Family Financial Benefits of Choosing an Electric Vehicle

Electric cars were once thought of as a pipe-dream conjured up by those who dream of a perfectly green future. However, the reality is closer than you think and even better, far more affordable! Many people are put off the idea of electric cars, believing they are more expensive and less reliable than traditional petrol cars, but the truth is, they can offer some surprising benefits when it comes to your family finances…

No petrol

The fundamental difference of electric cars over petrol cars is also one of its biggest benefits. Because electric cars are charged with electricity rather than filled up with petrol, drivers will never have to worry about fluctuating prices. Additionally, as it works out at around 18¢ per mile instead of 1.22¢ over petrol, it is also the cheaper option.

Regenerative braking

Technically, this works by storing energy either chemically in a battery, electrically in a bank of capacitors, or mechanically in a rotating flywheel which then transfers to the car itself, ‘regenerating’ its power source. Basically, this means that braking saves you energy on your electric charge, helping your car run for longer.

Company car tax discount

Electric cars became exempt from company car tax for five years from April 2010. This is intended as an incentive to purchase electric cars and plug in hybrids.

You can still have a choice

You still need insurance for your electric car but remember the golden rule and shop around before you buy. Some companies may offer discounts for electric cars, while others, such as Budget Direct Quotes, can help you find the best deal to suit your particular needs.

Fewer repairs

A piston engine of a regular petrol or diesel car has over 450 moving parts and requires regular servicing on parts such as the starter motor, air filter, air intake manifold, fuel lines, fuel filters, fuel pumps, fuel tank, carburettors. The electric cars has fewer parts that require repair and fewer things can go wrong with the moving parts because it doesn’t require things like oil filters or fuel lines.

Parking concessions

In some places, electric cars can get parking concessions with discounts of to 100% for car parks, metered bay parking and residential and business parking permits across the country.

Relief on road and fuel tax

Vehicle excise is based on CO2 emissions and because electric cars do not produce these emissions, they currently qualify for a discount road tax. They are also exempt from fuel excise duty (fuel tax) as the charge for electricity is zero.

Will you be looking at buying an electric car?

*Guest Post*