Should I Invest In An Electric Car?

Electric car being charged

Are you noticing more electric cars on the roads? It is clear that the electric car revolution is accelerating, which means that many motorists are now starting to seriously think about making the change to an electric vehicle.

This is a major decision to make and not one that should be made lightly. Keep reading to determine whether or not now is a good time to make the switch.

The Move to Electric Vehicles

The world is becoming greener and it is clear that people will have to switch to an electric vehicle sooner or later. The UK has the 2030 ban on the sale of new petrol and diesel vehicles while commitments were recently made at the COP26 climate summit that will see all signed-up nations stop selling fossil fuel-powered vehicles by 2040. Additionally, PM Boris Johnson recently announced plans for all new homes and buildings to be fitted with charging stations from next year.

Reasons to Switch

So, what are the main reasons to switch? Obviously, switching to an electric car is a great way to reduce your environmental impact. In a time where many people are looking to lead a greener lifestyle, switching to an electric can provide peace of mind knowing that you are doing your part for the environment and reducing air pollution. Not only this, but an electric car is a great way to make long-term savings despite the high initial cost of the vehicle. With fuel costs rising, now could be a smart time to switch.

The cost of an electric car can be a deterrent despite the long term savings, but keep in mind that there is the plug-in car grant of up to £2,500 as well as the Electric Vehicle Home-charge Scheme that provides up to £350 off the installation of a home charging point.

Reasons Against

While there are great cost-saving opportunities to take advantage of, keep in mind that you still need an MOT after 3 years with an electric and the vehicle will need maintenance. An MOT can easily be booked online for your electric car and you will want to keep on top of maintenance throughout the year.

As mentioned, electric cars can be expensive to buy upfront and this could make switching a challenge for many, especially when insurance can also be high. The other major consideration is accessible to a charging point – not everyone is able to have an at-home charging point and this could create difficulties.

Hopefully, this post will be helpful for anyone deciding whether or not to make the switch. Electric vehicles are the future and there are certainly many benefits to switching now, but some motorists may need to wait a while longer and this is understandable.

About author

Poppy loves personal finance almost as much as she loves her two cats, Tif and Taz.
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