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How to save money and the planet by driving electric

How to save money and the planet by driving electric

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Here we take a look at how buying an electric vehicle can save you money and the planet

Petrol and diesel cars pollute the planet, so the world is rapidly switching to electric vehicles. Because they don’t emit harmful gases, they don’t have such a negative effect on the environment.

But it’s not just the eco-conscious who are buying into EVs, because they can save you money, too.

Here we take a look at how buying an electric vehicle can save you money and the planet…


Electric vehicles protect the planet

Electric vehicles do not emit harmful gases in the same way that petrol and diesel vehicles do. These tailpipe emissions damage the atmosphere and contribute to climate change, as well as creating polluted air in built up areas that damages people’s health.

By switching to electric, you’re removing a polluting car, which has health benefits for thosel living in cities and helps the environment, too.


Aren’t batteries difficult to dispose of?

It’s true that nothing comes for free. Studies have shown that electric vehicles are actually less environmentally friendly to build than internal combustion cars, but the long-term gains mean they’re more eco-friendly over the life of a vehicle.

One of the major concerns is dead batteries, but a battery recycling industry is currently growing to deal with this. Car manufacturers such as Nissan are creating ‘second-life’ applications, so when an electric car’s battery is no longer usable, the cells can be reused in other ways, such as home energy storage.


What happens to the batteries that can’t be reused?

Again, this is a growing industry. Dead batteries can be dismantled and their individual parts recycled, further reducing the environmental impact.

So whichever way you look at it, electric vehicles are better for the planet, and only getting better.


Will electric cars save me money?

So EVs are better for the planet, but are they better for your wallet? Again, on the face of it you might not think so, because they undoubtedly cost more to buy than their petrol or diesel equivalents. (Though they will get cheaper as they become more popular.)

However, cost is another long-term consideration. Because they are so much cheaper to run, over the course of a typical finance deal, an electric vehicle should cost you less.


How much cheaper is an EV to live with?

This question is a bit more difficult to answer because it depends on what type of vehicle you buy and how you use it.

However, in 2020, Direct Line Group released research that said that vehicles last an average of 14 years, and over this period an electric vehicle costs an average of about £52,133, compared with £53,625 for petrol.

Excluding the purchase price, EVs cost an average of £1,742 per year, 21 per cent less than an equivalent petrol model. On top of the low fuelling costs, EVs tend to hold their value better and have far fewer servicing costs.


How do I keep EV running costs low?

There are various ways you can improve your savings, too. For example, public charge points are much more expensive than if you can charge at home. 

On top of this, if you can schedule the car to charge at night, it’ll cost even less to refill. Some energy providers have EV-specific tariffs with this in mind.