Endless factors come into consideration here, from Government grant schemes on the initial purchase price to how you recharge and where you drive to your energy tariff. In most cases, running an electric car saves you significant money in comparison to an ICE car.
Car tax on electric cars
Now that vehicle tax is based on carbon dioxide emissions, pure electric cars are exempt from paying for the first year. Subsequent years are also free, unless your electric car is over £40,000 in which case you’ll still pay a lower tax than petrol or diesel cars for the next 5 years.
Maintenance cost on electric cars
We all know the older a car is the more servicing it requires. Fortunately, electric cars have fewer moving parts so naturally this means fewer things to go wrong. Many leasing companies and manufacturers also offer maintenance packages for an additional cost to help cover any unforeseen issues.
The adoption of electric vehicles
Like with anything new to the market, there is a period of time where consumers have to adapt; for electric vehicles that process began a number of years ago. A limited range and high cost price was a huge stumbling block for almost all consumers. Since then, the manufacturing process has developed and the awareness around our own carbon-footprint has grown tenfold thanks to the likes of Greta Thunberg.
Now, electric vehicles are on the brink of being the norm. The latest models are considered to be the same price in the long-run as ICE vehicles and by 2023 it is widely accepted that ICE vehicles will become socially unacceptable with over a third of vehicle owners now driving an EV.
Not just that, but in the next couple of years it is fully expected that EV’s will be materially cheaper than ICE vehicles, which will well and truly set the wheels in motion for rapid adaptation. Before 2025 ICE leases are thought to be 50% expensive than EV with them being almost impossible a year later.
How can we be confident? Norway are pretty much there already with EV leasing over half the price of an ICE leasing option. So it’s only a matter of time before that option isn’t viable for anyone...
From here it’s then a matter of completing the cycle of every car owner purchasing a new vehicle; which will no doubt be electric. Ultimately, the chances are you have already purchased your last sole ICE vehicle.
The future of electric vehicles has just become the present.
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