Is Now the Right Time to Buy an EV?
Trends2 Minutes Read

Is Now the Right Time to Buy an EV?

February 1, 2024 Share

Explore the booming EV market and discover why now might be the perfect time to switch to an electric vehicle.

Electric vehicles, or EVs, are becoming more popular and more accessible as the years move on and the technology behind them becomes more affordable and more practical. We are also a significantly more switched-on society now when it comes to the good these greener and cheaper alternatives to petrol and diesel cars can do. But is now a good time to buy an EV or should you hold off on pulling that trigger for a few more years? 

Image courtesy of Precious Madubuike

The EV Market

The EV market is growing fast, with the Society of Motor Manufacturers and Traders (SMMT) claiming that the UK alone registered 108,205 new EVs in 2020, marking a 185.9% increase from 2019.  It’s not only in London either. Car dealers in Cannock, just north of Birmingham, for example, have begun not only offering EVs to their customers but specialising in them, in many cases. The market is expected to continue to grow in the coming years, as more models, brands, and affordable entry level options become available, and as the government provides more support and incentives for EV adoption. 

You probably already know that the UK government has announced a ban on the sale of new petrol and diesel cars by 2035 and has pledged an investment of £1.3 billion in EV infrastructure, such as charging points, grants, and subsidies. That, however, is just the tip of the iceberg and with an election coming later this year, expect many more EV pledges to be made in the coming months.

The Benefits of an Electric Car

Saving money: Electricity is cheaper than petrol or diesel, and EVs have fewer moving parts and less wear and tear. As a result, EVs are much cheaper to run than conventional cars. The average cost of running an EV is 4p per mile, compared to 12p per mile for a petrol car. EVs are also exempt from road tax, congestion charge, and low emission zone fees, and they may qualify for lower insurance premiums.

Reducing emissions: EVs not only produce zero exhaust emissions but also have a lower carbon footprint than conventional cars, as they use renewable energy sources, such as wind, solar, or hydro, to generate electricity. The average EV emits 50g of CO2 per km, compared to 120g of CO2 per km for a petrol car.

Improving performance: EVs have a smoother and quieter ride than conventional cars, as they do not have a noisy engine or a gearbox. EVs also have a faster and more responsive acceleration, as they have an instant torque and a linear power delivery. EVs also have a longer and more reliable lifespan, as they do not suffer from engine problems, oil leaks, or fuel contamination.

Why Now is a Good Time to Invest

The availability and variety of EVs: There are more EVs to choose from than ever before, as more models, brands, and options are being launched and offered. While you might have been restricted a few years ago, today you can find an EV that suits your needs and budget, whether you are looking for a small city car or a luxury family car.

The affordability and accessibility of EVs: There are more ways to buy and own an EV than ever before, as more schemes, deals, and offers are being introduced and provided. You can buy an EV outright, or you can finance it through a loan, a lease, or a personal contract purchase. You can also benefit from various grants, subsidies, and discounts that are available for EV buyers, such as the plug-in car grant, the home charge grant, and the scrappage scheme.

The infrastructure and support for EVs: There are more facilities and services for EV drivers than ever before in the UK, as more infrastructure, networks, and initiatives are being developed and implemented. You’ll find them at most supermarkets and service stations now and can even find some on the side of the road in many cities. Best of all, however, is the option to charge from home! Imagine never having to visit a petrol station again!

Please note this is a collaborative post.
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