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Upgrading to an EV? 5 Things you Need to Know

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2021 saw the steepest rise in EV sales ever, with a 75% sales increase from the year before. But in light of current fuel costs hitting record highs and the energy crisis about to hit the globe, upgrading to an electric vehicle (EV) has become more pressing than ever.

The rise of electric cars isn’t a passing trend. It’s a money-saving, eco-friendly, emissions busting, sustainable way of owning a vehicle. Plus, we are in the final decade of new petrol and diesel vehicles sales, with the ban coming into effect in 2030, swiftly followed by the net-zero emissions target of 2050.

Want to know more? Here are 5 things you need to know before upgrading to an EV:

What EVs are available in the UK?

There’s never been a more exciting time in the motor industry. The electric revolution is in full swing, and global brands have risen to the occasion to meet the demands of upcoming sales bans and net-zero emission deadlines.

Whether you’re set on the groundbreaking Tesla or a city chic Renault Zoe, new models are being released weekly across the country.

In essence, all the typical brands that have been selling vehicles to the UK market for decades are now producing petrol and diesel counterparts of the highest calibre. With prices under £40k, you can buy the Tesla Model 3, VW ID.3, Nissan Leaf e+, Kia e-Niro, Jaguar i-Pace, NMW i3 and many more.

So if there is a particular brand that you are passionate about or would generally prefer to buy, it’s more than likely they have a decent range of electric vehicles on offer.

Aren’t EVs expensive?

Upfront costs of an EV may be more than their diesel or petrol counterpart on the surface, but the overall running costs, fuel, tax and maintenance are considerably lower overall.

With fuel prices at a record high, with petrol averaging 165.2p and diesel £177.2p per litre in direct response to the war in Ukraine, 37% of British motorists are now considering making the switch.

Plus, the lowest cost of a new EV starts from under the £20k mark. Combined with the government’s £1,500 Plug-in Grant, your purchase is instantly more affordable. Although bear in mind you may need to lease your batteries separately on top of what you have already spent.

Second hand EVs are also a cheaper option. With a much bigger market now available in the UK, it is worth considering. The hidden cost? Deteriorating batteries will ultimately make you have to splash out more late on when they run completely out of juice.

EVs are available on car finance

More than 90% of new vehicles are purchased with car finance in the UK, and like their counterparts, it’s the most affordable way to buy a new EV.

Car finance allows you to drive away in your dream car without waiting until you’ve saved up enough cash to take the hit – which can be a real lifesaver to those who need a new car urgently.

But more than that, it gives you access to the latest models that are bursting with top-notch safety features and technology, keeping you safer behind the wheel. You can spread the cost over a few years without dipping into much-needed savings with low fixed payments.

Then there are those who have been recently rejected for a loan. You might have missed an agreed payment or have a default that has impacted your credit score, making you more of a risk to lenders. Or perhaps you have a bankruptcy, IVA or CCJ? It could even be that you are self-employed, so you are considered more of a risk due to your financial circumstances.

Whatever the reasons for your poor or low credit score, bad credit car finance specialists are available to get you a deal that works best with your circumstances and can boost your credit score as a result.

EVs are great for commuters

If you’re a commuter who racks up less than 100 miles per day, an electric car might just be what you’ve been waiting for! With the lowest range vehicles clocking up a minimum of 168 miles per charge, an EV is a cheaper solution for so many reasons.

Whether you sit idle in traffic most days or spend a lot of time waiting around at the fuel station when you’d rather be back at home, owning an EV eliminates costly commuting.

You’ll quickly notice that you have more in your pocket as you spend less on fuel (with the average petrol or diesel driver clocking up over £1,000 minimum on fuel costs alone vs less than £150 per year for plugging in). But more than that, owning an EV is more practical. You can charge overnight while taking advantage of lower electricity prices and be ready to hop in the car in the morning and get on the road.

You don’t have to pay low emission zone charges

If you live or work in Greater London, you know all too well the costs of the pioneering Ultra Low Emission Zone (ULEZ). Since it first launched in April 2019, the chargeable zone has grown to cover 18 times more of the city than before, covering all of inner London.

Motorists who have a vehicle that doesn’t meet the strict enforced emissions criteria have to pay a daily fee of £12.50 or more to drive in and around the area. Currently, Euro 5 petrol and Euro 6 diesel are exempt from the charge, but as we move closer towards the 2030 sales of new diesel and petrol cars, then this is likely to change sooner rather than later.

Pure electric vehicle owners are completely exempt from the charge. With the surge of Clean Air Zones (CAZ) popping up in a city near you, such as Birmingham, Portsmouth, Bristol, with many more on their way, it’s a definite plus to owning an EV that you might not have thought about.

Are you ready to make the switch to an EV? Or are you already reaping all the benefits? However you feel about electric vehicles, time is ticking to upgrade from your petrol or diesel car. What EV will you choose?

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