The Government’s target for all new cars and vans to have zero emissions at the tail pipe by 2035 is why by the end of June 2024 there were 1,145,000 fully electric cars in the UK.

Having an electric car is much better for the environment but is it better for your wallet?

Electric VS Petrol

Initial costs of the car

Buying an electric car is still more expensive than buying a petrol car making it difficult for many to make the switch.

 

Charging VS filling with petrol costs

Charging an electric car with an at home port costs on average £15.10 for 200 miles. This is added on to your overall energy bills.

Filling your car with petrol costs on average around £100 for 200-400 miles.

Electric have the disadvantage for needing to be charged more often as they don’t make long distances. They are much better suited to short drives and city driving. Despite charging being cheaper this takes a lot longer than filling up a petrol car as even a rapid charger as they have on motorways takes around 30 minutes and costs on average £26.

 

Road tax costs

Road tax price is dependent on the CO2 emissions from the car.

On average road tax for a petrol car costs between £30-2,265 with the more expensive cars being charged more for tax.

Hybrid cars cost on average £0-135 for road tax.

And Finally, fully electric cars cost £0 for road tax due to their environmental advantages.

 

Insurance costs

The Independent reports that those with electric cars pay almost over double for insurance than those with petrol cars, an average of £1,344.

On average, those with petrol cars pay £924 for insurance.

This is due to the cost of repairs and the materials needed for electric cars. Batteries for electric cars are also hard to fix and the parts are hard to find. There are also fewer mechanics trained on electric cars however with the rise in popularity this should change. Finally, there are a higher number of claims on electric cars causing insurance policies to increase the price.

 

Which one costs less to run?

Pod point reveals that on average it costs £528 less to run an electric car than a petrol car.

Data shows that electric car owners save on filling the tank as they avoid the cost of petrol. Additionally, maintaining and servicing an electric car can often be a lower cost too.