Previously, Electric Cars were the talk of the town because of particularly two reasons. Firstly, the electric vehicles are really costly as compared to a normal car and therefore, it was a privilege to have one. Secondly, electric cars are environmental friendly and thus if you have an electric car you are putting your contribution to the go-green movement. Today, Electric Cars have become a prominent market talk due to the fact that they are a good way of smart investment—saving money.
How Electric Cars Help You Save Money
If we talk about the actual price of an electric vehicle, it is quite costly. It will cost you around 7,000 pounds more to buy an electric car. However you can smartly use your money and avail government grants to buy yourself a perfect electric vehicle. But even without the grants, it is a fact that you can save yourself a hefty amount by cutting your petrol fuel cost on daily basis.
Running Cost of EV
Plug-In Car Grant and Grants for home charging are two perks that adds to the overall savings on your purchase if you plan to buy an EV but that’s not all—Electric Vehicles are considerably cheaper than petrol and diesel vehicles.
An EV vehicle, fully charged at home would run about 100 miles and will only cost you maximum £4. However, if you use a normal car and cover the same mileage it will cost you about £16 on average. Another thing that includes in perk of owning an electric car is the fact that if you live in London you are exempt from Congestion Charges of £11.50/day and you are also exempt from road tax.
To add, electric vehicles are easier on pockets when it comes to maintenance. The EVs don’t require oil changing and the service is cheaper because of less moving parts in the car.
As per the research conducted in New Zealand, the side-side comparison of Hyundai IONIQ EV; a very commonly bought electric vehicle and Toyota Corolla GX; a popular petrol engine car, proves that EV are less costly. The urban driving consumption of an EV was 11.5kWh for 100 km whereas, the same distance was covered in the petrol engine car and it consumed 6.4L The petrol was priced at £1.78/L whereas the car was charged at an approximate rate of £0.15 kWh including GST on home charging station.
To put it in simple words, you can save up to an average £742 (That sure is a lot of money!) on every 10 miles you travel. According to ECCA, the running cost of an electric vehicle if compared with the petrol price would be £0.27/L or about 15% of the fuel cost in a normal car.