Although maintenance costs and fuel savings are much cheaper for electric vehicle drivers, the initial cost of an electric vehicle can dissuade people from making the change.
Running costs for an electric vehicle are as little as 2p per mile compared to 12p per mile for a typical petrol or diesel car. New research shows that battery powered cars will soon be cheaper to buy than petrol and diesel ones, giving immediate savings too.
The cost of the battery
The findings by Bloomberg New Energy Finance show that by 2025, electric cars will become cheaper than conventional cars. As battery costs decrease, this has a big impact on the overall cost of electric vehicles – the battery alone accounts for around half of the cost of an EV.
The production of batteries is growing, with bigger factories being built all over the world. In fact, battery production is predicted to increase double-fold between now and 2021. The research predicts that battery prices will fall by 77 per cent by 2030.
How that affects EV costs
Figures show that the average cost of an electric vehicle will reach close to $25,000 while conventional vehicles will average $30,000.
Bloomberg has previously predicted that the 2020s will be when electric vehicles will see an increased uptake and rise in popularity. As a potentially cheaper option to conventional vehicles too, the likelihood of higher demand for EVs only increases.
Electric car hire
If you’re yet to drive an electric vehicle, hiring one for the length of your trip is the ideal opportunity. By doing so you can find out just how easy it is to make the switch and learn about the benefits of doing so.
At Green Motion you can rent an EV or hybrid car before committing to a purchase. Our team of experts can help you pick the right vehicle for your needs. For more information, call us today on 0333 888 4000.