Guide to Electric Car Finance

Are Electric Cars the Future?

Simply put? Yes, they are!

There is a lot of debate swirling around the internet about how the manufacturing of electric vehicles (EVs) is often more damaging to the environment than the creation of petrol and diesel cars. This may be true, but the process is becoming more sustainable with every passing year.

Once the EVs are built, they can be powered by solar, wind, or even hydroelectric energy that will be the key to saving the planet.

The EU recently came to a decision to ban the production of combustion-engine cars by 2035 so soon we’ll all be making the switch to hybrid and electric alternatives. With only tiny manufacturers free from the EV-only laws, soon the air on the roads will be a lot cleaner.

If all of us woke up one morning with a brand new EV on the driveway instead of our normal, fossil-fuelled run-around, it’s a fact that our commutes would produce 0% CO₂ emissions. It wouldn’t be an overnight fix, but the switch to electric or hybrid engines, for now, is the future.

The Advantages of Electric Cars

As well as helping to save the environment, there are many reasons to invest in an EV:

• Much cheaper to run – No fuel prices to worry about, and no tax payable on EVs under £40k!
• Quieter on the road – Silent engines mean better sound inside, perfect for conversations and enjoying music.
• Electric acceleration – Many EVs can speed off the line faster than supercars 3x the price!
• Pure luxury – The electric cars from Mercedes-Benz, Audi, BMW, Jaguar, Tesla and even Bentley are some of the most luxurious and high-tech cars on the market.
• Extra space – Electric motors and batteries take up less space than conventional engines, meaning more leg room and boot space.
• More choice coming soon – Every major car manufacturer is expected to have at least one EV in their range by the 2030s with many brands choosing to only produce electric vehicles in the next decade. This means an ever-expanding selection for the EV buyer.

The Disadvantages of Electric Cars

EVs aren’t perfect and there are some factors you should always consider before making a final decision. Here are the major things to keep in mind:

• More expensive to buy – (At the moment, more on that soon!)
• Lose value quicker – As the market becomes flooded and customers are offered more choice, many EVs don’t hold much value as the mileometer ticks on.
• Public charging – Charging stations are still few and far between in many parts of the UK, so journeys have to be planned carefully so you have enough battery power to keep moving.
• Lacking Range – EV batteries can’t keep you going as long as a few gallons of petrol can, so electric cars are best used for shorter journeys for the majority of their usage.
• Charging Times – Charging from the mains can take a long time when the batteries are running low. Typical electric cars take around 8 hours to charge fully.

If your car is used for the school run or a daily commute, an EV is simple to run. With a bit of planning long journeys can be manageable too. If you are new to electric cars getting used to plugging in at the end of the day takes some getting used to but keeping an eye on your range is no different to the petrol or diesel gauge you’ve seen since you started driving.

A decade ago, electric cars’ batteries didn’t last for more than a few years, which was another reason they lost value quickly. However, most EVs now have warranties of up to 10 years, matching any petrol and diesel alternative. Batteries do fade, but there is little reduction in performance, and they can be replaced if necessary.

Will Electric Cars become Cheaper?

The biggest hurdle for manufacturers is that EVs are not cheap to make. Factories need to be kitted out specifically for them, and the materials required can’t be dug up in our back gardens. However, they are getting cheaper.

5 years ago, it was nearly impossible to find a brand-new electric car for less than £30k. Now in 2022 you can find a basic model much closer to £20k instead. When you factor in that you’ll never have to pay for petrol again, it can be an excellent investment.

Still a big investment, even without paying at the pump, and out of reach for many people. Or is it? Match Me Car Finance have the answer you need.

Electric Car Finance

Few people know that most new cars are financed instead of being bought with one payment. Most people can’t afford to sign a single cheque, but don’t want to miss out on driving a new car. EVs already save you money once you’re on the road, so we want to help you save more before you get behind the wheel.

Match Me aren’t like other car finance providers. With us you enter how much finance you’re willing to pay on a car, and we compare leading finance providers to find you the cheapest deal from our panel. We work with trusted partners, so you not only get a great deal, but are also taken care of every step of the way. Choosing a new car can be tricky, so we are always on hand to help guide you through the process.

If you don’t follow the automotive news closely, you may not even realise how much choice there is. After all, at a glance most EVs look like any other car. We provide you with a list of vehicles from hundreds of manufacturers so you can see all the options available in one place and within your budget.

To get a quote and see what cars you can choose from, simply enter a number into our calculator and watch the magic happen.