What you need to know about buying an electric car
Electric vehicles (EVs) have been around a while now and with the UK Government confirming
to ban the sale of new petrol and diesel cars from 2030, there’s never been a better
consider switching. If you’re ready to buy an electric car, M&S Bank can help with
personal loans as well as protect your new car on the road with
our electric car
insurance. But, if you’re not sure about the financial, practical and performance
considerations, read on to find out all you need to know.
Financial cost of an electric car
Electric cars still cost more than conventionally-powered alternatives, but costs are coming down as
more and more people make the switch. The sales of fully electric cars increased from less than
1,000 in 2011 to almost 100,000 in the first 5 months of 2022 alone.1
Insuring an electric car is as easy as insuring conventionally-powered cars.
Tip: Make sure your insurance covers your battery and cables (even if the
battery’s leased). That way, you’re covered if they get damaged in an accident
lost or stolen.
Why not check how much electric car insurance might cost with a quote for M&S Electric Car
Cost of charging
Charging your car at home will definitely increase your electricity bill, costing about
for a full charge. But, if charging on the road, charging points at supermarkets and public
parks often let you charge for free. If pulling into a motorway service station, charging
costs £22 for 30 minutes, approximately a 90 mile charge.2
The UK Government have introduced “e-plates” for EVs which could mean
free entry into new ‘ultra-low emissions zones’ and use of bus lanes.
How long do electric cars run for?
‘Range anxiety’ – worrying you’ll run out of fuel on a trip
– has long
been a worry, but things are changing with some EV models now boasting ranges of
Scare stories about the cost of replacing a battery that no longer holds its charge
phone batteries after a couple of years – used to put off lots of potential EV
most manufacturers now offer seven or eight year battery warranties, or around
100,000 miles, as
Electric cars and charging
How will I charge my EV?
The good news is that you’re never more than 25 miles away from a rapid charge
along England’s motorways and major A roads.4
Perfect if you have off-street parking. A fully installed home charging point costs
£799.2 It’ll take between
5 and 12 hours to recharge
depending on the size of the battery.
A ‘standard’ electric car, with a 60kWh battery and range of
approximately 200 miles,
currently costs around £17 to charge at home. If you drive around 150
miles a week, a
nightly top-up should be spot on.2
Planning a longer journey?
With websites like ZapMapor Pod Point providing constantly
information on the
UK’s charging network, you’ll have no problem finding your nearest
charging point or
planning your route if you’re taking a long journey.
And with rapid “destination chargers” (typically taking just 20-40 mins
to get an 80%
charge) popping up at out-of-town malls, pubs and supermarkets, as well as at our
it’s surprisingly convenient to top up while getting on with other things.
Ready to make the switch?
Hopefully we’ve debunked some of the myths surrounding electric vehicles and
given you all the
information you need to decide if your future’s electric….
So, if you’re ready to take the plunge, M&S Bank can help turn your
dream’ into reality with our personal loans as
well as protect your new
car on the road
with our electric car insurance.
Updated July 2023