A new electric car won’t save you money, motor experts warn – which is why the eco-friendly option may not be the most cost-friendly.
Britons’ interest in electric vehicles nearly doubled in the first two weeks of June as fuel costs skyrocket – but switching from petrol to electric might not save you the big money you thought.
The average cost of fueling a family car has reached £100 for the first time this year, yet motorists should be wary of switching to an electric vehicle to cut their spending.
To start with, the average electric vehicle (EV) will set you back an eye-watering £51,924, according to research by Forbes Advisor – almost twice the price of the average fuel car, which costs £26,752.
Even models from the same manufacturer vary greatly in price.
For example, the all-new Vauxhall Corsa with a petrol engine – the UK’s most popular car – starts at £17,340, while the Corsa-E starts at £27,055.
So as it stands, a new EV driver would need to drive more than 314,650 miles to recoup the difference in purchase price, charging their car instead of spending hundreds for fuel.
And these larger figures are the starting amount before any insurance, MOT, or servicing costs are included.
Some ongoing costs like servicing for EVs may be affordable, but car insurance can actually be more expensive for the environmentally conscious.
In one example, the cheapest annual comprehensive insurance policy for a brand new Vauxhall Corsa with a 1.2 petrol engine was £243.43 – for the electric counterpart, the Vauxhall Corsa-E, the cheapest price was £334.71.
For the same driver, it would cost £579.63 to insure the UK’s most popular EV – the Tesla Model 3 – for a year – almost two and a half times more than the petrol engine Corsa.
To make matters worse, the government has just announced that it is withdrawing a £1,500 plug-in grant given to buyers of new electric vehicles.
The move was announced by the Department of Transportation (DfT) earlier this month, making electric car ownership more expensive for many people.
It said success in the UK Electric Car The revolution has prompted the government to “refocus plug-in grant funding” to encourage other vehicles to “charge up and go green”.
Motoring expert Laura Howard at Forbes Advisor commented: “We are deep into a cost of living crisis, and paying £100 to fill a tank with petrol or diesel is already increasing the energy bill for many families and at large. Struggling with inflation.
“Very few drivers will see the pump price indicator race towards three digits with anything other than fear and despair.
“Those who are lucky enough to have the money for a new car may consider an EV based on their relatively low running cost.
“But they should remember that the purchase price premium means they won’t earn back the higher cost in the long run.
“Therefore, anyone who is looking for immediate savings to reduce the strain on their wallet should look for other ways to cut the cost of motoring, from shopping around for a better insurance deal to a huge Until the roof-racks were dug up.”
How to deduct the cost of owning a car
Sign up to promote loyalty programs
You can get a refund on your fuel refill by collecting points at the pump – but make sure the potential savings is worth returning at a particular station.
switch your insurer
Thanks to new rules in January, you can save up to £290 by switching to a new insurer.
This means your current insurer may not charge you more than a new customer for renewal, but that doesn’t mean you shouldn’t buy – a different insurer may charge you less for the cover you need.
Sharing a lift with friends or co-workers can save fuel on alternate days or weeks for everyone—plus you only need to find parking and pay for one car.
Driving smoothly will reduce fuel consumption and help you avoid motoring delinquents, saving you money on fines and subsequent car insurance increases that go along with the points on your license.
Make sure your tires are properly pumped and that you don’t have any unnecessary cargo or baggage.
A lighter load and less rolling resistance means you’ll need less fuel to go more miles—so get rid of your golf clubs and mountain bike for a midweek commute.