While EVs are generally more expensive to buy, they are cheaper to run than petrol or diesel vehicles. This helps to offset the upfront cost of buying an EV.
One third of used electric cars cost under £20,000 and some new models cost under £30,000.
EVs are cheaper to run because:
- It generally costs less to charge an EV than filling up a petrol or diesel car, especially if you charge at home.
- Maintenance costs are typically much lower as they have fewer moving parts and fewer parts prone to wearing out over time.
- If you’re buying a new electric car (registered on or after 1 April 2025), you’ll pay a lower vehicle exercise duty rate for the first year.
- You may also be able to take advantage of local incentives for driving an EV.