Amid soaring inflation rates and the cost of living rising exponentially, many of us are looking for ways we can save money on everything from food to fuel.
Buying an electric car might not be top of your list, but hear us out: they aren’t as expensive as you may think. There are immediate fuel savings, and EV prices are dropping, with price parity with ICE cars expected by 2026.
Here are five reasons why going electric is a smart move if you’re looking to save some cash.
Lower fuel costs
Although electric cars have a higher upfront cost, once you’ve invested in the car itself, you’ll see your operating costs plummet. It’s estimated that electric vehicle owners spend around 60% less money on fuel compared to petrol engines.
As fuel prices increase, these savings will only increase. Motorway has a good explanation for the kinds of costs you can expect.
Lower operating costs
Electric cars have far fewer moving parts than traditional cars. With fewer parts, there’s less to go wrong, so you’ll be able to save money on repairs and maintenance.
This will often translate into lower car insurance costs, too.
You can use government incentives
It’s no secret that the perceived cost of electric cars can put off some buyers. But did you know that there are a range of incentives to help you make the switch?
Some types of low-emission vehicles and EVs are eligible for government grants, to make electric cars more affordable. These grants cover the cost of the vehicle itself but also the cost of installing an electric vehicle car charging point at home.
You can also get special home charging tariffs to keep your energy bills low.
They have a long-term resale value
If you’re planning on reselling your car, the resale value matters. This is great if you’re an EV owner as electric cars don’t depreciate in value as much as petrol cars do, although their rate of depreciation is something of a mystery.
This is because electric cars have fewer parts. Meaning you’re far less likely to break down and end up stranded on the motorway!
Final thoughts…
In a time when people are looking to hunker down and save money, buying a new EV probably isn’t high on the agenda. But it should be!
Once you’ve bought the car itself, there are so many ways you’ll save each month. If you haven’t already done so, why not make the switch and see how much you could save?
