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Electric vs Traditional Fuel Vehicles: An Exploration of the Costs

Electric vs Traditional Fuel Vehicles: An Exploration of the Costs

There are several hot-button issues facing society today, one of which is environmentalism; topics like global warming and climate change dominate the media. One of the biggest pushes from the government in recent years is electric vehicles. In fact, in the coming years, the production of new traditional fuel vehicles will cease entirely, although you will still be able to purchase second-hand models. Electric vehicles are better for the environment, but most people are under the impression that they are far more expensive, too expensive, some might say. This is why we have put together the following breakdown of the costs. Let’s get into it.

A Background

Truthfully, electric vehicles are really straightforward. It is exactly what it says on the tine, instead of running on fossil fuels and using an internal combustion engine, electric vehicles run on electricity. In terms of manufacturing processes, electric vehicles are still pretty new; this is why they tend to cost more upfront because they do cost more to manufacture currently. There also isn’t much of a second-hand market to speak of at the minute, although as they become more common, this will change, and they will become more accessible. There are a few different forms that electric vehicles can take, the most common of which is battery EVs, then fuel cell EVs, extended range EVs and finally hybrids. Luckily for novices, LV ElectriX is a wonderful resource which can teach you a lot about owning and operating an EV, as well as more information on what type of electric vehicle is likely to make the most sense for you.

Purchase Price

Both electric and traditional fuel vehicles can indeed range in price because there are several factors which determine their cost. That being said, as mentioned above, electric vehicles do tend to have higher upfront costs. The average cost of an electric vehicle is around fifty thousand, but that is because the cheapest models are upwards of twenty thousand, with the higher-end or more expensive models costing well over a hundred thousand. However, because the government wants to move more towards these, there are a few schemes designed to bring the cost down and make them more affordable, which can help. Conversely, traditional fuel vehicles can be picked up cheaply through second-hand markets and private sellers, although if you did want to buy new, then you would also be looking to pay somewhere in the vicinity of twenty thousand.

Additional Costs to Consider

In addition to the purchase price, there are, of course, running costs associated with owning any type of vehicle. Arguably the two biggest costs are insuring the car and fueling it. Truthfully, it is hard to provide an estimate for how much a person can expect to pay when insuring a car because it depends on a number of factors that are personal to them, like:

· Your age

· Where you live

· Your driving records

· The value of the car

Although, there are a number of comparison sites that you can use to try and find the best possible price.

Next, fuel; whether you have a traditional fuel vehicle or an EV, you will need to make sure that it is fuelled or charged up, as the case may be. In Britain, at the minute, we are very much still facing a cost-of-living crisis, and energy bills have increased, which could make charging an electric vehicle costly. Although, you could choose to charge your car at a public charging station which could be the more cost-effective option. But, on the other hand, the price of petrol and diesel is also on the increase. In that respect, it is sort of a toss-up between the two. If you want to find the cheapest petrol station in your area, then, unfortunately, you are simply going to have to drive around and look for them.

The last two costs to consider tend to be cheaper, and those are taxing your vehicle and the maintenance costs. For the most part, EVs tend to be cheaper in both of these aspects. Electric vehicles are obviously a lot newer, and they have fewer moving parts which helps to keep the maintenance costs lower. Traditional fuel vehicles, on the other hand, have more intricate engines, and there is more of a capacity for them to go wrong; there is also a thriving second-hand market and getting an older car often translates to higher maintenance costs. Lastly, tax. A lot of EVs are actually free to tax which can save you money, but there are also traditional fuel vehicles which are also exempt from vehicle tax too; otherwise, they don’t tend to be too expensive to tax.

The Bottom Line

Truthfully, when it comes to working out which option makes the most sense for you financially, it is hard to say. Within the next decade, your options are going to become somewhat limited anyway with the ban on the production of new traditional fuel vehicles, which means your only option will be a second-hand model anyway. Electric vehicles are likely to be more expensive right off the bat, but they do offer savings in the long run as well as being better for the environment too, so they are definitely something to consider.

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