Electric vehicles (EVs) are becoming increasingly popular as concerns about climate change grow. With more than 660,000 battery-electric vehicles (BEVs) in the UK as of December 2022 and a market share of 32.9% of all new car registrations, it is clear that EVs are here to stay. However, as with any technology, there are pros and cons to consider before investing in an EV.
Advantages of Electric Vehicles
No direct emissions
One of the most significant benefits of electric vehicles is that they do not emit direct exhaust pipe emissions. This significantly contributes to climate change. As fully electric cars run on electricity, they help to reduce pollution in cities and towns.
Lower running costs
Compared to non-electric cars, EVs have lower running costs. It is generally cheaper to run EVs, and a 2022 study by Auto Trader found that motorists could save £1,300 using an electric car. EVs don’t require fuel, and recharging them is usually cheaper, even during the energy crisis. Additionally, home charging is cheaper than public charging points, and some public charging points are free to use.
Tax incentives
Currently, there are various tax advantages to using EVs, including a much lower benefit-in-kind (BIK) rate for electric company cars compared to petrol vehicles. Electric car drivers don’t have to pay vehicle excise duty (road tax). Until 2024-25, the BIK rate for electric cars is fixed at 2%. It will then increase by 1% each year until 2027-28 when it will be a maximum of 5%.
Disadvantages of Electric Vehicles
Higher upfront cost
Although electric cars are generally cheaper to run than non-electric vehicles, they are usually more expensive to purchase in the first place. The average cost of an electric car in the UK is around £50,000, according to the personal finance website NimbleFins. Luxury EVs, from brands such as Porsche, Tesla, and Mercedes, are an average of £77,000, while non-luxury EVs cost around £33,000.
Access to charging points
While the number of available public recharging points for EVs is increasing all the time, it can still be challenging to find one in several areas. While the Government aims to install 300,000 new charging devices by 2030, there is a regional discrepancy in the cost of using these devices.
Time taken to charge
Recharging a battery for electric cars can take much longer than refuelling a petrol car. It can take anything from 20 minutes to 48 hours to charge an EV battery, which is something to factor in when planning a journey.
Battery range
The range of an electric car depends on its battery capacity. Although some top-of-the-range models have a range of over 300 miles, others last for under 150 miles, making them unsuitable for long-distance travel.
Reduction in Government benefits
Government incentives linked to owning an EV have begun to reduce or change over recent years. Instances include electric car drivers having to pay road tax from April 2025, the Government’s cessation of its plug-in grant scheme in June 2022, and the discontinuation of funding for homeowners residing in “single-unit” properties in March 2022.
Environmental impact
Although EVs don’t emit direct exhaust pipe emissions, they are not entirely pollution-free. The production of lithium-ion batteries used for electric cars involves the mining and transportation of cobalt and lithium, which causes greenhouse gas emissions. One study claimed that the CO2 emissions from electric car production are 59% higher than the production of Internal combustion engine vehicles (ICEVs).
Nonetheless, the UK Government has referenced a study commissioned by the Department for Transport that asserts a new battery-electric car emits one-third of the lifetime greenhouse gas emissions of an equivalent new petrol car, even when considering battery production and disposal.
Making a decision
There are both advantages and disadvantages to owning an electric vehicle. While they offer lower running costs, and tax incentives, and are better for the environment, they also have a higher upfront cost, limited access to charging points in some areas, longer charging times, and reduced government benefits. It’s essential to consider all of these factors before deciding whether to purchase an EV.
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