In the market for a new car and weighing up whether to take the plunge and go for an EV? Electric vehicles have been on the tip of everyone’s tongues recently, but knowing exactly what the EV lifestyle entails can feel overwhelming with so much information out there. Here’s what you should consider before deciding whether they’re worth the investment.
Electric Car Sales Have Soared
They’re more in demand than ever, with the new and second-hand market growing day-by-day. Brands are picking up the pace by bringing out innovative new models to beat the competition and meet sustainability pledges, so this is only set to increase.
These trends are undoubtedly linked to the upcoming legislation to end the sale of new petrol and diesel cars in the UK by 2030. This is in a national attempt to reduce carbon emissions and achieve net zero targets. Many are choosing EVs off their own back too, with the so-called ‘green factor’ coming into play. Eco-conscious buyers are cutting out carbon emissions and going electric instead.
They’re An Investment
It’s no secret that electric vehicles are an investment. You may have the funds ready to go, or you may need to look at the other financial options available if an electric vehicle is something you want to invest in for the long term.
If you are considering a loan or even financing a vehicle, you may need to consider boosting your credit score if it’s something you’ve not previously improved, as lenders will charge higher interest rates to individuals who are considered ‘higher risk’.
It is however worth bearing in mind that as the technology and production become more efficient, prices are likely to drop. You might decide to wait a little while until this becomes more evident in the marketplace. On top of this, the second-hand market will become larger as time passes, giving you more price points and design options to work with.
Running Costs
Although the initial purchase is on the pricier side, ongoing costs for your EV could be a lot less than you might expect.
Road tax is free, as the system is based on CO2 emissions, of which there are none with an EV. You also won’t need to fork out as much money for fuel either, with home charging being your new priority. Experts also say that due to there being substantially less components in an electric car, maintenance costs will also reduce.
It’s estimated that running costs like these will be significantly less, helping you to balance out the initial investment long-term.
Tailor Your Decision To Your Current Lifestyle
It’s worth asking yourself whether an EV would fit your current lifestyle. For example, you may not have off-road parking and the means to install a home charging device, making the prospect of staying on top of fuelling your car less feasible.
However, if you can facilitate the EV lifestyle and have the funds ready to go, there’s no time like the present! Just be sure to put sufficient thought into your decision. It may be worth speaking to those who already own one, as well as doing plenty of research online.
