How much does an electric car cost?

How much does an electric car cost?

If you’re ready to switch to an EV but the cost of doing so is giving you pause, you will be pleased to know that there is a path to EV ownership that is very much within reach.

The cost of EVs vary considerably based on several factors, including their size, range, and specifications. The average price for a brand new electric car in the UK in 2024 is £50,873, but this average is skewed somewhat by the large amount of luxury, high-end models in the EV space.

What is more applicable is the price of a PCO-ready electric car in the UK. From around £35,000 for a Hyundai KONA Electric Advance to around the £49,000 mark for a Peugeot e-Traveller Allure 8-seater EV. Some EV’s can be upwards of £100,000 but those high-end models are more suited to personal use rather than public carriage, or for those drivers who want to exclusively target the luxury end of the PCO market.

At Splend, we focus on offering PCO-approved vehicles at an affordable price. Finding the money to purchase a vehicle outright upfront can be challenging. This is why we offer vehicles such as the aforementioned Hyundai KONA Electric Advance, which could be yours from £154 per week, while the Peugeot e-Traveller Allure 8-seater EV is available from £254 per week, in our all-inclusive Flexi Own package.

If you’re considering buying an electric vehicle as an investment in your ridesharing career, be mindful that although its initial cost might be higher than a petrol car, running an EV is much cheaper in the long run, so you will end up saving money.  

What are the buying prices for an EV? 

 As EVs keep growing in popularity, they’re more affordable than ever before. As mentioned above, as of August 2024 the average price of a brand-new EV in the UK is just under £51,000. If we set apart luxury electric cars, the average price decreases to £33,000. 

The good news is that a lot of the best electric cars for Uber fall within the £30,000 – £40,000 price range. 

Below is the 2024 pricing of some of the most popular EVs for PCO drivers, all of which are available on Splend’s Flexi Own plan for a low weekly fee.   

What are the running costs of an EV? 

When adding up all car expenses at the end of the year, particularly as a rideshare driver, you can see just how much can be saved by switching to an EV.  New research by Auto Trader UK has found that EVs cost around £1,264 a year to run compared to £1,843 for a petrol car, so while upfront costs can be higher, drivers should recover those costs and more over time.

Electric car charging cost 

Despite the increase in energy prices, the electric car charging cost is still cheaper than the cost of filling up a petrol or diesel car. The cost per kWh depends on EV battery size, the charger’s speed and using a home charger or public stations. 

Home chargers are a great option for those drivers who can install one. The average cost is around £1000 (which includes that cost of the charger itself and the installation cost)  but it’s definitely worth the investment in the long run. Public chargers are also a convenient option if there happens to be one close to your home or area of work. The fares vary from network to network and according to the charger type you use. 

Here is an example of yearly fuel costs for the Toyota bz4x Vision and Rav4 petrol hybrid with an average of 51,000 miles driven annually.  

Source: zap-map.com
¹Costs calculated at 24.5p per kWh for the bz4x and 144.7p per litre for the Rav4. 

Therefore, if you drive the Toyota bz4x Vision instead of its petrol equivalent, you can expect to save around £3,168 per year. 

At Splend, you can experience the future of driving by securing a test drive of the Toyota bZ4X, Toyota's groundbreaking all-electric SUV. Designed for those who demand both performance and sustainability, the bZ4X offers impressive range, advanced safety features, and a smooth, quiet ride. Whether you're new to electric vehicles or looking to upgrade, a test drive will give you firsthand insight into its innovative design, spacious interior, and the seamless integration of technology that makes every journey enjoyable. Schedule your test drive today and see how the Toyota bZ4X can transform your driving experience and save you money!

Electric car insurance cost 

As the adoption of electric vehicles continues to grow, insurance premiums have progressively decreased in response. This shift reflects a broader trend within the insurance industry, which recognises the lower overall risk profile associated with EVs, thanks to advancements in vehicle safety technology and a reduced likelihood of mechanical failures. Additionally, the environmental benefits and government incentives surrounding EVs further drive their popularity, contributing to an increasingly competitive market that encourages insurers to offer more affordable premiums. As a result, EV owners now enjoy both the financial and sustainability advantages of going electric.

Of course, it should be noted that the cost of insurance depends on the price and power of the vehicle, as well as how old and experienced the driver is, rather than the power source the car uses.  

Electric car maintenance cost 

Since the introduction of the first electric vehicles, maintenance costs have significantly decreased as technology has advanced and the industry has matured.

Early models often required specialised servicing due to the novelty of their components and systems, resulting in higher repair costs. However, today’s EVs benefit from streamlined manufacturing processes, improved battery durability, and simpler mechanical designs compared to traditional internal combustion engines. Fewer moving parts, no need for oil changes, and advancements in battery and software technologies mean that modern EVs are more reliable and cost-effective to maintain. Additionally, more mechanics are now trained in EV servicing, further reducing costs and increasing accessibility for drivers.

Servicing suppliers estimate that EVs are 30% cheaper to maintain since their parts last longer and there are fewer mechanical components to break down.  There are no oils, fluids or fuel filters to change, and the brake parts are long lasting thanks to the regenerative braking systems. EV batteries also have long warranties, around eight years on average. 

Fee-free driving for EVs 

If you’re a rideshare driver in London, there are two charges that affect your daily income - the Congestion Charge and ULEZ Charge. EVs are exempt from the ULEZ charge, as it is levied on vehicle emissions. An exemption for EVs also applies for the Congestion Charge, although that is set to change towards the end of 2025.

Did you know? If you drive an EV in 2024 you don’t have to pay the Congestion Charge or the ULEZ Charge. The Congestion Charge will be payable for EVs from December 25, 2025.

Furthermore, all EVs are Zero Emission Capable and meet the Euro 6 emission standard, making them compliant with the new Private Hire Vehicles emission standards.  

How much can I save if I drive an electric car? 

We’ve looked at how much you can save during a year by driving an all-electric Volkswagen ID.3 compared to a Volkswagen Golf 1.5 TSI.  

Fares estimated as of January 2023
Congestion charge estimated for 300 working days.

As shown in the table above, you can save around £7,778 on car running costs if you choose an EV instead of a diesel car. 

Flexible EV ownership designed for PCO drivers

Splend's Flexi Own program offers a flexible and hassle-free pathway to EV ownership, making it a more viable option for rideshare drivers. With affordable weekly payments, no upfront costs, and the ability to earn while you drive, Flexi Own enables you to gradually own your electric vehicle. The program also includes benefits such as comprehensive support, maintenance, and insurance, giving you peace of mind as you transition to EV driving.

Splend's flexible terms, coupled with the opportunity for early ownership, make it easier than ever to embrace the future of rideshare with a cost-effective and reliable EV.

How can Splend help? 

At Splend, we help on-demand drivers thrive. Through our all-inclusive car subscription plans, Flexi Try and Flexi Own, you can get a brand-new Uber ready EV without the pressure of long-term commitment, but also with the possibility of owning your vehicle at the end of your payment term. 

We help you with the necessary paperwork so that you can get on the road sooner and start earning money. We also take care of servicing and maintenance, insurance cover and spare parts replacement. This way, you can focus on driving and earning, without having to worry about anything else related to keeping you on the road.   

At Splend, we value performance and progress, so our team is there to help drivers succeed in everything they do. We offer dedicated support from day one, advanced coaching and training, and regular customer events for our community. Since flexibility is the key to our plans, you can return the car after the minimum term for no additional charge if you change your mind. 

About Splend

We enable people to make money by driving. Our vision is a future where every on-demand driver can be successful.

We’re PCO car specialists. Don’t just take our word for it - drivers rate us as “excellent” on Trustpilot. We can set you up with a car on our Flexi own plan, and we provide the training and support you need to become an Uber driver that’s more profitable, safer, and fulfilled.

Make an appointment to visit our London Hub at 393 Edgware Road Cricklewood, London, email us, or say hello on 0333 016 4331.