Electric vs Fuel Cars: A Cost Breakdown

In the last few years, there has been a growing interest in environmentalism; this is likely due to the public’s growing awareness of environmental issues like climate change and global warming. Several initiatives have been embraced by the public, and one such initiative with increasing popularity is a general move away from non-renewable consumables like fossil fuels which are where electric cars come in. Electric vehicles are far better for the environment, which is why the automotive industry as a whole has begun to shift towards them in recent years. However, the question is, as a consumer, can you afford to run an electric vehicle? Read on for a cost breakdown of electric vs fuel cars.

Electric vs Fuel Cars – the Comparison

An Introduction to Electric Vehicles

Electric vehicles really ought to be pretty self-explanatory. Unlike traditional vehicles, which are fuelled by fossil fuels like petrol or diesel, they run on electricity. Electric vehicles are still relatively new in terms of manufacturing, which can mean that they are more expensive to purchase; this is simply because, for the most part, there isn’t really a second-hand market. Whereas, when it comes to buying traditional fuel vehicles, they have been around a lot longer, and therefore you can get an older, second-hand model relatively cheaply. This is one aspect of electric vs fuel cars that will change slowly over time.

There are a few different forms of electric vehicles for you to choose from. Firstly, battery electric vehicles are the most common, followed by fuel cell and extended range. There are also hybrid vehicles which tend to represent a happy medium between both electric and traditional fuel vehicles. A hybrid still has an internal combustion engine, and it does require traditional fuel in order to run. Wholly electric vehicles, obviously, exclusively run on electricity, meaning that they need to be charged properly and regularly to ensure that they have the longevity to make it to your destination. LV ElectriX has a number of great resources on electric vehicles, from charging to running.

The Initial Cost

As mentioned above, the initial purchasing cost of an electric vehicle can be significantly higher than the purchasing cost of a traditional fuel vehicle. The cheapest electric vehicles on the market today are around £20,000; the more expensive models can reach upwards of £150,000, which does make the average cost around the vicinity of £50,000. However, there are a few government programmes which help to offset part of the purchasing cost of an electric vehicle, including grants and other schemes which are worth exploring. On the other hand, the average cost of a traditional fuel vehicle ranges between £12,000 and £17,000. This is again due to the fact that there is almost a total absence of a second-hand market for electric vehicles as opposed to the thriving second-hand market for traditional fuel vehicles.

Ongoing Costs – electric vs fuel cars

There are several ongoing costs associated with the running of any vehicle, regardless of whether it is an electric or traditional fuel vehicle. One of the highest ongoing costs is the price of fuelling your vehicle. Obviously, in Britain, at the minute, there is a cost-of-living crisis which is characterised by the soaring cost of energy bills. That being said, fuel prices are also increasing too. In that respect, fuelling your vehicle, regardless of fuel type, can get pretty pricey. Although, there are a few different schemes that protect electric car drivers when fuelling their vehicles at their own homes. You can also recharge your vehicle at public charging stations, although depending on where you are, you can expect to encounter different rates of payment.

Another running cost to consider is the cost of taxing and insuring your vehicle. The costs here depend entirely on your personal circumstances and your car too. Most electric cars, some hybrids and even some traditional fuel vehicles are all exempt from road tax; it really depends on the vehicles, which is why it is worth doing your research. Road tax is unlikely to constitute a large additional expense, but it is worth keeping in mind. Now, the cost of insuring your car will depend on your car’s worth, its age, your age, where you live, the mileage and lastly, your driving record too; therefore, it is hard to predict.

Finally, maintenance costs. Traditional fuel vehicles do often cost more to maintain simply because there are more working parts in an internal combustion engine and therefore, the likelihood of a part breaking down is higher. On the other hand, electric vehicles tend to have fewer breakdowns and, therefore, lower maintenance costs associated with their upkeep. All in all, when you look at the running costs of the two vehicles, there isn’t really much of a difference. The increased expense in one area is often offset in another.

Charging Your Electric Vehicle

Obviously, in order to run, an electric vehicle needs to be charged in order to run. There are two options when it comes to charging your car, you can either charge it at home or at a public charging station. Most people do not have a charging port at home because cars cannot be charged from traditional sockets; they need to be charged from purpose-built sockets. This is because they often aren’t powerful enough, and plugging the car in can compromise the electrics and may also damage your car’s battery too. Installing a charging port doesn’t have to be expensive, depending on the state of the electrics at your home. There are also government grants which you can use to help offset the cost too. Depending on your tariff, charging at home may be the cheaper option, although, with rising energy prices, this may not be the case.

On the other hand, you could always choose to use a public charging station. There are a few free public charging stations around the country that allow you to charge your car up for free but for the most part, they do require payment. Now, some public charging stations charge a flat fee by the hour or the minute depending on how long you need to charge your car for, while others simply charge you for the electricity that you have used. Generally, charging at a public station does tend to be a little more expensive than charging at home because the companies offering the charging stations obviously want to make a profit for the most part. When weighed against the cost of fuelling a traditional vehicle, there are a lot of variables to consider, which makes it difficult to provide you with a definitive answer over which one is cheaper.

In Summary – electric vs fuel cars

Financially, it is hard to say which option offers the best deal in terms of electric vs fuel cars. The British government has placed a ban on the production of new traditional fuel vehicles with the view to encourage a transition over to electric fuel vehicles within the next few decades.

Now, this obviously is not going to be achieved overnight, and it is also going to be more difficult for those on a shoestring budget; however, as electric vehicles become more common, the second-hand market will expand, which will make electric vehicles a lot more accessible for the majority. The production of traditional fuel vehicles is on the decline. Government programmes do also seek to make electric vehicles more obtainable for the masses, and these schemes will remain in place, and likely increase as electric vehicle use becomes more widespread.