The cost depends on which vehicle you buy. There are some government incentives that make it cheaper to buy a new EV. The Plug-in Car Grant reduces the price of a battery electric vehicle by £3,500. With this grant the WhatCar? Car of the Year 2019, the e-Niro costs just £32,995. There is also a £500 homecharge grant to help you with the cost of a home charger.
Servicing and maintaining an electric car is simpler and cheaper, which saves you money. This is due to the fact that electric cars engines have just three main components and fewer moving parts than a combustion engine. Petrol and diesel cars on the other hand are very complex and have hundreds of components that can wear, fail or need replacing.
Electricity is cheap, especially when you charge your vehicle at home. Driving a car on electricity can cost around a third of an equivalent petrol or diesel car.
You could save around £500 during the first three years of ownership, as there is no yearly or first-year tax with an electric vehicle.
Company car tax is drastically lower if you drive an electric car. However, in 2020, company car drivers who drive an electric car will pay no BiK (Benefit in Kind) charges.