. Insurance providers will take this into consideration when offering you a deal.
There are also fewer qualified technicians when it comes to electric and hybrid cars. According to research done in 2016, only 1,150 out of all the 240,000 registered mechanics in the UK were trained on electric cars, meaning it could be harder for your insurer to find a garage to fix it if something goes wrong.
This hassle is passed on to you through higher prices.
Are electric cars cheaper to tax?
The best news of all for electric car owners is that they’re absolutely free to tax. While you still need to register them for tax, you won’t need to pay a penny. That’s because road tax is calculated on how much CO2 your car emits, and as an electric car has zero emissions, you’ll pay zero pounds to drive it.
The annual flat rate of road tax is £150, meaning if you drove an electric car for the average lifespan of a car - 14 years - you’d save £2,100 on tax throughout your ownership.
Hybrid cars also benefit from tax cuts, although not to the same extent. As you still use some fuel, your emissions won’t quite be zero (although will still be significantly lower). You’ll save £10 a year on tax, adding up to £140 throughout the lifetime of your car.
Interested in owning an electric car?
If the savings you could make on an electric car are tempting you towards the switch, but you’re still not quite sure, view our library of electric vehicle guides for more information. If you would like to own an electric vehicle but don’t want to buy one outright, take a look at our latest hybrid and electric car lease deals to get behind the wheel of a lean, green, money saving machine.