As of 2022, electric car prices in the UK are generally higher than the prices of equivalent petrol or diesel-driven cars, although as the demand for electric vehicles (EVs) increases, electric car prices are expected to fall.
However, before you choose to buy one, it’s worth considering the total amount of owning an electric car to give yourself an idea of how much an electric car actually costs.
You’ll be able to find EV’s costing on average around £50,000, with some as low as £25,000 and other luxury models costing upwards and beyond £100,000. Ultimately, when buying an electric car, it depends on your budget and how much you’re willing to spend. Here are some of the models you can buy through Stellantis Financial Services:
The cost of charging an electric car is generally much cheaper than filling up with petrol or diesel, saving up to £41,000 in lifetime costs. However, as electric cars become more widespread, higher demand may well increase electricity costs. Conversely, as more savings are made on switching to renewable energy sources for the home, worrying about the cost of charging your vehicle will become a thing of the past
Charging your electric car on an off-peak tariff will bring costs down even further.
Special tariffs for electric car owners like EDF Energy’s GoElectric are beginning to appear and are likely to become more common as the popularity of electric vehicles rises. In another saving on charging costs, you can get up to 75% off the cost of installing a smart charge point on your property (subject to suitability) under the Electric Vehicle Homecharge Scheme (EVHS).
The average cost of running electric vehicle depends on current electricity prices. As of now, the cost per mile is around 11p per mile.
In contrast, you’ll be paying at least double that per mile for a petrol vehicle, which costs on average 21p per mile, with the same average price applying to diesel engines. You may end up spending more initially on an EV, but you will soon start making up the difference in the amount spent refuelling.
Unlike a car running conventional fuel, with electric vehicles don't have to pay road tax. This can end up giving you significant savings over the course of your ownership.
Alongside being exempt from road tax, all electric vehicles are currently exempt from the London Congestion Charge and the Ultra-Low Emission Zone (ULEZ) charge. This is ideal if you want to use your electric car for inner-city travelling, and means you could save some money on the daily commute.
Compared to petrol or diesel driven cars, electric vehicles have fewer moving parts. That means there’s less to go wrong and less to spend on repairs, replacement parts and service items such as oil, filters, gaskets etc.
Car maintenance comparison site ‘Who Can Fix My Car’ has reported that electric vehicles on average had servicing costs that were 18% lower annually than that of petrol/diesel vehicles.
With manufacturers working hard to meet the growing demand for electric cars, prices are very likely to come down over time. Stellantis itself has pledged to deliver a pure electric and/or hybrid version of every one of its models by 2025.
Look out for updates on new, electric models across our brands over the coming months.
Are electric cars actually good for the environment? Explore what impact you can have on the environment by switching to an electric vehicle.
Compare the differences between hybrid and electric vehicles including range, emissions and fuel economy.
Learn more about buying a car on finance and the options available.
