Did you know there was a 15.6% increase in electric car buyers last year? This only means that slowly people are moving towards cleaner mobility options and there is a clear rise of used electric cars in the market.
Over the past few years, many manufacturers can be seen entering the EV market. Feeble infrastructure and heavy costs have made it not so popular a choice among the common public. But being eco-friendly, it is impossible to overlook how efficient and green electric cars can be once people start investing in them.
Also, there are some speculations that though electric cars need a larger upfront amount, in the long run, they are cheaper than their petrol counterparts. So which among these two seems to be economical?
In this article, we have decided to decipher the facts and bring to you our verdict on used electric cars or petrol cars- which is most economical for your next purchase?
Before we come to the final verdict, here are a few factors to consider:
- Cost of the vehicle and your budget
- Charging options
- Tax benefits
- Consumption
- Vehicle tax
- Insurance
- Servicing and maintenance costs
Let’s discuss these factors in detail below.
Cost of the vehicle and your budget
It is no brainer that electric cars are costlier than petrol cars. This vast price difference is due to the batteries installed in it. The batteries of electric cars take up to 1/3rd of their overall costs.
Though the battery value is extremely high, it can be seen declining over the years. Studies suggest that the time is not far when the engines of both petrol and electric will cost the same. This is great news to stay hopeful for the future electric car buyers as the battery price will reduce drastically which means an overall reduction in the prices
Charging options
The proper infrastructure for charging electric cars is still in progress. This is the one main reason that keeps electric cars as the smallest portion among the car owners.
Unlike petrol cars, where one can easily drive up to the numerous gas stations and fuel up their cars; charging stations for electric cars are not widely spread across the country. You may have to plan your journey accordingly by charging ahead of time or investing in a charging station of your own.
Tax benefits
Unlike petrol cars, electric car buyers can get tax benefits and grants. This is offered by the government to promote more and more car buyers to switch to electric mobility.
There was a grant of £4,500 in 2019 which fell to £3,500 and even more to £3000 in November 2020. Though there is a reduction in the grants, it is expected to improve in the coming years. Also, electrical car buyers are exempted from car tax.
Consumption
When it comes to fuel and energy consumption, electric cars are far cheaper and greener. Prices of electricity and petrol have never come down but are only increasing over the years. When an overall calculation is done, it was found that the petrol car’s fuel consumption cost 30-50% higher than that of electric cars.
Servicing and maintenance costs
We all know that the most wearable part of a vehicle is its engine. The petrol engines experienced significant wear and tear. It means more maintenance and service needed for petrol cars in comparison to electric counterparts.
With respect to the initial cost, undoubtedly petrol cars are most economical. But just because a used electric car may cost you more upfront, doesn’t make it less economical either. As discussed above there are a lot of factors where it is impossible to beat electric cars. One can easily cover the difference within 4 years. So it totally depends upon your personal choice.
Used petrol car buyers, are you thinking of buying a car recently? Then there is something you must know before giving your money to your dealer. Conduct a car history check from The Auto Experts to avoid major pitfalls and save yourself a lot of money later.
Before buying the car, it is important to ensure that it is not stolen, written-off or has any outstanding finance. Read more about how to get complete hidden details of any vehicle for free from the UK’s most trusted data provider.