Why are electric cars so expensive?

Electric vehicles (EVs) are pretty new, especially compared to traditional vehicles. The upfront cost of buying an EV could be higher than that of a petrol or diesel car. But the lower long-term costs of running an EV help balance that out.

Because the technology powering EVs is new, it’s still being perfected. So much new hardware in your vehicle means the upfront cost of buying is likely to be higher. Likewise, the second hand market for EVs hasn’t had time to mature so there are fewer deals out there.

Remember, buying an EV is basically the same as buying any other car. It’s likely you’ll be able to access finance options to spread the cost.

Will electric cars always be more expensive than petrol?

Probably not. Electric cars are already more affordable than they were five years ago. As the technology develops, prices are very likely to come down until the difference is barely noticeable.

Because the UK government is phasing out the sale of petrol and diesel cars by 2030, the EV market is set to expand considerably in the next few years. That means more second-hand EVs coming up for sale, with greater supply driving prices down.

Are electric cars more expensive in the long run?

Despite the higher upfront cost of buying an EV compared to traditional petrol or diesel cars, lower running and maintenance costs help offset that difference:

  • Charging an EV is much cheaper than filling up with petrol, especially if you charge at home
  • EVs could be exempt from some taxes levied on petrol and diesel cars
  • Because they have fewer moving parts, EVs require less routine maintenance

Think beyond upfront costs to the total cost of owning an EV. Depending on your lifestyle and what you need your car to do, you could save by switching to electric.

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