Are EV cars worth it?

Perksy5

Hi all

I'm planning for the future of what my next car will be in the next year or two, possibly sooner if my current petrol car gives up.

I'm really interested in electric just to be greener and reduce fuel costs but the price tag for these cars seems to start at 28k ( for me, quite high).

I've also seen charging point quotes for the home between £900-£1100 (through company salary sacrifice) 

I've tired to research grants for both the car and charging point and I'm really struggling to find concrete information.

What are the most affordable ways to make the change to electric?

I was also thinking it might be worth finding (a challenge now I know) a reasonable second hand petrol car again and waiting to see if electric becomes more affordable again soon, again at the risk of further fuel costs.

Any advice please? I've spent ages and I can't make any headway with this!

Grumpy_chap

Perksy5 said:

Hi all

I'm planning for the future of what my next car will be in the next year or two, possibly sooner if my current petrol car gives up.

I'm really interested in electric just to be greener and reduce fuel costs but the price tag for these cars seems to start at 28k ( for me, quite high).

I've also seen charging point quotes for the home between £900-£1100 (through company salary sacrifice) 

I've tired to research grants for both the car and charging point and I'm really struggling to find concrete information.

What are the most affordable ways to make the change to electric?

I was also thinking it might be worth finding (a challenge now I know) a reasonable second hand petrol car again and waiting to see if electric becomes more affordable again soon, again at the risk of further fuel costs.

Any advice please? I've spent ages and I can't make any headway with this!

You would need to say what your motoring needs are, total mileage and the type of that mileage to get any real comment on this.

Your starting point for an EV at £28k assumes a new vehicle, so you need to compare with new petrol cars.  There are some, but limited, options for used EV currently - that will be an improving situation as time rolls on.

You mention charging point prices for company SS schemes - does that mean you have access to a SS scheme for an EV?  If so, that is often favourable, but you must be sure to understand any impact on pension that would result from the SS.

Where do you live and travel?  If you do not enter ULEZ zones, you may be able to get a petrol / diesel car that is a bit older.

giraffe69

The Government had a grant for an install of a home charging point but that ended in March of this year. Similarly the previous grants to reduce the cost of a new car have gone.
I'm going to change my car but probably not this year as I've done fewer miles than i would normally do but although I'm on my last diesel I don't feel moved to buy an electric car because
1. As you say the initial cost is high
2. The lower running costs will be hit by the increase in electricity costs. Already if you are out when you charge then the electricity is 20% VAT as opposed to 5% on your home bill.
3. I don't have a lot of confidence in the charging network reliability and availability and suffer from moderate range anxiety. With the relative small number of charging points even if they all work the numbers don't seem that likely to keep up with the increase in the number of electric cars.
4. Insurance is more
5. I don't especially want an automatic

If I time it to buy an petrol car in December 2029 (always assuming the deadline doesn't get put back) then it may see me out!

Perksy5

Grumpy_chap said:

Perksy5 said:

Hi all

I'm planning for the future of what my next car will be in the next year or two, possibly sooner if my current petrol car gives up.

I'm really interested in electric just to be greener and reduce fuel costs but the price tag for these cars seems to start at 28k ( for me, quite high).

I've also seen charging point quotes for the home between £900-£1100 (through company salary sacrifice) 

I've tired to research grants for both the car and charging point and I'm really struggling to find concrete information.

What are the most affordable ways to make the change to electric?

I was also thinking it might be worth finding (a challenge now I know) a reasonable second hand petrol car again and waiting to see if electric becomes more affordable again soon, again at the risk of further fuel costs.

Any advice please? I've spent ages and I can't make any headway with this!

You would need to say what your motoring needs are, total mileage and the type of that mileage to get any real comment on this.

Your starting point for an EV at £28k assumes a new vehicle, so you need to compare with new petrol cars.  There are some, but limited, options for used EV currently - that will be an improving situation as time rolls on.

You mention charging point prices for company SS schemes - does that mean you have access to a SS scheme for an EV?  If so, that is often favourable, but you must be sure to understand any impact on pension that would result from the SS.

Where do you live and travel?  If you do not enter ULEZ zones, you may be able to get a petrol / diesel car that is a bit older.

My mileage is low, 4-6k per year. I live in Wales. Yes I have access to SS and I think the cheapest quote for the smallest car there was about £380 p.m.
I just have a bit of an issue with leasing cars I prefer to own but with electric I'm wondering if this is the better option until prices come down further?

Not too fussed on pension implications if I'm honest, my employer pays 12% every month and at my age they'll probably move goal posts of when I can retire its already going up to 57 (I've just turned 28) so by the time I get there even private pensions will probably be 60+ anyway by then unless I save separately to self fund until pension age (again this isn't of interest to me I'm focusing on the car sitch right now)

Grumpy_chap

On SS, the schemes are normally most (only) favourable if choosing EV because of the low BIK associated with an EV compared to ICE vehicles.

On low mileage, having a brand new car every 3 years or so is going to cost quite a lot pence per mile whether you choose EV or ICE.

If you were not offered the SS scheme, what type of car solution would you be considering?

Perksy5

Grumpy_chap said:

On SS, the schemes are normally most (only) favourable if choosing EV because of the low BIK associated with an EV compared to ICE vehicles.

On low mileage, having a brand new car every 3 years or so is going to cost quite a lot pence per mile whether you choose EV or ICE.

If you were not offered the SS scheme, what type of car solution would you be considering?

I think the only alternative would be to get a loan and buy a car outright, whether that's a new ev car or if I really can't justify the 28k+ expense it would be a second hand car I'm hoping I could get much cheaper 5-12k. I haven't researched the second hand market lately as I heard such negative things about the inflated prices right now.
It's all confusing!

Ectophile

Perksy5 said:

Grumpy_chap said:

On SS, the schemes are normally most (only) favourable if choosing EV because of the low BIK associated with an EV compared to ICE vehicles.

On low mileage, having a brand new car every 3 years or so is going to cost quite a lot pence per mile whether you choose EV or ICE.

If you were not offered the SS scheme, what type of car solution would you be considering?

I think the only alternative would be to get a loan and buy a car outright, whether that's a new ev car or if I really can't justify the 28k+ expense it would be a second hand car I'm hoping I could get much cheaper 5-12k. I haven't researched the second hand market lately as I heard such negative things about the inflated prices right now.
It's all confusing!

At the £5-12k mark, you're looking at the bottom of the market.  Old cars which have a much shorter range than modern ones, even without the inevitable battery degradation.

Perksy5

Ectophile said:

Perksy5 said:

Grumpy_chap said:

On SS, the schemes are normally most (only) favourable if choosing EV because of the low BIK associated with an EV compared to ICE vehicles.

On low mileage, having a brand new car every 3 years or so is going to cost quite a lot pence per mile whether you choose EV or ICE.

If you were not offered the SS scheme, what type of car solution would you be considering?

I think the only alternative would be to get a loan and buy a car outright, whether that's a new ev car or if I really can't justify the 28k+ expense it would be a second hand car I'm hoping I could get much cheaper 5-12k. I haven't researched the second hand market lately as I heard such negative things about the inflated prices right now.
It's all confusing!

At the £5-12k mark, you're looking at the bottom of the market.  Old cars which have a much shorter range than modern ones, even without the inevitable battery degradation.

Obviously not electric for that price, that'd just be a petrol until the ev prices come down to tide me over

Bigwheels1111

My 5008 diesel is 6 years old the end of this month with 17300 miles on it.
An EV would be nice but price of car and electric cost spiralling it makes no sense to me whatsoever.
In 2029 it should have only 40k on the clock, then I might go for an EV, who knows.

Perksy5

Bigwheels1111 said:

My 5008 diesel is 6 years old the end of this month with 17300 miles on it.
An EV would be nice but price of car and electric cost spiralling it makes no sense to me whatsoever.
In 2029 it should have only 40k on the clock, then I might go for an EV, who knows.

Looks like I'll be doing the same, keeping this car going as long as it'll last, my aygo is 8 years old now but I've had it for 5, 45k miles done but had 10 when I bought it. I work from home now so hopefully I can keep this going until prices come down!

Martyn1981

Hiya Perksy5, I can strongly recommend the 28kWh Hyundai IONIQ second hand, though they aren't exactly cheap. You'll probably have to spend nearly £20k for a 2018/19 model, but that might suit you.

But range is only about 130 miles, 150 if you drive carefully.

There's also the Renault Zoe, a nice car and good range, or the Nissan Leaf, but best to go for 40kWh model, as the others don't have great range.

But, yes, they aren't cheap at the moment, and demand for new (and s/h) may grow faster than supply.

PS, we've found insurance on BEV's to be cheaper than older and lower value ICEV's. For instance our 2018 IONIQ is ~£280pa, and Tesla Model Y is ~£350.