As most people will be aware, the British government have brought forward the ban on the sale of new traditional fuel cars. Although the ban doesn’t come into force until 2030, it has got a lot of people thinking about whether they should make the switch early and simply buy an electric vehicle now. However, the question of affordability hangs in the air. Can you afford to purchase an electric vehicle? Let’s take a look.
The Initial Expense
Truthfully, running an electric car is often cheaper than running a traditional car. However, the upfront cost is often more expensive, which can make them less accessible. Their upfront cost is, in part, due to the fact that they are often more expensive to manufacture. Luckily, there are a few incentives and schemes out there that might be able to help to make them more affordable.
The plug-in car grant, home charger grant, workplace charger grant, tax breaks and even scrappage schemes can all help to make an electric vehicle more accessible for you. They all have their own application processes and requirements that will need to be met, though, of course, so you will need to bear this in mind.
Charging
You will also need to think about how you are going to charge the car. Despite not being able to charge the car for free, you will either have to get a charging point in your home or utilise public points. Either way, there is an expense associated. To work out how much it will cost, you should look up the charging times for an electric car as listed on ElectriX. Keep this in mind when thinking about how much you currently pay for fuel. From there, you can compare the costs to see if they would come out similarly if you switched to an electric vehicle.
The Tax Breaks
Electric vehicles have cheaper tax rates if they aren’t exempt from vehicle tax entirely. However, even if your car is exempt, you will still need to tax the vehicle through the DVLA, even if you do not have to pay to do so. That being said, by 2030, when the ban comes into place, the taxation requirements for vehicles might change. There has been speculation that there might be a pay-as-go road tax system, clean air zones and tolls, although none of this is any more than speculation at this point.
In Conclusion
Whether or not you can afford an electric car depends on your personal financial situation. There are pros and cons to owning an electric vehicle, just as there are with a conventional car. It really comes down to you. As mentioned above, an electric vehicle is usually more expensive to purchase than a traditional vehicle, but they are often cheaper to run. In the future, the price of the vehicles themselves might become more affordable as the second-hand market for electric vehicles grows. Choosing to purchase an electric vehicle now does set you ahead of the curve. It also means that you can take advantage of government schemes which won’t last forever.
