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Can I save money driving an electric car? – Woocarz Car Sales & Finance

Can I save money driving an electric car?

23/06/2022 / Comments 0 / 27 / News 2022
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As we are all aware in the UK, the economy is not looking great, inflation is at its highest rate in decades and the cost of living now is no joke. Many consumers are struggling to make ends meet and searching for ways of cutting back on excess spending. One such topic which is making one of the biggest impacts on the population is the cost of fuel. As it stands at the time this article was written, fuel costs are at an all-time high. 

With the government setting targets to ban the sale of new petrol and diesel cars from the year 2030, which is about 10 years earlier than originally planned. But one big setback for the UK public is the government’s unexpected withdrawal of the electric vehicle (EV) grant with immediate effect. Many say it was done because the scheme had little effect on the increasing sales of electric vehicles.

Actual charging cost for EV

As it stands today, the cost of filling a 47-litre tank for a family hatchback with petrol will now set you back approximately £85, or £88 for diesel. But if you charge your vehicle at home to give you roughly the same mileage, the cost will be approximately only £41. This is also taking into consideration the increase in energy prices. According to the Energy Saving Trust, an average (EV) driver does a mixture of 70% charging at home and 30% at a charging station.

So the answer to the above question is, yes buying an electric car will save you a considerable amount on recharging costs compared to refueling petrol or diesel at the pumps.

The cost of buying an electric car

As it currently stands, you will have to bear the brunt of paying extra for an electric car, mainly down to the manufacturing costs of the batteries, which is probably one of the biggest outlays to consider when buying an electric car. The good news is, that the pricing between electric cars and fossil fuel vehicles is narrowing. But currently, an average new electric car will cost you more than the equivalent petrol or diesel car, ranging from £23,000 to £43,000.

Some good news is the cost of a used EV is becoming increasingly cheaper. 

Research shows that a used five-seater electric car can be picked up for around £8,000 and £21,000.

Charging time for a EV?

This question largely depends on the make, model, and speed of the charger. When using a slow home charger, you can expect a charging time of around six to twelve hours. Or if you use a rapid public charging unit, the usual charging time is between twenty to forty minutes.

How many places can I charge my EV?

At the time of this article being written, there are currently 30,373 public charging stations or charging points in operation around the UK. There’s still a lot of preparation and work required to complete and build more infrastructure to meet the government’s UK charging station targets.

The UK has the most rapid chargers than any other country in Europe, according to the electric charging company, Virta. But the Society of Motor Manufacturers and Traders spokesperson has stated, “the public chargers aren’t always sufficiently reliable or accessible”. In response, the government’s agency known as Electric Vehicle Infrastructure Strategy says operators will address these issues. New chargers are currently being installed at a rate of 800 units a month, but to meet the target, this number needs to be increased to 2,500 a month.

What kind of mileage can you get on a full charge?

If we compare the five best-selling EVs in the UK, they all average more than 200 miles on a full charge. This works out to be the equivalent of travelling from Bristol to Leeds, or London to Swansea. As with all types of rechargeable batteries, the performance starts to deteriorate over time, typically about 9% over the battery’s lifetime. Two market leaders in EV manufacturing, Tesla and Nissan guarantee that their batteries will last up to eight years or 100,000 miles.

Be aware of different charging plugs

As you know, with fuel nozzles, there are only two types of fitting, one for diesel and the other for petrol. In the case of electric vehicles, there are five different types of plugs. The most common type of the five variations is the type 2 plug which can be connected to slow or rapid charger units.

Most drivers will also need a dedicated home charging unit which costs around £550 to up to £1,100. A standard three-pin plug socket can also be used in an emergency situation but will be the slowest option.

Really better for the environment?

Believe it or not, because of the number of different minerals required, manufacturing an EV actually emits more greenhouse gases than diesel and petrol vehicles. But once the EV is driven on UK roads, it produces only a quarter of greenhouse gas emissions compared to diesel cars and less than a fifth of those of petrol-driven cars.

So it calculates that an EV’s environmental impact will be lower than that of a petrol car within 18 months of ownership, and an additional 6 months extra for a diesel car. Over time, the UK with start producing more electric cars from renewable sources, which will enable EVs to produce even fewer carbon emissions per mile.

Used electric and used hybrid cars is the next step

With the world’s shortages of vital components for new cars, the uptake of used cars, including used electric and used hybrid vehicles has increased significantly. At WOO Carz, (formerly Best Price Car Sales) based in Southampton, we offer the chance for our customers to venture into the market of quality used electric and used hybrid cars. It’s as simple as either calling us on 02382543928 to speak with one of our friendly advisors or clicking here to fill out a car sourcing form and then letting us do the rest for you.

All of our used cars are HPI checked, fully inspected, and come with a full warranty and current MOT. Once you have chosen the car of your choice, we will have it delivered to your home or place of work completely free of charge. All you will then have to do is a test drive and inspect it and once you are satisfied you will then take over ownership of it.

WOO Carz is authorised and regulated by the Financial Conduct Authority under reference number, (626798) so we’re able to provide you with the best financial products and services to help you get into the car of your dreams.

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