Should you buy an electric car?

If you're thinking about buying an electric car, you might be wondering whether they offer good value for money. We look at the costs versus savings and if it is worth buying one

An electric car charges on a sunny day on a London street.
(Image credit: Getty Images - Angel Santana Garcia)

Should I buy an electric car? It’s a question many people are asking themselves in today’s more environmentally-conscious world. While electric vehicles have made their way into the mainstream, it is worth considering the pros and cons before you splash the cash on one. 

The theory is simple. Buying an electric car means leaving petrol and diesel costs in the rearview mirror – an idea which could sound particularly appealing if the government decides to hike fuel duty at the upcoming Autumn Budget

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CostPetrol carElectric car
Insurance£545£740
Fuel£930£400
Estimated VED (road tax)£190£0
MOT£55£55
Total cost per year£1,720£1,195
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Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.