Are Electric Vehicles a Worthwhile Investment?

If you’ve been paying even the slightest bit of attention to the world of motoring, then you’ll have noticed a few changes. Among the most important and conspicuous of these changes is the adoption of the Battery Electric Vehicle. This new technology is poised to supplant the internal combustion engine, which has been a fixture on British roads for the better part of a century.

In a decade or so, an electric car will almost certainly be the default choice. But if you need a car right
now, then you’ll have a decision to make. It’s worth taking stock of the numbers, and making sure that
you’re making that decision based on the best possible information.

EVs are growing in popularity

Together, the various hybrid and pure electric vehicles are the fastest-growing categories for newcars.
Alone, this might sound like a misleading statistic (after all, it’s based on existing sales
performance). We should therefore note that, in 2022, around 267,000 BEV registrations were made.
If the category keeps growing at the current pace, it should overtake petrol within a few years.

If charging infrastructure can be expanded quickly enough, we might see even quicker adoption.

Running costs

There are several fundamental differences between the electric car and the standard gas guzzler.
Specifically, the former lacks a gearbox and a starter motor. This simplicity means that, in theory,
maintenance costs should be lower. Fewer moving parts means that there’s less to go wrong. This
tends to be reflected in premiums for electric car insurance.

Then we should consider the cost of fuel, which comes in the form of charging. You can expect to pay
less if you’re charging at home and have a good overnight tariff. If you’re able to do this, then you
might expect a full charge for a matter of a few pounds.

Range

Range anxiety is something that has held back adoption. No-one, after all, wants to be stranded. If
you’re driving many miles, then you might not find it practical to charge the car at home at the best
possible rates. You might be particularly concerned if you’re based out in the countryside.

It’s worth checking out how far you can travel on a single charge before you pay. Bear in mind that
battery efficiencies will naturally degrade over time, too – so it’s worth leaving room for this decline.

What car options are available

Nowadays, we have a wide range of electric cars to choose from, ranging from compact city cars to
fully-featured off-road vehicles. The technology tends to be more mature in certain kinds of vehicle.
As ever, be sure to take any prospective new purchase for a test drive before you buy.

Is the investment worthwhile?

Whether an electric car will suit your lifestyle and circumstances is a question that only you can really
answer. It’s easy to be blindsided by hype – but there’s no denying that this is something worth
hyping. This is a technology that will almost certainly change driving for the better!