Is now the right time to sell your petrol car and buy an EV?

For a while we’ve been encouraged to sell our petrol and diesel cars in favour of greener EVs, but fearmongering, a lack of confidence in the public charging network and uncertainty regarding the 2035 ICE (Internal Combustion Engine) ban has left car buyers wondering: is now the right time to buy an EV?

Well, while there’s still a certain degree of doom and gloom in the media, several positive trends and developments in the car market mean now could be a better time than ever before to step out of a traditional internal-combustion car and into something, at least in-part, powered by electricity.

Below we’ve compiled a list of the six biggest reasons to hop into an EV for your next car, plus some of the remaining sticking points. If you’ve already decided to make the switch, our rundowns of the best electric cars and best family electric cars are an ideal starting point to get a feel of the sheer number of superb models available. Now without further ado…

Six reasons to buy an electric car today

1. ZEV Mandate

In case you weren’t aware, the government introduced what’s known as the Zero-Emissions Vehicle Mandate at the beginning of 2024. Designed to accelerate the transition towards the decarbonisation of our roads, this new law requires that manufacturers ensure a certain percentage of their sales are of zero-emission vehicles (be that EVs or hydrogen-powered FCEVs) or face a hefty fine. If things continue as they are, this percentage of EVs is set to grow every year to 80 per cent by 2030 and 100 per cent by 2035.

With this in mind, manufacturers are turning to offering very tempting finance deals to incentivise buyers to go electric and thus help them towards their ZEV Mandate target. At the other end of the scale, some brands such as Ford and Stellantis (the conglomerate behind the likes of Vauxhall, Citroen and Peugeot) have said they may limit the sales of petrol and diesel cars, making new ICE models difficult to come by.

2. Number of new EVs on sale

It’s incredible how many new electric cars have entered the market over the last few years; a decade ago, the only EVs on sale sat at the very top end of the market in the form of expensive luxury saloons and SUVs, as well as the very bottom end as dinky city cars with very little usable range.

Nowadays, however, there is a far bigger choice of EVs available to buyers, whether they’re looking for a practical family car, a cheap-as-chips runabout, a luxury limousine or even a drop-top sports car.

3. Short lead times for EVs

Production for electric cars has ramped up significantly in recent months and years, it’s easier than ever to get your hands on one. At the time of writing, it’s possible to secure yourself a Vauxhall Corsa Electric in just three months, as opposed to six months for the petrol model. Some models, such as the Tesla Model 3, can be delivered in as little as two months. 

It’s a changearound from 12-months ago when there was a 6-month wait for an electric Corsa and petrol models were available in two or three months. 

4. Average price of EVs has fallen

The average price for electric cars remains, on average, higher than that of their petrol equivalents – but that’s not to say prices haven’t come down significantly. For example, the cheapest EV on sale, the Dacia Spring, will set you back around £15,000, while Vauxhall offers the seven-seat Frontera Electric for just £23,500, which is actually identical to the starting price of the petrol model. 

Add these shrinking list prices to the everyday financial benefits you get from owning an EV, such as the cheaper cost of electricity and tax deductions, then you’ll discover that going green isn’t just a choice of what’s ethical, but also what’s economical.

5. Wide availability of cheap used EVs

Over the last few years, the majority of EVs have been sold on three or four-year private and business leases. This has meant that, all of a sudden, the market has become flooded with used examples, ready to be picked up for rock-bottom prices due to the laws of supply and demand. 

Many of these models will still sit within their manufacturer warranties, while almost all will still have several years left on the cover for their lithium-ion battery packs, meaning there shouldn’t be any unwanted surprises down the road.

6. Improvements in the public charging network

Most EV owners will charge at home for the majority of the time, however, there are some times you may need to plug in whilst you’re out and about. Thankfully, the UK’s public charging network has exploded in terms of size and reliability in the last few years; in fact, the number of public chargers grew by 47 per cent between 2022 and 2023 to a total of 64,632. It’s a long way from the government’s goal of 300,000 by 2030, but certainly a step in the right direction. 

New guidance from the government should also make the process of charging much more transparent. This instructs chargepoint operators to display the price per kilowatt-hour either via a separate screen or one mounted on the unit itself, while all new charge points of 8kW and above must have a contactless payment pad so there’s no need to download a dedicated app on your phone.

Two reasons you still may not want buy an electric car today

1. Few and diminishing financial incentives

For a while, one of the biggest reasons to choose an electric car over the petrol equivalent was the financial incentives offered by the government. However, as EVs continue to grow in popularity and the country’s finances continue to be squeezed, the proverbial carrots have been gradually taken away.

Nowadays, there is no cash incentive on EVs for private buyers; the only real lure is that of tax relief – especially for company car drivers – although this is due to be phased out next year. To rub salt in the wounds, only those living in flats and rented accommodation are able to apply for chargepoint grants, meaning that you’ll have to fork out roughly four figures to have a charger installed at your home.

2. Home charging issues

Speaking of charging at home, over two-fifths of UK households don’t have a driveway, which makes charging at home difficult to nearly impossible. Public charge points remain significantly more expensive than their domestic counterparts – largely due to the higher VAT they charge per kilowatt-hour – meaning you’ll be shelling out an uncomfortable amount of money and time just to ensure your car is charged up. At current public rapid charger prices, charging an EV isn’t a lot cheaper than fuelling a petrol car. 

Are you thinking of buying an electric car? Let us know in the comments below...