Cost and incentives

On average, charging an electric car is cheaper than refuelling an internal combustion engine-powered car. If you use a power supply at home, on average this can cost as little as 8p per mile. By contrast, petrol or diesel vehicles typically cost 13 to 17p per mile. This average depends on multiple factors, such as electricity price, type of charging points, and your usage. 

Electric cars have far fewer moving parts when compared with conventional cars. Therefore, the service intervals are further apart, and the amount of maintenance that needs to be done is relatively limited. EVs such as Polestar 2 even allow remote diagnostics through their onboard internet connection, meaning that potential technical issues get noticed before becoming costly repairs.

As electric powertrains are less complicated and more efficient, wear and tear become less of a consideration. Electric motors and battery packs are built to last, and regenerative braking ensures that brake pads and discs endure well. Essentially, tyres, wiper blades and washer fluid are the parts that require the most attention.

The lower running costs of an EV make them a compelling lease option. The monthly rate is usually lower because there’s less risk of high maintenance and changing fuel costs. Another plus is that performance EVs like Polestar 2 tend to be more resistant to depreciation (source: Driving Electric).

Benefit-in-kind (BIK) tax is paid on some of the benefits you might receive at work, such as a company car. The rates are set, in part, by a car’s CO2 emissions. Because the Polestar 2, Polestar 3, and Polestar 4 emit zero tail-pipe emissions, they qualify for the lowest ‘band’ at only 2%. Even better, this will remain at 2% until 2025. By comparison, BIK tax is set to a minimum of 15% for petrol and diesel cars. 

Currently, electric vehicles purchased in the UK by organisations can qualify for a 100% write-down during the first year of ownership. This means you can reduce the amount of tax you pay.