Will electric cars cause a spark in the market?

There were 2,237 electric vehicles (EV’s) registered in the UK last year contributing to just 0.1% of the total cars, yet the UK have spent £7.2 million on electric charging points over the past 3 years, many of which are not even used. The boom in EV’s has not become apparent but the Department of Transport defends this situation by saying that the change will not happen overnight.

Car manufacturing giants BMW have unveiled recently their fully electric car the BMW i3. Global Head of Sales at BMW, Ian Robertson claims that the market will begin to pick up very quickly and it is “a revolutionary step towards sustainable mobility.”

Are EV’s worth it?

There is truth in the fact they can save you money in the long run. Looking at an average of 10 miles per gallon for a car, this equates to a saving of over £500/year and with the constant rise in fuel prices you are likely to save more. It costs around £2.50 to £3 per charge for an EV such as the Nissan Leaf with a range of 73 miles. With an average annual distance of 9,000 miles you would spend £250 to £300 on electricity to charge the car, not impacting massively on your average electricity bills. Looking at the larger picture and comparing this to the amount spent on fuel a year it is predominantly lower. An EV provides free annual car tax and also free parking in certain boroughs such as Westminster.

With positives come negatives. They are technologically advanced and so they cost more to produce and therefore sell for higher prices. Due to the complexity of the cars the insurance is higher by 25% for a car of similar performance capabilities.