If you’re willing to switch to an EV, but their buying prices hold you back, you might have a change of heart after putting everything on balance. Consider buying an electric car as an investment in your ridesharing career — although its initial cost might be higher than a petrol car, running an EV is much cheaper in the long run, and you 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 of January 2023, the average price of a brand-new EV in the UK is around £50,000. If we set apart luxury electric cars, the average price decreases to £33,000.
The good news is that the best electric cars for Uber fall within the £30,000 – £40,000 price range.
Here is an example of some popular EV prices in 2023.
What are the running costs of an EV?
EVs are unmatched in terms of running costs. When adding up all car expenses at the end of the year, particularly as a rideshare driver, you can see just how much there is to be saved by switching to an EV.
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 initial cost is around £800, but it’s definitely worth the investment in the long run. Public chargers are also a convenient option, mainly if you find one close to your home. The fares vary from network to network and according to the charger type you use.
Here is an example of yearly charging costs for MG ZS and MG ZS EV, with an average of 54,000 miles driven annually.
Source: zap-map.com
¹Averaged cost of home charging and public charging fares
Therefore, if you drive the MG ZS EV instead of its petrol equivalent, you can expect to save around £5,351 per year.
Electric car insurance cost
Until a few years ago, it was more expensive to insure an EV than similar petrol cars since EVs were considered higher risk cars. Now, since EVs have become more common on UK roads, this has started to change.
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
A common misconception around electric cars is that the cost to maintain them is significantly bigger. With EVs being more widely available today, so are their replacement parts, therefore making them more affordable to maintain today.
Servicing suppliers estimate that EVs are actually 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.
Electric car taxes
One of the biggest advantages of driving an EV is getting exempt from several road and traffic taxes. If you’re a rideshare driver in London, there are two charges that affect your daily income — the Congestion Charge and ULEZ Charge. You must pay these daily charges if you enter certain areas of London.
Did you know? If you drive an EV in 2023, you don’t have to pay the Congestion Charge and the ULEZ Charge.
EVs are also exempt from paying the vehicle excise duty (VED), also known as road tax.
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.
How can Splend help?
At Splend, we help on-demand drivers thrive. Join our all-inclusive car subscription plans, Flexi and Flexi own and get a brand-new Uber ready EV without the pressure of long-term commitment and with the possibility of paying for your car week by week.
Our cars have the paperwork ready so that you can get on the road fast. We’re also in charge of everything your car needs, from servicing and maintenance to insurance cover and spare parts replacement. This way, you can focus only on what you do best — driving.
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 subscription 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 are car subscription specialists. Don’t take our word for it—drivers rate us excellent on Trustpilot. We can set you up with a brand-new or new-model car on our Flexi own plan, plus we provide the training and support you need to become an Uber driver that’s more profitable, safer, and fulfilled.
Drop by our London Hub at 393 Edgware Road Cricklewood, London, email us, or say hello on 0333 016 4331
