In the Autumn Budget back in November, Rachel Reeves announced a new charge on electric vehicle excise duty of up to at 3p per mile.
The Chancellor said this would double road maintenance funding, and offer a further £200 million for new public charging charging points — but has the not so positive side effect of raising costs (and concerns) for many electric car owners.
While EVs are good for the environment, the draw for many is that they’re typically pretty good for your wallet too.
For one, you don’t have to buy petrol or diesel, and because they have fewer moving parts than a traditional combustion engine car, maintenance can work out cheaper in the long-run.
Then there’s the tax, which is lower thanks to government policies to incentivise reduced carbon emissions.
There are still costs to consider, from the energy used for charging to servicing and insurance, along with this new duty set to come into effect after a consultation.
So, how much money can driving an EV really save you compared to a non-electric counterpart? If you’re thinking of making the switch, we break down the figures.
Does it cost more to buy an electric car?
When it comes to buying the vehicle itself, you’ll likely pay more for an EV, in part because there are simply more combustion engine cars out there.
It all depends on the model you choose though, and whether it’s new or used.
Read more: Metro
