Useful guidance when looking to purchase an Electric Vehicle

Thinking of purchasing an electric vehicle (EV) but don’t know where to start? Read our handy guide below outlining some things you might want to think about when choosing the right vehicle for you.

Cost Considerations When Choosing Your Vehicle

• Budget and Credit Limits: Think about your budget, work out what you can afford or the maximum credit limit for your vehicle purchase. Understanding your financial boundaries is essential before exploring your options.
• Financing Options: Evaluate the most suitable purchasing or financing method. Common options include:
  • Cash Purchase
  • Personal Contract Purchase (PCP)
  • Bank Loan
  • Lease
  • Salary Sacrifice Schemes (if offered by your employer)
• Total Cost of Ownership: When comparing Electric Vehicles (EVs) to Internal Combustion Engine (ICE) vehicles, consider the full cost of ownership, including:
  • Mileage expenses
  • Servicing and maintenance costs
  • Insurance premiums
  • Vehicle Excise Duty (road tax)

These factors often reveal significant long-term savings with EVs.

Conduct Thorough Research

• Explore Available Models: With the growing availability of affordable EVs, research is crucial. Use online reviews, manufacturer websites, and visit showrooms to find the best fit for your needs.
• Assess Your Driving Habits: Analyse your typical mileage and ensure the EV’s battery range suits your daily routine.
• Range vs. Cost: Decide whether you need a higher-range EV, which usually comes at a premium, or if a smaller-range model is more cost-effective. For occasional long trips, renting a traditional ICE vehicle might be more economical.
• Intelligent Charging Capability: Confirm if the vehicle supports smart charging features, allowing you to take advantage of the cheapest electricity tariffs.
• Compare Models: Use comprehensive comparison tools like the EV Database for detailed specifications and pricing of all EVs available in the UK market.

Charging Your EV: Location and Cost

• Home Charging Installation: If you have off-street parking, installing a home charger typically costs around £1,000.
• Electricity Tariffs: Consult your utility provider about switching to a tariff optimized for EV charging, especially overnight rates. Consider scheduling appliances like washing machines to run during cheaper periods.
• On-Street Charging Solutions: If you don’t have a driveway, explore local schemes offering pavement-mounted chargers with home-rate electricity.
• Public Charging Networks: Research nearby public chargers, noting that some providers offer discounted rates or subscription plans based on usage and time of day. Plymouth has nearly 500 publicly accessible charge points.
• Workplace Charging: Check if your employer offers free or subsidised charging facilities.

Take an Extended Test Drive

• Experience the EV Difference: Utilise dealership offers for test drives to experience the unique benefits of EVs firsthand, including quiet operation, instant acceleration, and advanced onboard technology.

New vs. Used EVs

• Used EV Market: The expanding second-hand EV market offers more affordable options. Assess whether a used vehicle meets your budget and requirements.
• Warranty Considerations: Verify the validity of any remaining manufacturer warranties on used EVs before purchase.

Grants Available

• Discount on vehicle purchasing: You could save up to £3750 when purchasing a new electric vehicle. Grant available through manufacturers who will have applied to be a part of the scheme.
• Electric vehicle charging grants: Available for individuals, businesses, landlords, public sector, charities and education institutions.

With the increasing range of EV models, expanding charging infrastructure, and the environmental benefit of zero tailpipe emissions, EV are becoming more accessible and financially viable for many drivers. Careful consideration of costs, research, and practical needs will help you make an informed decision tailored to your lifestyle.