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How affordable are Hybrids? And what’s the cost of running an electric car? When it comes to cost of ownership, there are some differences between the two. Either way, it may surprise you how much you can save in the long run — compared to a traditional petrol engine car.
Hybrid vehicles boast good fuel economy compared to petrol-driven vehicles. And, because they produce lower emissions, you’ll also benefit from slightly reduced rates of VED (road tax).
Plug-in Hybrid vehicles (PHEV) cost more to buy than self-charging hybrid vehicles but offer better fuel efficiency and taxation.
If you charge at home at a competitive kWh price, a plug-in hybrid will allow you to slash your petrol bills.
Their very low CO2 emissions also allow them to take advantage of relatively low VED (road tax) and company car tax.
With a competitive kWh pricing tariff at home or through a public charging provider, electric cars (EV) are particularly cheap to run.
They also benefit from low taxation and are viewed more favourably by Government and local authorities, which can see you save significant amounts on congestion charge fees and parking.
How different types of powertrain affect your running costs
Making the move towards electric comes with a range of financial incentives you may want to take a look at.
Road tax in the UK, officially known as Vehicle Excise Duty (VED), is calculated based on CO2 emissions. Because fully electric cars output zero CO2 emissions (in fact, they don't even come with an exhaust), running one will cost you zero road tax.
Enjoy an all-round lower running cost, with savings to be made at every turn. Electric vehicles can unlock enviable savings on parking. Many local authorities around the country levy lower or no fees for on-street parking and/or resident parking permits on electric vehicles.
Some parking operators, sometimes placed conveniently near a train station, also waive or discount parking charges for electric vehicles so it is worth researching saving opportunities around you.
How much does it cost to charge an electric car? It’s probably a lot less than you think. Especially when you’re charging at home.
Securing a good deal on charging your electric car at home or at a public station can save you significant amounts of money compared to running a combustion engine vehicle. It is worth ensuring you have the right energy tariff at home. If you rely solely on public charging, some operators can also offer very competitive pricing so it is worth researching solutions local to you.
Savings on fuel and servicing that really mean business. Companies using electric vehicles can expect to enjoy lower running costs, lower BiK rate and better write down allowance.
Talk to a member of our team to find out more.