Conventional fuel vehicles are slowly being phased out; now, this transition is not going to happen overnight. The ban on new cars being produced doesn’t mean that second-hand vehicles will not still be available t purchase. However, consumers are being encouraged to consider electric vehicles when they want to purchase a new car. That being said, the cost does concern a lot of first-time would-be EV purchasers. The big debate at the moment is whether EVs are really affordable for the majority or not. Let’s find out.
Upfront Costs
One of the biggest considerations when it comes to affordability is the upfront cost of the item. Buying a new car is always going to be pricey. Truthfully, electric vehicles do tend to be more expensive to purchase in the first instance. This comes down to several factors. Firstly, they are often more expensive to manufacture because they rely on newer tech, and so in order to maximise their profit potential, manufacturers raise the prices. In addition to this, there is also not really a second-hand market for these vehicles as of yet, because they are so new to the market. This means that interested parties are forced to buy new which is, of course, pricier than purchasing second-hand. This is all to say that electric cars do tend to cost more upfront.
Although, purchasing outright is not your only option. You could also choose to lease or finance the vehicle. How long is an electric car lease? The answer is that it depends on the provider, but LV ElectriX does have a handy guide which can help. However, there are a few government-sponsored grants and schemes designed to make the purchase of an electric vehicle more accessible. There are several programmes to peruse before you progress any further. That being said, they are not just given away; you do have to apply and, more importantly, qualify for them.
Ongoing Costs
Because most electric cars are new, they are likely to have lower maintenance costs than older, traditional fuel vehicles, which can save you money in the long run. The next expense to consider is the cost of charging your vehicle. Obviously, you cannot expect to charge your car for free. There are two options, either charging at home or using public charging stations. Installing a charge point at your home can be expensive, although, again, there might be applicable government grants to help. Once you have installed the charge point, charging your car at home tends to be a lot more cost-effective. Public charge points are another option, and they do tend to vary in price. That being said, charging is often cheaper than fuelling a traditional vehicle. Finally, electric cars do also tend to be cheaper to tax; some of them are even exempt entirely.
To Conclude
In recent years, there every effort has been made to ensure that electric vehicles are more affordable for the majority of people. However, despite these efforts, it might still not be accessible to a lot of people. In the end, it is really up to each individual person; you will need to assess your personal finances as well as whether or not owning an electric vehicle makes sense for you in terms of your lifestyle too.