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Are Electric Cars the future and should I buy one now?

Are you wondering whether to buy an electric car now or wait in 2019? This is a question many are asking themselves and, in this blog, we attempt to answer it.

Electric cars have been pushed by the government with the minister stating that three fifths of new cars must be electric by 2030, which is not as long away as you think it is. Alongside a diesel and petrol ban by 2040 and new emission zones, many may believe that buying an electric sooner rather than later is the right move. However recent reports show it may not be.

WHAT ARE RECENT REPORTS SAYING?

Sales of low emission of cars have fallen for the first time in two years, BBC news has recently reported. The society of motor and manufacturers and traders said fall in hybrid cars were down by 4.7%.

One big reason for this is the charging points. With electric cars, you must charge your car for a few hours to get a full tank. However, it is not easy to install a charging cable. Although charging points are available, it is easier to have a charging cable installed within your house. But for people without regular on street parking or a driveway this is extremely difficult. And the range on electric cars are not as good as you might want the be. Standard electric cars can offer 100 miles, although the newer versions to deliver up to 300.

Secondly, the average price of an electric car is expensive. Around £25,000, this is not a price most people can afford in this economic environment.

nissan leaf, electric car

WHAT OTHER ALTERNATIVES ARE THERE?

Sales are falling for electric cars but that does not mean running a petrol or diesel car is cheaper. A study by Cap HPI shows that shows that Electric Cars cost, on average, 23 percent less to run than petrol vehicles over a three-year/60,000-mile period. For smaller cars, the gap gets wider. An electric Renault Zoe will set you back £1,100 in servicing and maintenance over three years, but a Vauxhall Corsa 1.0 litre design costs nearly £1,500. That’s more than 35 percent extra.

One alternative to both are hybrid cars which many are turning to. Slightly more affordable than Electric Cars but are not as new in technology that it takes extra effort to run or emits as much pollution as a petrol or diesel car. A hybrid car combines a petrol or diesel engine with an electric motor. The main advantages of a hybrid are that it should consume less fuel and emit less CO2 than a comparable conventional petrol or diesel-engine vehicle. Hybrid car owners also get extra benefits in the shape of low road tax as well as possibly avoiding congestion charges. (which we wrote a blog about over here!)

toyota hybrid, car, prestige

SHOULD I WAIT TO BUY AN ELECTRIC CAR?

Many people would argue waiting to buy an electric car is the right move to make. Eventually, there will be more Electric Cars on the road than petrol or diesel and there will be a decrease in price and a greater parity. Many economists forecast that might happen sooner than people think with predictions of 2022/2023, but they are certain electric cars will dominate the road before 2030. For a lover of big diesel and petrol engine cars, which offer high performance, we realise that you will not be buying an electric car but for the daily driver waiting a couple more years might be the way to go to make sure you get the best deal and best version of an electric car possible.

Furthermore, more advanced and developed electric cars are soon being released. As we discuss in our 2019 Frankfurt Motorshow preview blog, the Volkswagen ID.3 has been announced which is expected to have a range of 350 miles and will be on sale from next year and is one of the most important cars Volkswagen have produced. For a more prestige and expensive verison of an electric car, Porsche have recently announced their brand's first ever electric car; Porsche Taycan. Primed for release in 2020 with a maximum range of 279 miles and a top speed of 161mph, Porsche have created one of the first high performance electric car which will be worth waiting for. 

porsche taycan, prestige, electric car

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Pace Ward Limited are Independent Insurance Brokers who are authorised and regulated by the Financial Conduct Authority. A member of the Compass Network. Pace Ward Ltd Registered Office - 6 Ridge House, Ridgehouse Drive, Stoke on Trent, ST1 5SJ - Registered in England & Wales Number 4812481

Pace Ward Financial Solutions Ltd is authorised and regulated by the Financial Conduct Authority. Pace Ward Financial Solutions Ltd Registered Office - 6 Ridge House, Ridgehouse Drive, Stoke on Trent, ST1 5SJ - Registered in England & Wales Number 4812481

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