How much does it cost to buy and run an electric vehicle?

How much does it cost to buy and run an electric vehicle?
The costs involved in buying and running an electric car depend on various factors, which include: your chosen make and model, your preferred charging cable, your vehicle’s battery, your chosen insurance and energy provider, and whether you decide to charge your vehicle at home or from a public charge point. Looking for an EV cable? Check out our range of electric vehicle charging cables. Before investing in an electric car, you might want to consider the following costs:
  • The purchase price of a new, used, or leased car.
  • Buying an EV charging cable.
  • EV battery costs.
  • Electric vehicle insurance, energy providers, and smart charging tariffs.
  • Charging your electric vehicle from home vs public charge points.

How much do electric vehicles cost?

The cost of buying an electric car can vary depending on whether you choose to buy new, used, or via a lease. Currently, new electric cars are more expensive than fuelled vehicles. As EVs become more mainstream and when battery technology improves prices will lower. According to NimbleFins, ‘the average cost to buy an electric car in the UK is around £50,000, with EV prices ranging from £22,225 up to £157,160,’ you can find more information in their article about the average cost of an electric car in the UK. Older versions of cheaper EVs such as the Nissan Leaf can now be bought used for less than £5000 in the UK, while older models of premium electric cars such as the Tesla Model S can cost around £25,000 used. Electric cars are also available on loan from various leasing companies that provide an EV, an agreed mileage, and insurance cover all for a fixed monthly cost. You can also swap your rental for a newer model more easily than you can when buying.

How much do EV charging cables cost?

The cost of electric vehicle charging cables differs depending on whether you choose a single-phase or three-phase charging cable, a straight or coiled cable, as well as your preferred cable length such as 5, 7, or 10 metres. Generally, a good EV charging cable will cost you anywhere between £110 to £250. Our cables also come complete with a free carry case, next business day UK delivery, an IP55 heat and waterproof rating, protective end caps, free warranty, easy hassle-free returns, and free tech support for the life of your cable. See our blog article how EV charging cable types and phases differ for more information.

How much does an electric car battery cost?

A lot of EVs come complete with the electric car battery in with the overall cost of the vehicle, however, some do not. It’s always important to check whether the battery is included in the price, as well as if the vehicle’s battery is leased. You may also want to consider whether you would like to buy a new or used battery, or even purchase one on lease. According to BookMyGarage ‘as of March 2023, the average electric car battery costs £5,378.43 in the UK (estimated),’ you can find out more information in their detailed article outlining the estimated costs to replace every electric car battery currently available in the UK.

Electric vehicle insurance and energy tariffs

Most insurance companies now provide cover for electric vehicles, with electric car insurance costing around £230 a year for a Renault Zoe Iconic R110, and over £4000 a year for a Tesla Model S. See Compare the Market’s helpful cost of insuring an electric car article for a list of various makes and models and their average insurance prices. A lot of energy providers have now introduced smart charging tariffs for EVs which can help lower the costs of charging your vehicle, providing specific times when charging is cheaper – usually overnight. Electric cars are also currently exempt from paying road tax until April 2025 when EV owners will start paying VED (Vehicle Excise Duty).

How much does an electric car cost to charge?

Electric car charging costs depend on whether you are planning to charge from home or a public charge point. Currently charging your vehicle from home is the cheapest and most convenient option for most EV owners, as you can let your car charge overnight while you sleep. Whereas, public charging points cost more for the convenience of charging while you’re out on the road. You can work out your average EV charging costs beforehand by calculating your EV’s battery size by the electricity providers price per kW. One example of this is an 82kWh battery x 35p per kW = £28.70 per full charge. Overall, the cost of buying and running an electric vehicle depends on the above factors, as well as any maintenance and servicing costs that may be required. However, electric cars do have their financial and environmental benefits including: lower fuel costs, zero-emissions, free charging, government incentives, reduced noise pollution, as well as having the convenience of charging from home.
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