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  • Aug 30, 2022

  • 6 min read

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Is it the right time to buy an electric car?

The world is moving quickly toward electric driving, there’s no question about it. By 2030 there’ll be no more new petrol or diesel cars sold in the UK and by 2035 new hybrids will stop production too.

EVs offer a more environmentally-friendly and sustainable way to travel, and are becoming increasingly popular – but is now the right time to switch your petrol car to an electric one, or should you wait?

With petrol prices having increased massively already this year, and other of living increases coming in thick and fast, we think now's the perfect time to ditch your petrol car and make the switch. Here's why.

Should I switch to an EV?

If you’re thinking of switching to an EV, there are a few key things to consider first:

Are there affordable ways to charge an EV?

To really reap the cost benefits of going electric, access to a home or work charger is a great way to keep costs charging as low as possible, to as little as 2p per mile. Consider our electric vehicle personal lease or if your employer joins, EV salary sacrifice scheme which both include a home charger for free. No off-street parking to enable you to get a home charger? We’ve got you covered with 5,000 free miles with Octopus Electric Universe.

Should I buy or lease an electric car?

Electric cars are generally more expensive upfront than traditional petrol or diesel cars, but there’s an impressive range of more affordable models on the market.

It’s also worth remembering that if you lease an electric car you don’t have to worry about that large upfront cost of buying outright. Whether it’s for work or personal use, car financing options like electric vehicle business leasing and EV salary sacrifice schemes can make driving much more affordable and easier to budget for with a set monthly payment.

Won’t a better EV model come out soon anyway?

It's true that with the investment in technology, more modern and higher-spec models are coming on the market all the time, but this doesn’t mean you shouldn’t invest in going electric now. A lot of manufacturers offer lengthy warranties, so even if better batteries become available, you’ll still have good cover for your existing one.

With an electric car lease, you can also trade up every few years without worrying about selling the car, so you’ll always have the most up-to-date model. Win-win.

Are electric cars the future?

As government targets and regulations speed up the shift to more sustainable transport and consumers look for greener, cleaner ways to travel, electric cars are definitely the future.

Electric car sales are booming and continue to increase year on year. A recent Mckinsey report estimates that by 2035 the largest automotive markets will be fully electric. So, in just a few years, you’re likely to see petrol and diesel cars being phased out as electric cars become the new norm.

Which electric car should I buy?

EVs have become much more mainstream and there are over 65 models on the market to suit different tastes and needs.

Take the Kia Niro EV, an upgrade on the What Car? Car of the Year, the Kia e-Niro. It’s a comfortable, punchy SUV and has an impressive 235 mile range. If you prefer a more classic model, the Mini Electric is a great option for a small city car. It’s got the same interiors and feel of the classic Mini but in electric form. Or maybe you want a sportier ride? The super stylish Porsche Taycan RWD has a terrific range of 295 miles and goes a speedy 0-60mph in 5.4 seconds.

You may still be asking, which electric car should I buy? Well, it depends on your budget, lifestyle and preference on looks. Browse our electric cars and find the right fit for you.

What are the costs of electric vehicles?

It’s true that EVs are typically more expensive to buy than their petrol or diesel counterparts, but that doesn’t mean they’re out of reach.

If you’re not keen on buying an electric car outright, then it’s definitely worth considering personal contract hire (PCH). With affordable monthly payments, you’ll be able to drive a high-spec electric vehicle and then trade it in for a more up-to-date model at the end of your contract. No need to worry about missing out on the best tech!

Plus, with our ultimate EV package, you’ll get so much more than just a personal EV lease. We include the fully maintained car, a free home charger (installed by an expert Octopus engineer) and 5,000 free miles - whether you charge at home or on the public network with Octopus Electric Universe.

If you’re looking for something for your business we also offer some great options with electric vehicle business lease for company cars. Or salary sacrifice car schemes for employees. It’s like the cycle-to-work scheme but for electric cars. It’s worth considering as it could make the upfront cost of your EV up to 40% cheaper.

What are the running costs of an electric vehicle?

Although you’re likely to have a higher upfront cost, the running costs of your electric car will be much lower. An electric vehicle is much cheaper to drive compared to a petrol car, which costs up to three times as much per mile. This is especially true when you recharge at home, and more so if you have a special electric vehicle energy tariff like Intelligent Octopus.

So is it worth getting an electric car?

Yes. EVs have lower running costs and offer a greener alternative to old combustion engines. With the rise in petrol costs, even with increased energy prices it’s still much cheaper to run an EV if you charge it at home than a traditional car.

Battery technology is improving and manufacturers look for more sustainable and greener production methods, so there’s really never been a better time to switch. Make the move to electric, embrace the future and help save the planet!

When should I get an electric vehicle?

If you’re considering making the move, then there’s never been a better time than now.

With cheaper running costs, greener technology, and continuing improvements in electric vehicle infrastructure, there is no doubt that an electric car is a more eco-friendly and future-proof choice.