Can an electric vehicle (EV) be money saving?

• Is electricity cheaper than diesel/petrol?
• Will it cost more to service an EV?
• Will I need to replace the battery?
• Can you own an EV without a driveway?

When you journey into the EV world 🌎⚡️you will find lots of conflicting articles/advice and it’s hard to know what’s true.

To keep things simple, click which option describes your situation the best.

An electric vehicle in the past has always been considered a cheaper vehicle to service. But with the improved demand for EV’s we are starting to see an increase in main dealer service costs, which for many new owners can quite rightly feel shortchanged by. As a new owner of an MG4 long range Trophy, we decided to take out the 3 year service plan which was around £250. This has turned out to be a very savvy purchase, as other owners are reporting high servicing costs. If you are considering a new EV purchase, then be sure to investigate how much the service plans are on your new vehicle and compare to what it would cost you paying separately. There could be a good saving to be had.

If you are someone who is worried about the longevity of the battery pack on an EV, then it is important to filter out the EV manufacturers that don’t offer a long warranty on the battery. It is also important to check the small print for when your battery cell is considered replaceable under warranty. For example, our MG4 battery is covered for any degradation below 70%. This means, in very simplistic terms, that if your battery would usually charge up to 100 miles for 100% but over time degrades to less than 70 miles to a 100% charge, you could be eligible for a battery swap if within the warranty period. We chose the MG4 as the battery has a long warranty and range to account for planned degradation.

Buying a new battery out of warranty is expensive. People claim that the costs will come down in the future, which they may, but when purchasing anything in life, you should factor in a reasonable repair cost based on what it would cost to repair today. There are also potential risks with battery technology not being compatible with older vehicles when advancements in the industry are made.

EV ownership is not dependent on where you live. You do not need a driveway to run an EV, but having one will make your life easier and your running costs would almost certainly be cheaper (unless you have access to a free public charger that is).

The best piece of advice I can give to anyone looking at buying a new or used electric vehicle is to use our fantastic, tariff healthcheck service. We will look at your home and offer tailored advice to your circumstances. Getting the tariff right is one of the most important parts of EV ownership. You wouldn’t go to the fuel station charging £2 per litre of fuel, you would drive past it and go to the cheaper one down the street. It’s exactly the same scenario for EVs, why charge with your current supplier when you could switch and make big savings?