Thinking of buying an EV? Before making the switch, here are the key factors you should consider over a typical three-year ownership period, writes Geraldine Herbert 💸 1. Upfront Cost vs Grants EVs usually come with a higher purchase price than petrol cars — even after grants and tax relief.However, incentives (like reduced vehicle registration tax and purchase grants) can help narrow the gap. 👉 Takeaway: EVs still cost more upfront, but incentives soften the blow. ⚡ 2. Charging Costs (Home vs Public) Home charging is where EVs shine especially on night rates. Public charging, can be significantly more expensive and quickly eat into savings. Installing a home charger adds an upfront cost too. 👉 Takeaway: Your access to cheap home charging is one of the biggest cost factors. 🏙️ 3. Your Living Situation Matters If you can’t install a home charger (e.g. apartment living), running costs may rise sharply. Reliance on public infrastructure can make EV ownership less economical. 👉 Takeaway: EVs make most financial sense if you can charge at home. 📉 4. Depreciation Trends Are Changing EVs historically lost value faster But depreciation is stabilising as the market matures. Battery lifespan (often 16–18+ years) is improving confidence in long-term value 👉 Takeaway: Resale values are improving, but depreciation remains a key cost to consider 🛠️ 5. Servicing & Maintenance Savings EVs have fewer moving parts, meaning: Less frequent servicing is required No oil changes are needed Regenerative braking reduces wear on brake components Maintenance costs can be around 20–30% lower than petrol car 👉 Takeaway: Lower servicing and maintenance costs can deliver meaningful savings over time. 🛞 6. Tyres & Wear-and-Tear EVs are heavier and deliver instant torque, which can lead to: Instant torque puts more strain on tyres Slightly higher tyre replacement costs 👉 Takeaway: Tyre costs may be slightly higher, offsetting some of the savings. 🔋 7. Battery Lifespan & Replacement Modern EV batteries are designed to last 16–18+ years This is in line with, or longer than, a typical petrol car lifespan Battery degradation is slower than many buyers expect Replacement costs are high, but unlikely to be an issue during normal ownership 👉 Takeaway: Battery lifespan is no longer a major concern for most EV buyers. ⛽ 8. Fuel vs Electricity Costs EVs are much cheaper to run per km when charging...