Buying an electric car is a big decision, not only do you need to stump up the upfront cost, there are ongoing expenses too, like buying a charger, maintenance and of course, the cheapest car insurance. So, with all that in mind, which electric car is right for you? Here, comparison site mustard.co.uk explores what you need to consider.

How much do electric cars cost?

The cheapest EV currently on the market is the Smart EQ Fortwo which starts at £22,225. As a small city car it won’t be for everyone and its range is also limited — just 60 miles on a full charge.

If you’re looking for something larger with more range capability, there are plenty of other EVs available at various price points, so there should be enough of a selection to choose from. For example, the Peugeot e-208 has a range of 175 miles and costs just over £30,000, while the Hyundai Kona Electric costs £35,750 and has a range of 245 miles.

To put electric car prices into perspective, they’re typically more expensive than their petrol or diesel counterparts. For example, the Vauxhall Corsa-e, costs £11,000 more than the equivalent petrol version (£28,555 vs. £17,340 respectively).

Compare electric car chargers

With electric cars, it’s not just the purchase price you need to think about, you’ll have to factor in the cost of a charger too. Technically, you can of course charge your electric car using a standard 3-pin plug but a wall charger is the most cost effective and efficient way to charge up your car’s battery. 

EV chargers are measured in kilowatts (kW), the more kW there are, the more powerful the charger, the more expensive it will be, but the faster your car will charge. For example, a smaller 3kW charger will charge a decent sized 52kWh battery in about seven hours. A larger 7kW charger would take the same battery around half the time to fully charge. In terms of cost, chargers range from £300 to £800.

The good news is that if your home is rented or you live in a flat, you could be eligible for the government’s EV ChargepointGrant. The scheme helps cover 75% of the cost of an electric car charger (up to a limit of £350).

Check how much it costs to charge an electric car

The cost to fully charge your EV depends on the size of its battery and the energy tariff you’re on.

To give you a rough idea on costs, EV charging station providers, Pod-Point estimate a full charge would cost £15.10using an at-home wall charger; significantly less than the cost of a full tank of petrol.

You could even lower that cost by signing up to a special EV electricity tariff which a number of energy firms now provide. Some firms that don’t offer an EV tariff do offer discounts instead, so it’s well worth taking a look at what your energy options are.

Factor in ongoing costs

Although you won’t have to pay car tax (Vehicle Excise Duty) or the £355 surcharge for cars valued at more than £40,000, there are other costs to factor in.

Two expenses which go hand in hand are the cost of parts and the cost of labour.  Despite having fewer moving parts in an EV, they tend to cost more to replace when needed. On top of that is the lack of specialist EV mechanics which in turn pushes up the price of labour and leads to more expensive servicing and maintenance costs.

There’s also electric car insurance to budget for, which can cost a little more compared to other cars. This is down to the fact that electric cars cost more to buy and have more expensive parts and labour. There’s also not as much data about electric cars either which can make it harder for insurers to assess risk and calculate premiums. This is likely to change over the next few years as electric cars become more and more popular.

What electric car should I buy?

The car you choose should suit your lifestyle and budget so it’s important to do your homework (as with any big purchase). Remember to think about: