Should you buy an electric car?

With the UK government's commitment to phase out new petrol and diesel car sales by 2035, drivers are increasingly considering an electric vehicle as their next purchase. In the next few years, electric cars are projected to reach price parity with combustion engine models and provide comparable range and performance with far lower running costs. So the pressing question for drivers now is – should you buy an electric car? 

With expanding public charging infrastructure and impressive new models being launched, 2024 may well be a pivotal year in the mass adoption of electric vehicles in the UK. In this article, we highlight key considerations when buying an electric car, the advantages of driving an EV, and what type of battery-powered car you should purchase. Read on to find out more…  

What should I consider when buying an electric car?

Here are a few things to consider when deciding whether to buy an electric car in 2024:

Choice of Models

The number and variety of electric cars available continue to grow rapidly year-on-year. Most major manufacturers now offer electric models across different price points and vehicle types. Of course, there are many newcomers to the UK market too which are offering very competitive deals, so you'll likely have many good options to consider.

Upfront Costs

Purchase prices of electric cars remain higher than comparable petrol or diesel versions, though the gap is gradually narrowing. To get a better idea of costs, consider the total lifetime outgoings of the vehicle, as electric cars have lower fuel and maintenance expenses. Government grants can also help offset the higher initial purchase price.

Charging Infrastructure

The UK's public charging network is continually expanding, making longer trips and access to charging points much more feasible. Consider also home and workplace charging options available to you (and any associated Government grants for these), technology is developing at such a rapid rate that battery charge times are getting ever quicker.

Driving Range

One of the biggest hurdles EV adoption has to overcome is so-called ‘range anxiety’ but this need not be a worry as battery ranges per charge are rapidly improving. A typical real-world range is now 200-300 miles for most everyday affordable models. Assess if an electric car’s total range suits your regular driving needs and the daily distances you realistically travel.

Government Policy

Electric car drivers are heavily incentivised by the UK Government compared to motorists who drive petrol or diesel engine models. If you’re a regular visitor to London, consider the benefits of switching to an EV, such as free travel within the Congestion Zone and Ultra Low Emission Zone (ULEZ).  

What are the advantages of driving an electric car?

There are many benefits of driving an electric car, as long as the criteria meet your needs. It really does come down to purchase price, driving range, and charging infrastructure, so if you can tick all of these key boxes, then here are some of the main advantages of driving an electric car:

• Lower running costs - Electricity is cheaper than petrol or diesel. Less vehicle maintenance is required too as electric motors are simpler which helps keep service costs down.
• Environmental benefits - Electric cars produce no tailpipe emissions. Their lifecycle emissions are significantly lower, especially as more renewable energy is added back to the electricity grids.
• Performance - Electric motors provide instant torque so drivers can benefit from quicker acceleration when overtaking etc. Some top-end models can even compete with supercars! 
• Quiet and smooth driving experience - An electric drivetrain has fewer vibrations and noise compared to internal combustion engines. This makes them much more relaxing and comfortable to drive.
• Reduced tax and motoring costs - EVs currently pay zero road tax saving the annual fee of petrol or diesel equivalents. Electric cars are also exempt from motoring charges like the London Congestion Charge and ULEZ. 

What are the disadvantages of driving an electric car?

While there are many advantages to driving an electric car, there are also some disadvantages to consider as well, which we highlight below: 

• Higher upfront costs - Electric cars tend to cost more to purchase new compared to an equivalent petrol or diesel car model, however, this gap is closing over time.
• Limited driving range - Most affordable electric cars have a range of 200-250 miles between charges. This can cause range anxiety for some drivers who travel long distances.
• Charging logistics - Charging time takes considerably longer than refuelling at petrol stations. Public charging infrastructure, though growing, is still limited in reach compared to fuel services.
• Battery degradation - All lithium-ion batteries degrade over time and from usage, slowly reducing range and needing eventual replacement which can be costly.
• Resale values - Uncertainty remains around actual long-term battery life and resale value predictions in the used EV market.  

How long will an electric car last?

Electric cars can potentially last as long or even longer than petrol or diesel-powered cars in terms of lifespan and total mileage. To put things in perspective, the lithium-ion battery packs in most electric cars today are expected to last 8-10 years or 100,000-200,000 miles before needing replacement - the technology keeps improving too.

Also worth considering is the fact that electric motors and their transmission systems have far fewer moving parts compared to internal combustion engines. With less friction and stress, they are primed to outlast engine-based powertrains over the total vehicle lifespan. Advances in battery tech may further extend overall electric car lifespans going forward as well.

Should I buy a petrol, hybrid, or electric car in 2024?

In 2024, electric cars make the most sense for a majority of buyers, but weighing up your specific needs is still important when deciding between petrol, hybrid, or electric models.

As we’ve already explained in this article, electric cars now offer several key advantages including lower running costs from fuel and maintenance savings, Government incentives like purchase subsidies, wider model availability and longer ranges, plus environmental benefits too. 

However, petrol or hybrids may still suit some drivers better if they frequently take longer trips beyond 300 miles, have limited home or workplace charging access, need to tow heavy loads needing maximum torque or have a lower budget.

For most mainstream consumers without constraints around charging, range, or affordability, electric vehicles now offer a convenient experience comparable to petrol cars while producing less noise and emissions. Government policy direction, expanding charging networks, and rapid technology improvements also make electric cars the most future-proof purchase choice in 2024.

What type of electric car should I buy?

When deciding what type of electric car to buy, there are a few points to consider first. We recommend you think about the following points before coming to a final decision:

• Intended use - Determine what you need the car for which will help you decide on a size, such as a large-SUV family-sized vehicle, or if a small compact hatchback model will suffice. 
• Driving range - How many miles do you drive a day and over the week? Carefully consider your regular daily mileage needs to decide if a budget EV with a lower driving range will do the trick, or if a more luxury model with a longer range is needed.
• Charging requirements - Can you conveniently have a home charger installed, or do you need to rely on public charges? This can determine whether you can have a car with rapid charging capabilities or not.
• Technology and safety features - From basic to luxury models, EVs provide interactive displays, OTA (over-the-air) updates, and driver assistance tech that keeps improving with time. Decide on what features are needed to complement your driving needs and lifestyle. 

When will diesel and petrol cars be banned in the UK?

The UK Government has announced plans to phase out the sale of new petrol and diesel cars and vans by 2035. This is the main deadline for ending the sale of new internal combustion engine vehicles, so only new purely electric or hydrogen fuel cell vehicles will be sold after this date.

In addition to this, the Government has also set a target that by 2050 all vehicles on UK roads should have zero tailpipe emissions, which implies most pre-2035 cars are expected to be removed by 2050.

So while new petrol and diesel sales will be phased out over the next 10 years, owners are not yet legally required to give up existing vehicles right away after these dates. The transition is still gradual, but the direction towards a future of electric-only vehicles is very clear.

Can you finance an electric car?

Yes, there are several options to finance buying a new or used electric car. Financing deals include popular solutions such as Personal Contract Purchase (PCP) and Hire Purchase (HP). Electric car finance works in exactly the same way if you were to apply for a loan to fund a petrol or diesel model. 

Affordable electric car finance

As electric vehicles gain mainstream popularity, making sure you find the best finance deal is the key to affording such an important new purchase. Specialist finance brokers like ourselves here at Octane Finance can cater specifically to the unique needs and incentives around electric car loans. 

Our advisors have expert knowledge of the quickly evolving EV market, Government grants available, manufacturer offers, and lender options. Rather than searching multiple sources yourself, we simplify the process by comparing tailored rates from our panel of leading lenders to find the most competitive electric vehicle finance plan for you. Get in touch for a quote today.  

If you’re in the market for an electric car, then take a look at the Electric Vehicles section of our blog for more information. Here we discuss the Chinese electric car brands coming to the UK, the top 10 cheapest electric cars on sale in the UK, and how Green NCAP is ensuring electric driver safety. Happy reading!