Are you considering making the move to electric? If so, you’re not alone. For a while, the diesel and petrol ban was set at 2035, but since this was recently brought forward by five years, time’s ticking for motorists to decide when they want to swap out their petrol for an electric vehicle (EV).
The update to the details around the ban came ahead of the UN’s climate poll revealing that people support more comprehensive policies to help take urgent action against climate change. Figuring highly on the agenda for reducing carbon emissions is making the move away from damaging pollutants created by traditional car engines and towards a world filled with electric motors.
But how easy is it to make the switch? What are the costs involved? Here’s a look at the things to consider before buying your first EV.
Why go electric?
While the upcoming ban might make you want to buy an EV, what are the benefits of doing so? The major one is the scientific research that shows that EV are greener motors. Research by the International Council on Clean Transportation (ICCT) revealed that electric cars are better for the environment, producing less pollutants and greenhouse gases than petrol and diesel cars.
What does the EV market look like?
EV count towards a small amount of new car sales each month, however the market is growing and is set to continue as the ban approaches. According to Wired, in October 2020, battery-powered EV had a 6.6% share of the market. But for the first 10 months of last year, BEVs took up 5.5% of sales, which was up by 168.7% from the year before.
While these aren’t huge numbers yet, it’s clear that the market is growing. It’s worth noting, however, that the impact of the pandemic on motorists’ finances might be the reason why sales figures for EV aren’t higher.
Auto Trader ran two surveys in 2020, the first in January and the second in August, to see how many people were thinking of buying electric. While 16% of respondents said they were thinking about it at the start of the year, by the end of summer, this number had dropped to 4%.
Things to consider
If you’re among those drivers who are still keen to swap out your petrol car for an EV, there are certain things to consider beforehand. One of the main things to factor in will be how much EV cost.
While EVs are £107 cheaper on average than petrol cars, the initial outlay for an EV is significantly more expensive than for a petrol motor. According to research by Direct Line Car Insurance, you’ll pay almost £5,000 more for an electric car. Here, the average up-front purchase cost of an EV is £27,921 compared with £22,976 for a petrol motor.
However, the cost of fuelling your electric car works out as being cheaper than paying for petrol. In fact, you can expect to pay as much as third less to travel 100 miles than you would in a petrol or diesel car.
Additionally, you’ll need to think about warranties and insurance. At the moment, it’s more expensive to insure electric vehicles than petrol cars, but this may change as more drivers go electric.
Ultimately, when you decide to switch is up to you. While the initial outlay for a new EV can be expensive, you’ll find that you pay less over time, so it’s worth looking at your finances before you commit.