Tech + Startups
Why Are Electric Vehicles More Attainable Than Hybrid Vehicles
There’s always some deliberating when you’re looking for a new vehicle. Whatever make and model you go for must be secured with certainty that you made the best decision for you.
Of course, this is easier said than done – especially when things like leasing deals are also becoming more popular today. People are bombarded with options whether they’re buying or borrowing, and many nice vehicles are now closer to being within reach, even for people with lower budgets.
Yet more considerations come along when choosing between electric and hybrid vehicles too. Some people assume that the hybrid vehicle is the better option, as they perhaps draw on ‘the best of both worlds’ and seem like a good all-around compromise vehicle.
However, it’s the electric vehicle that tends to be the better option to go for. They can be more beneficial for the environment, but they’re also more attainable.
So, why are electric vehicles more attainable? We’ve provided an overview below that should explain.
EV Battery Price Fluctuations
EV batteries constantly vary in price. In 2008, they were immensely expensive, but then the price dipped considerably, bringing down the cost of EVs with it.
Today, the situation varies. Raw material shortages raised the prices of EV batteries and vehicles once again, but they dipped in 2022 as well. While there are no guarantees here, there’s plenty of reason to hope that the price of EV batteries may one day lower permanently once better market conditions are restored, creating a more cost-effective situation for all.
Of course, if this were the only thing going for EV attainability, we’d likely tell you to look elsewhere for your new car or choose a hybrid vehicle! However, there’s more to talk about on the subject, but it’s worth keeping an open mind about the battery pricing situation as a precursor. Things aren’t perfect yet, but one day soon, they could be!
Electric cars will be more expensive to purchase upfront. However, that’s not the only way to secure one for yourself.
For instance, the LV Electrix salary sacrifice scheme gives employees of eligible businesses a favourable ‘in’ to leasing vehicles. They can save up to 40% on these costs through these methods, translating to thousands of pounds in the bank they didn’t have before. It’s a cost-efficient way to switch to EVs and gets more people to do so.
There are no employee credit checks or upfront costs. Many of the cars are available within just 30 days as well. Motor insurance and routine maintenance also have a presence as part of the all-inclusive package. So, as you can see, this is a lease arrangement for EVs that greatly favours those partaking, creating comfortable and affordable conditions for all participating.
If you want to buy an EV, that’s also valid. There are measures in place to make these aspirations more accessible to all.
Things like government grants can help you buy EVs more cheaply. Typically, the seller incorporates the grant by offering a discount on the purchase price, and it’s down to them to apply for the grant rather than themselves. If you shop around, you may be able to find some of these deals (though leasing will likely still be a more affordable arrangement).
It’s also worth noting that not every EV is eligible for grants like these. At the moment, it’s reserved for wheelchair accessible vehicles, vans and trucks of varying sizes, and mopeds and motorcycles. Keep those limitations in mind.
However, more financial support is available, whether generally available for any individual or more finely tailored for businesses and landlords so they can better afford charge points and other EV infrastructure. The Electric Vehicle Homecharge Scheme was replaced with additional grants in 2022, and landlords, charities, and business leaders can apply for the EV infrastructure grant too.
As we mentioned in the previous heading, the government have been trying to incentivise people to drive EVs. That’s something worth talking about a little bit more.
Unfortunately, Chancellor Jeremy Hunt announced that EVs would no longer be exempt from road tax, with these benefits coming to a close by April 2025. So, things will be changing here, but there has been pushback against the decision. Given the Conservatives’ current record for misleading and backtracking, it wouldn’t be too surprising to see a U-turn on these measures nearer the time (though such isn’t guaranteed).
That said, similar initiatives should remain in place, such as the Ultra Low Emission Zones (ULEZ). People not driving EVs in these areas are charged a fee. London introduced these rules in 2019, and there are plans to expand them to cover all of Greater London in 2023. Birmingham next implemented similar policies, with 14 more cities then imposing more taxes on drivers of petrol and diesel vehicles cruising around certain areas.
Some hybrid vehicles are also exempt from charges in ULEZ zones. Diesel hybrids must meet Euro 6 standards to be ULEZ-exempt, while their petrol counterparts must meet Euro 4-compliant. That said, policies could always change here, too, so playing it safe with an EV is best.
Lower Costs of Maintenance
Hybrid vehicles might be better than pure diesel and petrol vehicles, but they still use many of the same parts – namely, those that require more care. Further complications follow.
After all, despite not being as good as EVs, hybrids are still an innovative marvel in some ways. Some of their components are specific to hybrids only, making them not as widely available and thus more expensive in many instances. Higher labour costs can also be incurred, as well-trained specialists are sometimes needed to make repairs instead of everyday mechanics.
By comparison, EVs have far fewer components and don’t require anywhere near as much maintenance. They don’t have as many moving parts, have a reduced need for changes of fluid, and often utilise regenerative braking to reduce wear and tear as well. There are no problems with the engine (which standard and hybrid vehicles can suffer most often), either, because there isn’t one!
Building Consumer Interest
It’s undeniable that the world’s stance on EVs is changing. That evolution of opinion and perspective will influence how attainable these innovations are, as will climate concerns being a thriving trend from an enterprising perspective.
Demand for EVs is growing, and production lines are adapting to meet the moment. Government deadlines on the sale of diesel and petrol vehicles will also continue to push things forward in the right direction. The stars are all starting to align, and automakers now know with confidence that EVs are well worth investing time and resources in.
Of course, there’s little point in scaling up the production of a commodity that very few could afford, especially during times of economic strife. As with all products, it’s reasonable to assume that the more of something there is, the more affordable it will become to boost accessibility and ultimately balance the books for businesses. So, one can expect cost reductions.
It could also be expected that more affordable makes and models of EVs will be made with various features to bring about cost reductions. Automakers will also want to compete with every new vehicle they manufacture, potentially chipping away at prices further. Ultimately, EVs have been touted as the future, and that can only be possible if they become more attainable.