Are Electric Cars really more expensive?
Are Electric Cars really more expensive?
While it is true that most Electric cars are more expensive to buy new up front, either with cash or on a Hire Purchase agreement, some Car Finance options can bring this cost down significantly. In fact if you’re leasing or buying with a PCP contract, your monthly cost could be identical to – or even cheaper than – the equivalent internal combustion car.
With PCP finance and leasing the monthly cost of your car doesn’t depend entirely on the sticker price of the car but on the amount your car will depreciate over time. Essentially, that’s the amount you’re paying: the expected depreciation of your vehicle.
Electric Cars often have a higher base spec, they’re frequently more powerful and roomier on the inside, and there is far, far less to go wrong under the bonnet, meaning that they last longer. All this makes them a far more reliable sale in the future and they retain their value better.
This brings down the monthly amount you pay for the car on a PCP or a Lease, frequently bringing it in line with “regular” cars. Sometimes, even cheaper.
The upfront cost isn’t the only cost consideration either: EVs are much, much cheaper to run.
(£6.60 a gallon – around 15p a mile) 209 miles London to Manchester = £31.35 (assuming 45mpg) or 62.70 return vs. £4.18 with an EV – a saving of £58.52.
Average UK car drives 142 miles a week = £21.30 vs. £1.42 – a saving of nearly £20 a week, every week. That’s just over £1k saving over a year or £87 a month. No car tax (£490 (£40.83pm) a year for a BMW M3) No congestion charge until 2025 – so long as you register your car. That’s £15 a day!
There’s never been a better time to buy a new or used car. There are hundreds of thousands of brilliant new and pre-loved cars out there just waiting for a new driver to put them on the road.
You could be that driver. Buying the car you need at a price you can afford means getting the Very Best Deal on your Car Finance.
Representative example:
Borrowing £9,000 over 60 months with a representative APR of 21.9%, an annual interest rate of 21.9% (Fixed) and a deposit of £0.00, the amount payable would be £238.28 per month, with a total cost of credit of £5,296.90 and a total amount payable of £14,296.90
Useful Links for Electric Car Research
Useful Mild Hybrid Car Links
What is mild Hybrid
Does a mild hybrid save fuel?
Do Mild Hybrids have a battery?
Useful Hybrid Car links
How Does A Hybrid Car Work?
Can I still drive a Hybrid Cars after 2030?
Do Hybrids work on Electricity Alone?
How Long do Hybrid Car Batteries Last?
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