Generally, an EV will have pricier purchase costs than petrol and diesel counterparts. The higher price point is a result of EVs using lithium-ion batteries. The process of turning raw lithium into useful material that can be used in EV batteries is long.
This extended process is necessary to create effective batteries, but it raises costs. Another factor is that fewer electric vehicles are made than alternatives, so the production costs are spread across fewer vehicles. As demand increases, we should see the effect of higher production costs per car decrease.
Where the savings for electric cars come into play is the running costs. Maintenance, fuel, and tax costs are significantly cheaper for electric vehicles. The push towards electric vehicles by the government means there are incentives in place too. The UK government’s ultra-low-emissions vehicle grant can help you save on the initial cost of an EV. Check out their website to see what vehicles qualify and how much you could save on them.
Despite a potentially higher initial cost, the ongoing savings can make EVs better value over the vehicle’s lifespan.