Whatever your reasons for wanting to make the switch to electric driving, it needs to make financial sense. And, while electric cars benefit from lower running costs over the vehicle's lifetime, the initial purchase cost can be higher than a petrol- or diesel-powered vehicle equivalent.
In this article, we answer the most common questions about the costs associated with buying an electric car. And look out for our follow-up article on the running costs of owning an EV!
How Much Does It Cost To Buy An Electric Car?
The cheapest price you can get your hands on a new electric vehicle for is around £20,000 (once the government grant has been deducted - more on that later!); however, at this price, you'll be paying additional monthly payments to lease the battery. It's now more common to find new EV models with owned batteries, and these start around the £25,000 mark. You could also consider leasing a new EV - your local Hendy Sales team will be able to talk you through your options!
As with petrol/diesel cars, buying a used model is a cheaper option, but you might have a potentially deteriorated battery life, and also might still have the monthly leasing cost, unless the original owner purchased it outright. There's also less choice than with petrol and diesel options, as there are less for sale. View our latest used EV models at Hendy here.
How Much Does It Cost To Lease The Electric Car Battery?
If you buy a used EV, you're more likely to come across leased batteries - for example, some of the earlier LEAF models as well as the ZOE models have leased batteries. As mentioned above, most current EVs have owned, not leased, batteries. The Renault ZOE is an exception that's still sold new with the choice of an owned or leased battery. Renault's lease costs vary from £49 to £110 per month, depending on battery size and permitted mileage.
Are There Grants Available?
EVs under £35,000 in value qualify for a £2,500 government grant administered by the Office for Low Emission Vehicles (OLEV). View the current grant categories here: https://www.gov.uk/plug-in-car-van-grants. At Hendy, we do all the hard work - we'll apply for and receive the grant, so, as the buyer, you just need to be aware of the grant and the difference it could make to your budget!
OLEV also offers a grant of up to 75% of the cost of a home charge point, capped at a maximum grant of £350.
Last but not least, keep your eye out for EV or grant news, as the government has recently promised funds to accelerate the move to an electric future, including making EVs cheaper for drivers.
Join The Electric Revolution With Hendy
For more tips and helpful guides about electric/hybrid driving, check out our News page. From the types of vehicles available to information about charging, our series of articles will give you complete confidence when making the switch!
