Is It Worth Buying an EV in 2023?!
As we kick off 2023 many people are asking the question - is it still worth it to buy an electric car in 2023? Here we explore seven ways an EV can still save you money despite soaring electricity prices and how an electric car can improve your life on a daily basis.
1 - Cost - The Biggest Factor
The price of electricity has gone through the roof lately so is it still cheaper per mile?
The short answer is yes.
Whilst we know that the purchase cost of an electric car is more than a petrol or diesel equivalent - the cost per mile is usually cheaper when you go electric. Charging at home on a cheaper overnight rate is the best way to save money - the night rate can be up to 3x cheaper than the day rate.
Road tax is currently free on electric cars for the next couple of years and even when the charges do kick in - they will be low.
Check out our dedicated blog for the full breakdown of these costs for more info.
Let's use a real-world example:
2019 Renault Zoe ZE40 40kWh Battery
Octopus Night Rate = 16.05p per kWh
Cost of a full charge = 40 x 16.05p = £6.42
ZE40 Zoe Range = 165 miles
Cost per mile = 3.9 pence
2021 Ford Fiesta 1.0L EcoBoost
Fuel Consumption = 54.1mpg
Avg Price Per Litre Petrol = £1.64
Cost per mile = 13.8 pence
The electric car wins! No surprises there . . . right?
Even if we take a higher electricity price of 50p per kWh the cost goes to 12.1 pence per mile. Still cheaper than the Fiesta!
2 - Convenience
Imagine waking up every day to a full tank of fuel. No standing in the cold and damp filling up with petrol. No smelly hands. No queueing up to pay. This could be you!
Making the right decision when you buy an electric car is so important - buy the car which best suits you and your family. Remember - this doesn't always mean you need the biggest battery there is. If you can charge every day at home you may only need a car with a battery which covers your daily commute.
Charging at home is so easy and the convenience of it should not be understated. Arriving home each day and plugging in your car takes only a few seconds and will soon become second nature.
Many electric cars also come with several pre-conditioning modes as standard.
For example - set your car to warm up for you each morning before you leave for work. No more getting the scraper out. No more de-icer. No more cold fingers.
Setting yourself up for home charging doesn't have to cost the earth either - start with a standard 3-pin plug charger and see how you get on, you can always install a dedicated charger later on.
Those visits to the petrol station will soon become a thing of the past.
Forecourt-E works with local and national companies to help you get your home charger installed if you do decide this is the best option so don't be shy - get in touch today with any questions you have on the topic, or check out our blog article for more info.
3 - Ticking All the Boxes
Heading into the dealership, speccing up a brand new car and asking for every option on the list is a dream for many people. Well, with an EV you might be able to get a bit closer to that than you thought.
In order to tempt people into electric cars and to help justify the high price tag when brand new, many manufacturers opted to make their electric version of a petrol car the 'top spec' version of the petrol or diesel equivalent.
Many electric cars come with plenty of handy features which may not be standard on all cars, particularly those that are a bit older.
By adding these features the manufacturers also made the cars a bit safer. Some of our favourite features include:
-Blind Spot Assist
-Auto Lane Keeping
-Adaptive Cruise Control
-Heated and Ventilated Seats
-Upgraded Sound System
Of course, you won't find all of these in every electric car but it is certainly more common than you might think.
Check out our latest stock to see if we have what you are looking for.
4 - Ever Had Free Petrol?
Didn't think so. Well . . . although not as common as they used to be, free charge points are still out there. A search on ZapMap shows over 3,000 free electric car charge points are active across the UK.
The average commuting distance in the UK is a 41-mile round trip, however, 75% of people have a commute of ten miles or less (round trip).
Finding a local charger which is free to use could enable you to remove the 'fuel' cost of this commute with a short stop there each week.
Hopefully, there is a free charge point local to you where you can leave the car on charge whilst running your errands.
To find your nearest free charger -
Head to ZapMap
Select 'Free to Use'
Save your filter and check out the map. You might just be surprised!
5 - Like to Do Your Bit for the Environment?
Making an electric car your daily driver is a great way to do just that.
We all know that a petrol or diesel car spews fumes out into the atmosphere every minute the engine is running, but how does this compare to the environmental impacts of mining rare materials to create batteries and driving around in a heavier-than-average car?
Well - the truth might surprise you. Driving an electric car for two years is enough time to balance out the additional energy taken to create the batteries for the car when compared to making a petrol or diesel car. Every day after that is then extra savings.
These savings are valid for most forms of electricity generation too. The grid here in the UK is becoming more and more sustainably powered every year, but even if you were to power an electric car on electricity generated only from coal - the car would still be better for the environment after only two years of driving.
Many energy providers in the UK offer 'green tariffs' where the energy they supply you with comes from a renewable source. This compounds the environmental benefits even further.
Don't believe me? Check out the below article from Reuters which takes a deep dive into the topic.
6 - Cheaper Maintenance Costs
The savings keep on coming once you have bought your EV. Maintenance costs are typically much lower than the petrol or diesel equivalent with the savings usually adding up to hundreds of pounds per year.
Electric cars have fewer moving parts than a car with an engine. The electric motor is much simpler to manufacture therefore there is much less to go wrong.
No timing belts to replace, no oil changes, and no new spark plugs. The list goes on.
Some consumable parts also last longer. Whilst it is wise to get your EV serviced annually, you will find parts such as brake pads and discs that last longer. Making use of the regenerative braking your EV has will increase this further.
The cost for a full service at a main Renault dealer for a Renault Zoe in 2022 was around £110. Compare that to a Renault Clio you are looking at around £160 upwards, depending on what needs to be replaced.
Whilst £50 might not seem like a huge difference, over the life of the vehicle this adds up to a large amount of money saved when driving electric, especially when including the cost of more expensive components which will need replacing over time.
Check out the below article for more on this:
Link to article
7 - The Electric Driving Experience
An electric four-door family saloon can beat a BMW M3 from 0-60mph. The Porsche Taycan can hit 60mph in less than 3 seconds. Why? It's all about that electric motor.
Unlike a fuel engine, an electric motor can deliver the maximum torque instantaneously. As soon as you hit the accelerator pedal the power is delivered and the car flies!
The Tesla Model S Plaid is now the fastest accelerating production car in the world boasting a 0-60 time of 1.98 seconds.
These benefits translate down to more 'normal' cars too.
The single-gear mechanism in most electric cars allows for smooth driving due to the lack of a gearbox. The 'nippy' acceleration in all-electric cars is useful in many driving situations and makes any car just a little bit more fun to drive
Thanks to everyone who made it to the end! For lots more information on electric cars be sure to check out the Blog section of our website.