Q Is now the right time to buy an electric car, or should I wait for prices to come down? 

A When you’re buying an electric car (EV), it’s important to consider both the upfront cost and the running cost or cost of ownership. 

Our data shows that the upfront cost is already coming down. People buying new EVs on our site were paying on average just over £3,000 more for their vehicles six months ago than they are now.  

But it has been widely reported that heavy discounting is likely to remain, as car manufacturers face increasing pressure to hit ambitious EV sales targets set by the government. And we expect an influx of EVs from Chinese brands, which will be priced very competitively. 

Generally speaking, electric cars cost less to run than petrol or diesel alternatives if you can charge one at home (don’t forget to explore grants towards the installation of your chargepoint) – especially if you get an EV specific tariff and are clever about it, such as by charging overnight.  

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Savings on fuel can add up to a huge amount over the lifetime of your car – and you’re likely to spend less on maintenance, as EVs have far fewer moving parts than petrol and diesel vehicles, so put simply, there’s less to look after. 

There are also incentives in place for the time being to encourage EV adoption. But exemption from road tax (and the £310-a-year Expensive Car Supplement for cars listed at more than £40,000) is something that’s being discontinued from April 2025. However, realistically incentives won’t be sustainable at scale as more and more people switch to electric; they’re about encouraging early adopters. 

Suffice to say that the market is in flux. There is no crystal ball we can use to say for certain exactly what will happen to the cost of an EV – both upfront and in-life. But there are attractive incentives to take advantage of now, from discounts on the list price to in-life benefits like road tax exemption and grants towards charging facilities. 

Our advice is that if an EV appeals to you – whether you’re motivated by doing right by the planet, or you’re interested in the latest tech – there are plenty of compelling reasons to go for it. But if you’re not sure, there’s no harm in hanging on. Ultimately we’ll all be driving one – it’s just a matter of when individuals make the right move for them. 

John Rawlings is consumer editor at Carwow, the online car-changing marketplace. John has been involved with the car industry for over 25 years, from starting as a journalist at Haymarket Publishing (reviewing cars for their towing ability as Deputy Editor of Practical Caravan) to working in the PR teams at Vauxhall, Volvo and Volkswagen. As Consumer Editor, John is responsible for writing news stories and articles to keep car buyers and owners informed and up to date on everything they need to know about using or choosing a new or used car. 

Photo credits: Pexels

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Asking prices continue their march upwards as Rightmove declares the current property market the ‘best in a decade’.

Asking prices moved up 0.8% in March, which represents 2.7% growth in 12-month, according to new data.

Online property listing website Rightmove believes it is the ‘best [market] in a decade’ for sellers as buyers rush to beat the end of the stamp duty holiday at the end of June.

Electric cars in, ground coffee out

The Office for National Statistics has given its annual update to the ‘basket’ of goods it monitor for measuring inflation.

Its contents are changed annually to reflect changes in consumer habits. With that, this year has seen some significant lockdown and climate change related changes.

In is hand sanitiser, loungewear and weights for home exercise. Out is ground coffee, staff canteen sandwiches and Axminster and Wilton carpets.

But most notably, electric cars have now been included for the first time, reflecting shifting preferences among motorists.

The government has committed to banning the sale of new fossil fuel powered vehicles by 2030 – meaning the growth of the electric car market in the UK now looks guaranteed.

Self employed go in house

Self-employed workers are fleeing independent working at an alarming rate, according to a report by freelance trade body IPSE.

Some 700,000 self-employed workers have now become full time employees while up to half of those left are considering leaving freelance work behind, according to the IPSE report.

The number of self-employed people has fallen from a peak of five million before the pandemic to now just 4.3 million, the lowest level since 2016.

The fall is largely attributed to the effects of the pandemic on freelancers’ ability to work independently, and changes to contract worker rules, so-called IR-31 rules, which affect the tax status of self-employed people working for one organisation.

Catch Mouthy Money co-editor Edmund Greaves discussing all these stories on his most recent appearance on talkRADIO below. With thanks to talkRADIO.

Photo by Gabby K from Pexels

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With thanks to talkRADIO

Photo by Mike from Pexels

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