Cars have come a long way in recent years, and so has the technology that goes into them. So much so, in fact, that the most recent revelation of the automotive industry is harnessing this electricity as fuel. The thing is, however, that it’s not as clear as it could be. We know there are grants, allowances, as well as developments in the tech, but what about the money? One of the biggest questions that comes from all of that is how much does running one of these electric cars really cost?
Sadly, as always, there’s no one answer. To help you figure it out for yourself though, there are a few things for you to think about. Each different aspect of driving has its own unique costs and expenses, so looking at each one individually is the best way to take a look.
The Cost of Buying Electric Cars
Let’s start from the beginning, as always. The very first thing that is going to cost you the most money is almost always going to be the actual purchase and acquisition of your new car, electric or otherwise. Buying cars is rarely a cheap deal, but whether you buy cheap and local or even international import, it all has a big impact on what it will cost you.
First and foremost is always going to be which car you choose to buy. The make and model of a car is always the largest cost driver. It makes sense since it’s the basis of which car you’re buying after all.
A new performance edition Tesla may cost substantially more than a new Toyota Prius, for example. That’s because they are a totally different car made for totally different reasons to target totally different audiences. It’s all relative and choosing the right car type is essential to the purchase.
Again, just like with any car, the condition of the car you’re buying affects the cost of electric cars too. It’s the classic application of new vs used cars and then how used said used car is. It’s a story you already know, but think about it.
What’s more important here, however, is actually looking at electric cars on a deeper level. Electric cars aren’t like combustion engine cars. They have batteries in them, and just like with phones, laptops, or anything battery-powered, they deteriorate over time. They hold charge less efficiently, and that worsens over time. Take that into account and do some homework.
The cost of electric cars, again like any car, is again also effected by the outlet you’re buying them from. This one, however, is a little more simple. If you’re buying electric, chances are you’re buying from a dealer or new from a manufacturer. There aren’t many private sellers of electric cars at the moment.
Lastly, we need to look at insurance. It’s one of the essentials to get you on the road and again it’s something you need no matter what you drive. Because electric cars tend to be more expensive and less performance orientated vehicles, insurance groups can really range from anywhere between high and low.
Typically, it reflects on your driving history, but there’s more to it than that. It also depends on how much you use the car, where you live, your coverage, and more than anything, the car you buy. It’s just something to think about, so check it out before you buy to make sure you don’t get a nasty surprise, especially if it’s a brand-new car.
Charging Costs and Expenses
After you get past all of the costs of buying the car, it’s also to remember to look at the cost of electricity to power it. Fuel is always going to cost money after all, and electric is just another type of it. You need to factor it into the running costs of your electric car carefully to determine how much of a money saver it is going to be and what the financial situation is too.
The biggest cost driver here is your bill tariff. How much your electricity costs is the biggest cost of how much you’ll be paying for your charge. It’s always different for different locations and different providers, but even choosing the right energy package can have a massive impact. Some businesses out there even have electric vehicle orientated packages to help you make the most of the costs you’ll get hit with.
The cost of electricity to go into your car is only actually half the battle too. The other half comes, of course, from the running costs of your car. That goes to two different areas. The first of these is how big your battery is. The larger the battery capacity of your electric car, then the more electricity you will put in it at a time, and as such, the more it’ll cost. That’s the theory of it at least.
On the other hand, it also depends on how your driving and the electric efficiency of the car too. If you drive erratically and recklessly, you’re going to use more electricity than you would be driving gently and consistently, especially when you’re racking up the miles. On top of that still, you’re also looking at the general fuel efficiency too. Newer cars with more advanced software and batteries use energy much more modestly than older or performance-based cars. That has a massive impact on your electricity usage.
The last of the running costs of your electric car actually comes from how you’re charging at all. You need to have the facilities to be able to charge from home after all. This is where you need to look at the installation of a charging system. Luckily, there’re grants for it too from the government.
The first instance of these comes from the EVHS, which Is for home charging. This is a grant covering up to 75% of installation fees at home for your electric car. That’s perfect for getting set up. Another useful example of this kind of scheme applies to work too. It’s slightly more complicated, but it’s a lifesaver for long-distance commuters.
There is the case of charging in public too, but that’s a hugely diverse and up and coming sector that is tough to call, as it stands. Currently, there is a huge range of free charge points in public places across the country, as well as some paid charging pods at select service stations. It all varies.
The last point to look at with electric car running costs is from your upkeep. All cars need upkeep to keep them running smoothly and safely after all. Electric cars have a lot less moving parts in their engineering and therefore a lot less wear and tear, but they do still have some. This is where you need to keep your eye on the ball just like always. Luckily, it’s not much.
The first example comes from servicing and MOTing as always, these are essential to perfect vehicle health and can be a cost reducer if you do them regularly enough. They make sure that your car health is exactly where it needs to be and minimises risks of other issues later on down the line too. It’s a good habit to get into even if it does cost a little. (it also boosts your resell value).
Wear and Tear
Lastly, we still have the wear and tear we mentioned. Unlike combustion engines with a whole load of moving parts, oil and belt, electric cars take a lot of that away. Instead, the only things we really need to think about on a regular upkeep basis comes from the tyres and the brakes. These get worn down no matter what powers your car, and they’re essential to safety, performance, and fuel consumption. They really are non-negotiable, so make sure that you get them done.
Different cars always cost different amounts of money, so always try your best to do the calculations for yourself. On top of that, however, you still need to make sure you’re staying safe. If you’re ever in doubt or need more clarification on the whole story, get external help. There are hundreds of services out there designed to make your car buying and running experience easier than ever, and inspections like ours are just one of these designed to help you keep these costs to a minimum, and always keep you as safe as possible. Checks never go amiss but try to think ahead to cover all bases.
Generally speaking, electric cars are the future of driving. They have a list of benefits that is only growing larger every day. Getting aboard the bandwagon as soon as you can is a wise choice, especially as other fuel sources get made redundant. They help the environment, they cost no tax, and they are only going to get easier to run as time goes on. Now is as good a time as any!