How do you make comedy pay the bills? Is Britain ready for electric cars? Insurance experts say electric cars can attract higher premiums – but they are coming down There are two problems with electric cars: they take too long to charge compared to how far they can go and they cost too much money. What do you think of the new car buying services where the vehicles are delivered to your door? 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Lv 7. not enough interest ( being sold ) to bring cost down. The rise of the lockdown investor - and tips to get started. Do those born in the 80s really face a state pension age of 75? One reason the traditional automakers hesitated to undertake electric vehicle (EV) production was that the costs were so high that when passed on … Ten reasons electric cars still suck: We unplug the EV hype. This could explain why insurance costs there are roughly a quarter of what UK motorists pay. Making the Money Work: Solo Atlantic rower Kiko Matthews, The biggest stories of 2019: From Woodford to the wealth gap. The second part is not so easy though, because electric cars are expensive. The main reason why an electric car costs so much to buy is its battery. There may have been a little bit of optimistic licence in that headline, but I coped just fine doing a 60-odd mile round-trip commute three days a week into London, along with plenty of local journeys on other days, in the Zoe. Electric car drivers might have green number plates in the future which grants them special access to certain benefits. As teenagers, we had to settle for flying cars. The monthly fuel saving is £53. First-time buyer 90% mortgages are reserved for 'gold-plated' borrowers, warn mortgage brokers as number of deals climbs. Has the pain in Spain killed off summer holidays this year? Do all dash cameras need hardwired to use parking mode? Some links in this article may be affiliate links. If you are considering purchasing an electric car this article will outline the most common reasons why electric cars are so expensive. We do not allow any commercial relationship to affect our editorial independence. The comments below have not been moderated. Is this going to change any time soon? By comparison an equivalent Renault Clio, an S Edition 130 auto, would cost £21,495. Battery production is very expensive and the batteries in an EV alone can be worth thousands. By posting your comment you agree to our house rules. (Given a lot of EV development work has happened in a short time and is spread over a small number of sales, plus the resource supply chain and battery construction industry are still ramping up). A home wall box, the continuing roll-out of fast chargers and a little patience, can overcome the first part of the criticism highlighted above. The This is Money podcast, Unlock the market's best return on savings: Get Chip's 1.25% easy access rate with This is Money's exclusive code, Millions of Brits could be in line for payouts of up to £300 EACH after Mastercard loses landmark £14bn Supreme Court case over 'unlawful' transaction fees, Keep an eye on your finances in the New Year: The big dates for payment holidays, taxes, pensions and saving in 2021, Investors in the money as watchdog lifts bank dividends ban after lenders post better-than-expected profits. Can consumer power help the planet? This is an important consumer issue, considering that within the next decade most people’s second most expensive purchase after a home - their car - is going to have to be electric. And that was done with no home charging opportunity, whereas those buying a Zoe now with off-street parking can get a free wall box allowing them to fill the battery overnight whenever they wish. On a monthly basis, the cost difference with some electric cars starts to seem more palatable. If so, what is the rest of the world doing on this? Is a tough property market the best time to buy a home? By Tom Meisfjord / Feb. 12, 2020 4:02 pm EST. Are tax returns too taxing - and should you do one? Tags: batteries electric cars evs. The average scrap price for a Ford Focus was up by almost 12 per cent. How to fight back. Compare energy deals: This is Money and Compare the Market can help cut your bills. A cheaper and lesser-powered Zoe R110 Iconic Rapid Charge after the government grant is £29,495, whereas the equivalent Clio will cost you £20,095. Surely nearly all the components are cheaper to produce than conventional petrol/diesel versions. If you click on them we may earn a small commission. In the eyes of many people those are very good reasons for not getting one, as highlighted by lots of the comments on my review of the Renault Zoe that I recently spent a fortnight with. Relevance. It’s just the way of the world. Though the use of a central touchscreen, that power can be delivered in its entirety to the rear wheels as well. While good deals do exist, electric cars tend to keep their value slightly better than petrol or diesel cars… Sean Gallup/Getty Images. Battery packs for electric cars are so expensive to justify the continuous use of the amazing petrol engine to be the correct approach to motoring world wide. The battery of an electric car is the same lithium-ion battery of your smartphone or laptop, albeit much larger, of course. Why are electric cars more expensive than conventional ones? The top spec Renault Zoe R135 GT Line Rapid Charge that I tested is a £34,495 car. Hiring rather than buying? There’s no denying the facts though – range comes at a premium and if you are looking to electric cars in 2020, long-range means high-budget. There are a number of reasons, but the foremost is that electric cars cost more (and take longer) to repair if they get damaged. Are finance deals available on pre-reg cars? Will investors benefit from Woodford being axed and what next? How much do you need to save into a pension? It should be noted that Renault’s generous dealer £3,000 contribution flatters the figures here, but it does change things around a bit compared to saying that’s a £30,000-ish car, whereas a Clio is a £20,000-ish one. The additional cost of buying an electric car instead of a conventional one primarily comes from the battery. Car insurance is an often-expensive fact of life for the UK motorist. Those development costs will end up being passed down to the consumer … But a direct comparison of prices can be misleading. We’ll ask you to confirm this for your first post to Facebook. There is not much difference in other countries as well. Is the Fomo rally the read deal, or will shares dive again? The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. One of the big drawbacks of electric cars is the upfront cost. The range and charging issue is one we have covered heavily on This is Money, and I tackled it head-on in that review, headlined Renault Zoe 1, Range Anxiety 0. Should investors and buy-to-letters pay more tax on profits? Purchasing an electric vehicle isn't cheap. Excellent car as it may be, the Zoe’s expensive. There is no getting away from the sense that even ‘affordable’ electric cars aren’t that… affordable. With demand exceeding supply, manufacturers can currently afford to ask high prices for electric cars. It alone can make a difference of several thousand euros. You can choose on each post whether you would like it to be posted to Facebook. Is there still time for investors to go bargain hunting? How many state pensions were underpaid? Are electric bikes and scooters the future of getting about? Why are electric cars so expensive? The equivalent Clio on the same terms (with the £500 dealer contribution on offer) would cost just £57 per month less at £343. This is Money is part of the Daily Mail, Mail on Sunday & Metro media group, Get a discount code to save on your internet security, Listen to podcasts and books for less with these offers, Get the ultimate broadband and entertainment bundle, Get great deals on existing and new plans, Have a clean house and save money with these offers, The hunt for 'forever homes': How properties that will last a lifetime are in hot demand during the pandemic. Your comment will be posted to MailOnline as usual. Online supermarket battle intensifies with M&S and Ocado tie-up. How bad will Lockdown 2 be for the UK economy? I had to do a degree of extra planning and public charging is not cheap, so I would hesitate to recommend those without the ability to have a wall box get an electric car yet. It could be you! An electric car costs much more to buy than a conventional vehicle. 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