Want an electric car but fear the cost? Here’s how to flick the switch

theguardian.com:

Consumers are more and more eager to go electric. The number of electric vehicles (EVs) on British roads is soon set to exceed France after a huge surge in sales. But while a growing number of motorists want to switch, many are also wondering if they can afford it.

Although they are cheaper to run, EVs are more expensive to buy than other vehicles, leading many to believe they are out of their price range. And while the number of EVs sold in the UK has now exceeded half a million, research from the Green Finance Institute says that most purchases are by corporate fleet companies, and not individuals.

A report from the thinktank says: “Consumer adoption of EVs is still in its infancy, and a number of barriers deter larger numbers from switching in the short term.

“Higher upfront cost of the vehicles, the pace of improvement in battery range, concerns about access to reliable charging infrastructure and perceived complexity of transitioning means many are hesitant about making an EV their next car,”

Last year the average pre-tax retail price of a medium-sized EV was €33,300 (£28,914) compared with €18,600 for a petrol car, according to BloombergNEF.

Added to that, the cost of living crisis is putting more pressure on households. Banking group Close Brothers says research suggests many people are changing their mind about buying due to the current need to tighten belts.

But there are ways to get on the road without shelling out huge amounts.

Personal contract hire (PCH), best known as leasing, is, in effect, a very long-term rental. You don’t get to keep the car at the end of the term – instead, you make monthly payments to keep it for a set period. This is usually the cheapest way to get on the road but, typically, it has limits