20 Jun 2022

Energy costs are on the rise and the cost of living is soaring. Motorists in the UK have been hit hard recently. The average cost of petrol alone has risen from 108p per litre in 2020 to over 186p today!

These price hikes have forced motorists to seek out alternatives. Despite the increasing cost of electricity, many people have already decided to make the switch to an electric vehicle. Last month, over 12.4% of new car registrations were BEVs, showing that the transition away from petrol and diesel cars is gaining momentum. This can be attributed to various factors; people want a cleaner mode of transport, and the cost of petrol and diesel has become unviable for many.

 

Is switching to an EV right for you?

An immediate obstacle for many is the initial outlay for an electric vehicle which can seem expensive. However, experts believe we are about to enter a booming second hand EV market where the costs will be significantly lower than purchasing new. Since last year, the number of second hand EVs sold has doubled, and this is only expected to increase.

With the cost barrier of purchasing an EV reducing, is there enough disparity in the savings on electricity compared to petrol to justify making the switch? We’ve produced a breakdown of cost per 100 miles to show the running costs of a vehicle in 2020 compared to now, during an energy crisis.

 

1920pxs Petrol Diesel Electric 2020 2022 Pricing 01

 

The list of benefits associated with owning and running an EV is continuing to grow alongside technological advancements, and with 2022 seeing a reduction in prices of EVs, more and more motorists have found the confidence to make the switch. Despite running costs of vehicles increasing across the board due to the global energy crisis, making the transition to an EV will benefit you financially in the long-term. With consumer confidence growing, it is projected that by 2025, 1 in 5 cars in the UK will be electric. It’s becoming clearer every day that many people believe the future is electric.

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