Is 2021 the year you buy an electric car?

In association with Compare the Market

If you’re thinking about investing in an electric car, you’re certainly not alone. In 2020, 175,000 electric vehicles (EVs) were registered in the UK, a 66% rise in registrations over the previous year. There are now over 600,000 plug-in vehicles on the country’s roads.

As far as EV sales go, the traffic is only heading in one direction. The Government has said the UK will end the sale of all new petrol and diesel cars and vans by 2030. By doing so, it has sent a clear message. The age of the petrol and diesel car might not be over, but it’s certainly reaching retirement.

With that in mind, should your next car be electric? We weigh up the evidence…

Growing infrastructure

For a long time, a significant obstacle to the uptake of purely electric (rather than hybrid) vehicles was a limited charging infrastructure.

In 2011 there were just 1,300 charging connectors in the UK, which meant that if you ran out of juice on the road you might not be within easy reach of salvation. Today, there are over 22,000 connectors, housed at around 12,000 locations, so planning long journeys that might require a top up en route isn’t such an issue. Some of the UK is especially well supplied with charging points.

At least, it’s not such an issue in terms of finding a charging point. But charging an EV is far more time consuming than filling up the old way. How long it takes is down to the make and model of EV, the type of charger it uses and the charging network it’s connecting to. These factors can make a huge difference.

For example, charging from empty to 80% full might typically take half an hour or so for the most modern models connected to the fastest chargers. But it might take up to eight hours for more basic models on slower connections.

A lifestyle choice

While eight hours to charge up might seem a lot, many EV owners don’t see it as a problem. That’s because charging time fits neatly into their daily routine, making long top ups less of an issue.

In fact, most EV owners charge their vehicles at home or at work. That means the car is charging while they’re asleep, or during the working day. Fitting in a few hours of top up time isn’t a problem, because they aren’t using the vehicle anyway.

And with EV ranges increasing - many models are now capable of up to 200 miles on a single charge - using your electric car for the daily commute, shopping trips and school runs is perfectly straightforward.

Longer trips do take some planning, but with the number of charging points increasing almost by the day, even that’s getting easier. You can charge EVs for free at many hotels and shopping centres, though you’ll usually have to pay to charge elsewhere. Websites and apps like Zap-Maps make finding charging points easy.

Cost-effective motoring

EVs aren’t cheap to buy, but compared to petrol and diesel cars they can be cheap to run.

If you can charge them at home or work, you can run your EV for a fraction of the cost of a petrol or diesel alternative. The same goes if you only use public charging points for the occasional long trip.

If you have to use the public charging network regularly, the savings are not so great. And there’s the added stress of finding a free spot and planning enough time into your journey for a decent top up that will get you where you want to go.

But for most users, running an EV is cheaper than either petrol or diesel, and there are also savings when it comes to vehicle tax. Pure battery vehicles (i.e. not hybrid) are exempt entirely, while plug-in hybrids pay a reduced rate.

Insuring your electric vehicle

One area where you’re unlikely to save with an EV is insurance, though the extra you’ll pay may not amount to much.

There are many factors that go into determining your insurance premium, including your driving experience, the amount of miles you cover in a year and where your car is parked overnight.

One factor in the calculation is the insurance group your model falls into, and this is where EVs are at a slight disadvantage. EVs need specialist parts and servicing, making them more expensive - on average - to repair. That tends to nudge up premiums.

You can check the insurance group of any make or model (EV and otherwise) with Compare the Market’s handy group checker tool.

This probably shouldn’t be a deal breaker though. The cost of insuring EVs is likely to come down in future, and in the meantime there’s lots you can do to lower your premium whatever vehicle you own – read some essential money-saving tips here....

Should an EV be your next car?

So should you invest in an EV today? Many people will want to on environmental grounds, and EVs are increasingly popular for other reasons, too. They’re smooth and quiet to drive, and cost-effective to run.

Drivers who regularly make long journeys might balk at charging times, but for many users topping up the EV will simply slot into the daily routine. As the deadline for new petrol and diesel sales comes closer, EVs are becoming an attractive option for cost-conscious motorists.