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Are electric cars expensive?

We hear a lot of objections in regards to changing to an electric vehicle, the biggest one is the cost. But that being said, we are constantly moving towards a deadline when electric vehicles will be the standard choice of car.

First of all, it is worth acknowledging that a petrol or diesel car may cost 60% the price of an equivalent electric car, however, the cost of driving an electric car may actually be less than you think.

There are three factors at play.

1. The cost of routine servicing is a fraction of the cost of traditional petrol and diesel. When you think about it, that makes perfect sense. There is no longer any need to replace the oil, engine filters and spark plugs, because the car no longer needs these components. An electric car is run on a single motor with a gearbox that tells the motor to either run forwards or backwards. Servicing now made simple and for less.

2. Fuel costs are much lower. Electric is approximately 20% the cost of petrol or diesel and over time that adds up. In addition to that, plugging your car in overnight, aside from taking advantage of the off-peak rate on electricity, means that you get in to a car with a full tank of fuel at the beginning of everyday. No more last-minute detours to the fuel station.

3. Residual values are much higher. Yes, an electric car has a higher price tag than a petrol or diesel equivalent, but electric is here to stay and we now know that the production of petrol and diesel cars are due to be discontinued sometime between 2032 and 2040. This is impacting the residual values of cars, and with electric cars now being a much more desirable purchase for the future, the monthly price difference between the two on a lease agreement is very close.

So, what is stopping you from going electric?

H3: If you would like to see how Red Kite Leasing can find you your next car for less, please start by taking a look at our top offers.

If you can’t find your perfect new car, please do not hesitate to get in touch.

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21st of February 2020

Red Kite Leasing are a credit broker and not a lender, we are authorised and regulated by the Financial Conduct Authority. Registered No : 820084

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