Running an electric vehicle (EV) has been proven to be cheaper than its petrol/diesel counterpart. And that’s not all – free parking, road tax exemption, and cleaner emissions are among the many advantages of making the switch to electric.
That said, we’re not oblivious to the high upfront cost of buying an electric car, making it one of the biggest barriers to EV adoption in the UK (among the lack of charging infrastructure and range anxiety). And that’s not to mention the removal of the government Plug-In Grants towards the cost of a new electric car.
With this, you may be wondering – how can I afford an EV in the UK in 2023?
We’re going to take you through the alternative ways to own an EV – either on a temporary basis or long term – all at different price points.
Buying a second-hand EV may seem risky, especially with the frequent grumble surrounding range anxiety and battery degradation. However, you are ruling out a viable option with this train of thought.
On average, an electric car battery’s life span is approximately 100,000 to 200,000 miles, equating to around 15-20 years. Which, surprisingly, is longer than a petrol car (which typically lasts about 12 years if cared for properly). Of course, there are exceptions to this – cars are all different, whether electric, hybrid or petrol/diesel – and these are rough estimations.
That being said, second-hand electric cars are significantly cheaper and are a feasible route. For example, EVs bought second-hand can be as low as £8,000, a significant price decrease compared to brand new models, which at its lowest can be around £22,225 – for the small city car, the Smart EQ Fortwo.
Cinch, or Cazoo, offer various second-hand EVs at different price points. Cazoo also offers car finance, meaning you could make the cost of a second-hand EV even more attractive.
If you prefer purchasing in person, take a trip to your local dealer and enquire about the second-hand EVs available.
Of course, battery degradation is a worry when it comes down to second-hand electric cars. However, there are a number of ways to prolong battery life to ensure maximum efficiency. For example, not fully charging to 100% and reducing exposure to extreme temperatures.
Overall, buying a second-hand EV is more cost-savvy than purchasing a brand-new one. And with electric vehicle uptake increasing – there are approximately 680,000 battery-electric cars in the UK already – it’s more than likely that the number of second-hand EVs will increase too.
If you don’t want the long-term commitment of purchasing an electric vehicle or can’t afford the cost outright, leasing is the perfect alternative.
Companies such as Vanarama offer electric car leasing deals at prices as low as £225.94 a month. So, you can garner all the benefits of electric vehicles without the significant investment of purchasing an EV outright.
What’s more, leasing arrangements usually include maintenance, servicing, and breakdown cover as part of your monthly payments, saving you more money down the line.
If your employer offers a salary sacrifice scheme, you’ll be able to drive an electric vehicle without the expensive upfront cost.
In short, salary sacrifice schemes work by taking a portion of your wage pre-tax and using this amount to help fund an electric car – similar to cycle-to-work schemes and pension schemes.
Popular electric vehicle salary sacrifice schemes include Octopus EV and the Electric Car Scheme. On average, you should pay less for an electric car through the salary sacrifice scheme when compared to leasing yourself. What’s more, road tax, servicing and breakdown cover are typically included in the package.
Of course, the downside is that you’ll have to give up a part of your salary, but the advantages of only having to pay for your EV charging should outweigh the disadvantage.
Workplaces can also take advantage of the Workplace Charging Scheme up until March 2024. Businesses can claim up to £14,000 of grant funding towards the supply and installation of EV charging points.
What’s more, the EV infrastructure grant allows up to £15,000 of government funding. So, if you decide to go through your business to acquire an electric vehicle, why don’t you inform them about the substantial government grants available while also benefiting from free or subsided workplace charging?
Did you know there are monthly subscription services for electric cars?
Just like your monthly Spotify or Netflix subscription, you could subscribe to an electric car and make a fixed payment each month to drive an EV.
Companies such as Elmo give you a chance to subscribe to a Fiat 500e La Prima 42kWh from £479 per month. Or, if you’re a fan of luxury living, you’ll soon be able to subscribe to a Tesla Model 3 standard from £1,169.
What’s included in this monthly subscription? Obviously your specified electric car is included, but other commodities such as insurance, servicing and maintenance, and breakdown cover are also included.
There’s no upfront payment with Elmo, too, which provides an advantage to leasing.
Additionally, more flexibility is also offered with monthly subscriptions. The minimum term at Elmo is 60 days, so if you aren’t 100% convinced about driving electric – you don’t have to commit for the long haul.
In the past few months, there have been drastic price reductions for certain manufacturer brands. EV giant Tesla cut their Model 3 by £5,550 and Model Y by £7,000 in January. And then Elon Musk cut the Tesla prices for the second time again in early March by £2,770.
Moreover, Ford discounted its Mustang Mach-E after Tesla’s price cuts as tension in the industry arose.
While the initial high cost is still present, especially with the higher-end electric vehicles, if there was ever a time to buy an EV – or specifically a Tesla – it’s while the prices have been slashed.
Cheapest EVs on the market 2023:
Still want to purchase a new EV outright? We’ve collated the cheapest electric cars on the market for you.
Unfortunately, for a brand-new EV, you are looking, on average, at £50,000. However, they range from the £20,000 mark up to £100,000.
Price – £22,225
Range – 100 km
Price – £23,835
Range – 135 km
Price – £25,995
Range – 300 km
Price – £28,995
Range – 235 km
Price – £29,995
Range – 190 miles
Price – £31,130
Range – 285 km
Overall, it’s no secret that electric cars are expensive. But we hope our blog offers a few viable solutions to the current costs.
That being said, as the EV industry continues to develop, and with upcoming government acts – such as the ban on the sale of new petrol and diesel cars – it’s likely that the cost of electric vehicles will decrease over time.
If you’re interested in an electric vehicle and don’t want the higher costs and inconvenience of public charging, contact us today at 03333 44 96 99 for impartial advice on our wide range of home EV chargers. We supply and install home and workplace electric vehicle charging points nationwide.
To keep up to date with everything electric, stay tuned to our blog. Follow us on Facebook, Instagram, Twitter, and LinkedIn.
This type of electric charger has it's own cable to charge your car.
This type of electric charger requires a seperate cable to charge your car.
Spread over a 60 month period.
Tenants and homeowners are eligible for finance.
You decide the amount of months.
Minimum of £1000.
We will contact you to process the credit application. Approval is subject to application, financial circumstances and borrowing history. 13.9% APR representative. T&Cs apply.
Your order is not confirmed until your application has been approved.
We lay SWA cable laid at 600mm deep, with a protective cable warning tape laid 150mm above the cable. These are laid on a sand or sifted sand soil bed then backfilled.
We position overhead cables at a minimum height of 3.5m and are run along a catenary wire. The cable run should not be accessible to vehicles.
Our instant price is fixed if it falls within our standard installation package plus any additions that you have selected (extra cabling for example). This package covers the majority of homes in the UK. Before we undertake your installation we will carry out a digital survey to check that nothing has been missed. After reviewing the survey results some additional work may be required in order to complete your installation safely and to the required standards. If this is the case, we will contact you well before the installation date and advise the cost of any required work. You can then continue with your installation, or alternatively we will refund you in full if you do not want to proceed.
Included in our standard installation is :
• Fitting of a single phase charge point to a brick or plaster wall or other suitable permanent structure
• Up to 10 metres of cable, run and neatly clipped to the wall between the electricity supply meter / distribution board and the charge point.
• Routing of the cable through a drilled hole in a wall up to 500mm (20 inches) thick if this is needed.
• The fitting and testing of electrical connections and protections required for the charge point.
• An additional three way consumer unit, if required
• Installation of a Type A RCBO in an RCBO enclosure
• Up to 3 metres of plastic trunking to conceal interior wiring.
• An O-pen earth protection device if the charge point requires it. (This is NOT an earth rod)
• Up to 4 hours of labour from your installer to complete the work.
• Electrical testing of the whole installation.
• Handover and setup of the charge point and any app that may be needed.
Not included in our standard installation (additional work) :
• Where the installation requires additional cabling over and above the amount you have told us about.
• Upgrade/replacement of the main incoming supply fuse where the local DNO (eg Northern Powergrid) would need to attend site.
• If the charge point is to be mounted on a post/pedestal rather than an existing wall and where you have not selected a post as an extra cost option in your order.
• Installation of a charge point to a three phase supply.
• Where gas and water mains bonding (earthing) is not in place at your property. If this is not in place, additional work would be required before installation of the charge point.
• Any groundwork that has not been selected during the order process.
A Surge Protection Device is not included in our standard installation.
What else you need to know :
• On the day of installation, please ensure that the area around your consumer unit (fuse box), incoming electricity supply meter and proposed charge point location (including where the cable is expected to be run) is clear and free of obstructions.
• We will need your WiFi password as part of the installation process in order to connect your charge point to the internet. Please have this available for the installer. Details will not be kept.
• The charge point must be on your own designated off road parking.
• The charger will be fixed in line with current guidelines at a height where it cannot be hit by a vehicle.
• Our installers are not able to enter loft spaces; lift floorboards or flooring; take apart any furniture of work above a height of 2m. If you anticipate that any of this may be required, then please contact us and we can discuss in more detail and provide you with a quotation.
• Should there be extreme weather conditions our installers may not be able to continue with you installation if it is not safe to do so (for example flooding). They will always do their best to complete the work where they can.
If you have any questions then please contact our customer service team who will be happy to help. Please also read our terms and conditions.