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Many car manufacturers now offer ‘hybrid’ or ‘electric’ cars, which should be considered as options when you’re thinking of buying a new car. As well as being kinder on the environment with lower CO2 emissions, hybrid cars and electric cars can be cheaper to run and can hold their value better than some petrol and diesel cars. Let us take you through the ins and outs of hybrid and electric cars, and why you should consider both when thinking of buying your next car.
Many car manufacturers now offer ‘hybrid’ or ‘electric’ cars, which should be considered as options when you’re thinking of buying a new car. As well as being kinder on the environment with lower CO2 emissions, hybrid cars and electric cars can be cheaper to run and can hold their value better than some petrol and diesel cars. Let us take you through the ins and outs of hybrid and electric cars, and why you should consider both when thinking of buying your next car.
An electric car is one that runs entirely on electric power. Petrol or diesel are never used to fuel an electric car; instead, the electricity that powers an electric car is stored in batteries before being used by electric motors to drive the car’s wheels. Electric cars are also known as electric vehicles or ‘EV’ for short.
An electric car is one that runs entirely on electric power. Petrol or diesel are never used to fuel an electric car; instead, the electricity that powers an electric car is stored in batteries before being used by electric motors to drive the car’s wheels. Electric cars are also known as electric vehicles or ‘EV’ for short.
When considering an electric car as your next vehicle, it’s worth considering the pros and cons –
Pros of electric cars:
Cons of electric cars:
If you’d like to know more about electric cars and the models that are on the UK market, have a look at our electric car finance page.
When considering an electric car as your next vehicle, it’s worth considering the pros and cons –
Pros of electric cars:
Cons of electric cars:
If you’d like to know more about electric cars and the models that are on the UK market, have a look at our electric car finance page.
A hybrid car combines electric power with a traditional engine (an ICE – internal combustion engine) and can be either petrol or diesel powered. This blend theoretically gives you the low emissions and smooth power delivery of an electric car, with the long-distance abilities of a traditional petrol or diesel car. Hybrid cars are also known as hybrid electric vehicles or ‘HEV’ for short.
A hybrid car combines electric power with a traditional engine (an ICE – internal combustion engine) and can be either petrol or diesel powered. This blend theoretically gives you the low emissions and smooth power delivery of an electric car, with the long-distance abilities of a traditional petrol or diesel car. Hybrid cars are also known as hybrid electric vehicles or ‘HEV’ for short.
When considering a hybrid as your next car, it’s worth considering the pros and cons:
Pros of hybrid cars:
Cons of hybrid cars:
When considering a hybrid as your next car, it’s worth considering the pros and cons:
Pros of hybrid cars:
Cons of hybrid cars:
The main benefit of running a hybrid car is that, on average, they are more efficient than their petrol and diesel counterparts. A study from Which? found that, on average, hybrid cars have a 23% higher miles-per-gallon figure. This means that you might find yourself saving money by having to refuel less often.
Hybrid vehicles might also be cheaper to service and maintain. However, they may become more expensive if you have problems with the battery. But don’t worry, most manufacturers will guarantee a battery will last for a certain amount of years or miles.
If you were to finance a plug-in hybrid car, you would be eligible for the Electric Vehicle Homecharge Scheme (EVHS). This is a government grant which contributes up to 75% towards the cost of buying and installing an electric charger at home. This goes up to a maximum of £350. This scheme only applies if you have a home with off-street parking suitable for a charge unit.
Make sure you check out EDF Energy’s guide on government grants for hybrid and electric vehicles. It might help you save some money if you do decide to get a hybrid car on finance.
The main benefit of running a hybrid car is that, on average, they are more efficient than their petrol and diesel counterparts. A study from Which? found that, on average, hybrid cars have a 23% higher miles-per-gallon figure. This means that you might find yourself saving money by having to refuel less often.
Hybrid vehicles might also be cheaper to service and maintain. However, they may become more expensive if you have problems with the battery. But don’t worry, most manufacturers will guarantee a battery will last for a certain amount of years or miles.
If you were to finance a plug-in hybrid car, you would be eligible for the Electric Vehicle Homecharge Scheme (EVHS). This is a government grant which contributes up to 75% towards the cost of buying and installing an electric charger at home. This goes up to a maximum of £350. This scheme only applies if you have a home with off-street parking suitable for a charge unit.
Make sure you check out EDF Energy’s guide on government grants for hybrid and electric vehicles. It might help you save some money if you do decide to get a hybrid car on finance.
There are a number of common types of hybrid cars –
If you’d like to know more about hybrid cars and the models that are on the UK market, have a look at our hybrid car finance page.
There are a number of common types of hybrid cars –
If you’d like to know more about hybrid cars and the models that are on the UK market, have a look at our hybrid car finance page.
We’ve outlined the basic pros and cons of both electric and hybrid cars, but which is right for you? Let’s highlight why you should consider them as your next vehicle –
Electric car pros:
Electric car cons:
Hybrid car pros:
Hybrid car cons:
We’ve outlined the basic pros and cons of both electric and hybrid cars, but which is right for you? Let’s highlight why you should consider them as your next vehicle –
Electric car pros:
Electric car cons:
Hybrid car pros:
Hybrid car cons:
The key difference between a hybrid and electric car is that a hybrid car is in part powered by petrol or diesel, whereas an electric car is entirely powered by electricity.
Not all hybrid cars work in the same way; some cars can run solely using the electric motor at low speeds, whilst others only use the electric motor to provide the main engine with extra help. Plug-in hybrids are cars that have larger batteries and can run for longer on the electric motor alone. But you need to recharge these at electrical outlets after a certain level of use.
The running costs of hybrid and electric cars are generally lower than that of traditional petrol or diesel-powered cars. Some also offer additional financial benefits such as lower road tax. However, they are generally more expensive to buy in comparison to some petrol or diesel equivalents.
Expensive electric car batteries are the primary reason why hybrid and electric cars cost more to build than petrol or diesel cars. Offering newer technologies and limited production amounts means that electric and hybrid car prices stay relatively high. The UK Government have announced investment in EV technology development and in next-generation batteries to help improve infrastructure and lower costs in the future.
The cost of charging an electric car depends on the size of car battery and on the charging source – prices will vary if you are using a public rapid charging point versus a cheaper home electricity supply. For example, a Nissan LEAF has a 40kWh battery, so to fully charge the battery from empty would cost £4 using a 10p per kWh home energy supply. Using a public rapid charging point would be more expensive.
The time it takes to fully charge an electric car depends on the size of car battery and on the charging source – times will vary if you are using a public rapid charging point versus a slower home electricity supply. For example, a Nissan LEAF has a 40kWh battery, so to fully charge the battery from empty would take 4 hours using a 10p per kWh home energy supply. Using a public rapid charging point would be faster.
The range of electric and hybrid cars depends on the size of their battery and precise makeup of their power (hybrids being a mixture of electrically and traditionally powered vehicles). Most electric cars have a battery range of between 120 and 150 miles, but each vehicle will be different.
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Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.
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Moneybarn No. 1 Limited  is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)
