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How much money can I save with an all-electric car?

Kia Soul EV

Can I save money by buying an electric car?

Yes! 

Currently, the list price of an electric vehicle is more than a standard combustion engines, but your annual running costs are significantly reduced and over a 5 year period, the savings, on average could be around £5000. Throw in the current government subsidy of £3,000 discount on electric vehicles, and that's a pretty attractive saving. 

Annually, you can expect to save around 150 in tax and £850 in fuel costs (based on an annual mileage of 7500).

On average, petrol car users are forking out £1200 a year on fuel, compared with a mere £340 annual electricity cost needed to power an electric vehicle. Over a 5 year period, this is a huge saving of £4250! These figures reflect home charging. Rapid charging networks are anticipated to be higher.

Road tax is not applicable to electric vehicles, and petrol car drivers could be seeing costs anywhere from £150-£475.

For more information, have a look at our electric and hybrid vehicle information hub, or take a look at our electric and hybrid vehicles

15 December 2020

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