Buying an electric vehicle outright comes with a hefty price tag. In the UK, the average cost of an electric vehicle is around £33,000, jumping up to £50,000 for the more luxurious models. Most drivers are working on a significantly smaller budget than this. Hiring an electric vehicle, however, should not be written off as an option, especially as the UK is slowly preparing to convert to an all electric infrastructure.
Lower upfront costs
When you opt for an electric car rental in Durham, the upfront costs are much lower than buying. The costs even stand to be lower than a standard PCP or HP finance agreement, leaving you with more financial leeway every month. While an initial deposit is taken at the start of your hire, you will be reimbursed at the end, provided the car comes back in good condition.
Fewer additional costs
If you were to hire a brand new electric vehicle for three years, there are lots of additional costs you can avoid. Firstly, the car won’t need to be MOT’d, as it is not required for the first three years of a vehicle’s life. Secondly, as electric vehicles don’t have many moving parts, so there is less chance of wear and tear under the bonnet, and you’ll be able to avoid maintenance fees for part replacement. The cost of your road tax, any maintenance work, breakdown cover and tyre wear are also included in the cost of your lease.
Better financial planning
Before you lease an electric vehicle, you will spend time going over the payment structure. This means you will know in advance exactly how much you are going to pay every month, allowing for better financial planning. Additionally, there is no balloon payment to be made at the end of a lease, in order to own the vehicle.
Typically, a car loses up to 60% of its marked value by the end of its third year, assuming it does an average of 10,000 miles annually. When you lease, rather than buying, this concern is alleviated, as you would not own the car at the end of the lease. Similarly, you would not be concerned with maintaining value in order to part-exchange or sell the car completely when you’re finished with it.
Electricity is cheaper than petrol
Electricity is a significantly cheaper power source than petrol and diesel, especially
considering the price of petrol is rising. On average, the cost per mile of running an electric car compared to a petrol is 7.5p cheaper, according to ZapMap’s journey cost calculator. Consider comparing the cost of your current vehicle to the cost of running an electric vehicle, and see what financial savings you could make.
To sum up, there are lots of financial benefits to hiring an electric vehicle, rather than buying outright. As the electric vehicle market broadens, we are sure to see much more affordable electric vehicles come available in the coming years. For now at least, opting for an electric vehicle hire stands to be the more financially viable option.