Does an electric car save money?

The popularity of electric cars has surged over the past few years, in no small part to the UK government encouraging the growth through purchase grants. Their steady sales are also due to the increasing range of electric cars available. The benefits of an electric car are clear: efficient, kind to the environment and rock bottom fuel costs. But with the high initial cost of buying an electric vehicle or a hybrid, would buying one save you money overall?

Revised car grant

The generous £5,000 electric car grant of old may be gone, but there is still the opportunity for aspiring electric car owners to get their hands on a £2,500 or £4,500 version of the grant. This is much needed as even a small model of electric car can set you back £20,000.

What are the fuel costs?

In a climate of soaring traditional fuel costs, the electric car choice is an attractive one. Very low fuel costs are one clear way that electric cars can excel at saving their owner money. Electricity has a zero rating of fuel duty, which means fuel costs can be as little as few pence per mile.

No road tax or London congestion charges

Being a friend of the environment exempts an electric car from a number of charges and taxes that affect traditional vehicles. If you drive in London and own an electric vehicle, you are exempt from paying the congestion charge. You also don’t have to pay road tax, which will save you a substantial sum per year.

Will an electric car save you money?

The cost of buying an electric car can seem daunting at first. A £20,000 price tag is a huge hurdle for most, but in the long run an electric car would save you money. The low fuel costs and exemption from taxes and charges will also help with overall running costs.

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