4. ‘EVs are more expensive'
Once you dig into the numbers around the cost of EV ownership, you could find there’s more flexibility – and room for costs to drop – than you originally expected. There are quite a few factors to consider here, so why not put the kettle on, then get comfortable?
EVs can cost more to buy outright – but typically have a lower running cost. According to a recent fact-checking article, it could cost you an average of £3,985 to run an electric car for five years, compared to £6,125 to run a petrol car over the same period.
And, while EVs might once have been more expensive than traditional vehicles, today, lower-priced models are making the switch to EV more accessible. With more manufacturers making electric vehicles, drivers have greater variety and price points to choose from. And as battery prices fall – and are expected to keep falling, according to this recent government report – we may expect EV prices to further fall to reflect this.
If you’re open to the possibility of buying a used EV, you can find some with prices at around £15,000 at time of writing for a used Peugeot e-208. If you’re open to second-hand EVs, you wouldn’t be the only one – sales of second-hand EVs went up by 90% in 2023 with nearly 120,000 changing hands in one year. You might be pleasantly surprised by the savings that you might make, and with our tips on finding the right one for you this could be a way of making EV ownership even more accessible for a wide range of budgets.
In addition, there are initiatives and incentives to make the switch to electric vehicles easier and less expensive – including road tax exemption, and favourable company car tax rates (until 2025).
In areas with low emission zones, EVs can be exempt from charges: in London zero emission vehicles that meet criteria are eligible for a 100% discount on Congestion Charge, until 25 December 2025, with some boroughs providing free or reduced-charge parking for EVs. Drivers may also be exempt from charges travelling through Clear Air Zones in Bath, Birmingham, Bradford, Bristol, Greater Manchester, Portsmouth, Sheffield and Tyneside.
The government also offers grant schemes for EV charging infrastructure, which can help to alleviate costs. Individuals and businesses eligible for grants can receive funding towards the cost of installing electric vehicle chargers at properties across the UK. If you’re a non-commercial landlord, you can apply for up to 75% off the cost of installing a charging set up at home – up until March 2025.