Can I save money if I own an electric car?

Are you thinking of buying an electric car?

Wondering what the real cost is in the long term compared to a traditional petrol or diesel car?

Switching to an electric car can reduce your costs in several ways:

  • You can receive a grant to cover the cost of the purchase.
  • There are many free stations in big cities and hypermarket parking lots. You can find a list of them at: vsichkotok.bg
  • Electricity is much cheaper than fuel.
  • Free parking in the blue and green zone.
  • Electric cars are exempt from road tax.
  • Almost zero operating costs, except for consumables.

The cost of buying an electric car

It is important to note that from the end of 2021, the average cost of buying an electric car or van will be higher than that of a traditional car. A brand new Peugeot can cost about BGN 40 000, while the price of the electric Peugeot e-208 in the same condition can reach about BGN 60 000. The technology for driving electric cars is still new and the materials used for the production of batteries , are in great demand.

However, things may not be so simple. The government is considering providing grants of up to BGN 12 000 to help you switch to electricity. The market for second-hand electric cars is growing rapidly. And once you buy an electric car, the savings quickly start to pile up.

Did you know that you can profitably drive such a car if you rent an electric car from Top Rent A Car?

Fuel cost savings

The cost of charging your electric car will probably be much lower than that of a traditional car running on petrol or diesel. This is often considered to be the biggest saving for drivers of electric vehicles and is definitely the one you will notice most often.

Fuel costs are rising and falling, but mostly rising. Electricity is much cheaper. If you charge at home, expect to pay less than BGN 10 for a full charge of an average electric car with a 60 kWh battery and a 300-kilometer range. You can save even more if you charge at night – electricity prices are usually lower at night, when demand in the grid is less.

If you do not have a fast charging station installed in your home, it can cost from 2000 to 3500 BGN. You can simply use a simple plug, but with different types of chargers, full charging can take longer.

Using a fast charger at a gas station on the highway usually costs about 7 BGN for 30 minutes (about 160 km mileage). Other public and private charging stations are priced by their suppliers depending on the location.

In any case, compare this amount with the average price for filling a tank with gasoline or diesel – about 120 BGN. The electric car is many times cheaper. Use a travel cost calculator to compare your costs and find out what fuel savings you can make.

Saving road tax

Electric vehicles are exempt from road tax. Taxing an average car with CO2 emissions of 111-130 g/km can cost 230 BGN each year.

The average lifespan of a car is just under eight years. This means potential savings of up to 4 000 BGN for the entire period during which you own your electric car, compared to the payment of road tax for a traditional car.

Saving on maintenance

The electric car or van must be serviced and maintained in the same way as a traditional car. However, the components of an electric car are much simpler than those of an internal combustion engine. There are just far fewer things that can go wrong. On average, the amount you pay for spare parts will be much less if you switch to electric drive.

Replacing the battery can be expensive and often cost more than 2 000 BGN. But these costs are often offset by 8-year or 100 000-kilometer warranties from electric car manufacturers. In the long run it is still cheaper.

Can owning an electric car save you money?

Driving conditions can affect the cost of operating electric cars.

It should be considered that the conditions and the way of driving can additionally load the battery of the electric car. In cold weather, the batteries lose some of their efficiency, which becomes more noticeable when the time for replacement approaches.

Similarly, driving in extremely hot conditions and turning on the air conditioner will drain the battery. This is not a problem we often face, but it is worth remembering if we drive abroad. Hilly terrain and many accelerations also affect the battery – more aggressive drivers usually burn more energy than passive ones.

In combination, these factors can affect the operating costs of the electric vehicle. In most cases, operating costs will be lower, but take the environment into account when calculating how much you could pay.