How much does it cost to buy an electric car?

Is it expensive to buy an electric car? 

For many of us, cost is one of the most important things when buying a car, whether that’s petrol, diesel – or electric. If you’re just dipping your toe into the electric car market, you might have heard they’re expensive. And some were when they first came out. But the good news is that prices are dropping all the time.  
 
Like any car, the cost depends on what you’re after. A swanky model with all the bells and whistles will cost you more than a dependable family car or a zippy little city number. It also depends on whether you choose a lease, PCP or to buy the car outright.  

How much will a lease set me back? 

You can lease a standard Drive Electric car, like the Renault Zoe, from about £200 a month. If you want something more swish, like a Tesla, you’ll pay at least £450 per month. 

With both leasing and PCP (a type of finance plan), you pay a fixed monthly fee to rent the car. Both have limits on the number of miles you can drive, and you might have to pay for any damage.  
 
If you’re leasing, you’ll hand the car back at the end. And with PCP you can buy the car by making a final payment, called a balloon. It’s more flexible but can cost a lot more.  

What if I want to buy one outright? 

You can pick up a smaller car, ideal for whizzing around the city or town, for about £20,000. For something a bit bigger, like a family hatchback, estate or SUV, you’d be looking at anything from £25,000 to £40,000 if you want one with all the jazzy extras. 

The premium choices like Tesla start at about £40,000. You’ll find they’re often similarly priced to their petrol-powered equivalents. 

Would a second-hand one work for me? 

If you just tend to potter about locally, to the shop, on the school run or to visit family nearby, you can pick up an older electric runabout for as little as £4,000. You can still take them on longer journeys if you need to, as well.    

If you drive a bit more, if you have a longer commute or live more rurally, you might want something more substantial. You should be able to find a second-hand car like this, where you can drive more than 100 miles on a single charge, from around £10,000.  

How much do home charge points cost?

A simple plug-in-and-go charge point is likely to cost about £450, after you take off the government grant. For fancy ones, you could fork out up to £950. But they have extra features like Wi-Fi and Bluetooth. And if you have solar panels, you can even use their energy to charge up your car for free. 

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