EV for the masses?

[Heyhoe]

For whatever reason, I want a Honda E!

I'm not really sure why, but hey. After looking into this you're looking at around a 6.5k deposit and then £259+ p/m (PCP over 3 years).

Now, I'm sorry, but for a car which can only travel 120 miles on a single charge, that is just way too expensive for most people. I feel like the Honda E would be a second (or third) car for a middle class family to use for short commutes in the city or a work commuter. 

For most people, those kind of payments would likely be expected for a "main" use car. A multi purpose, go anywhere, do anything daily.

Let's have a look at some other options..

Honda E (Standard model) - 137 Mile Range

OTR Price: £27,180
Deposit: £6,549.26
Monthly: £259
Over: 3 Years
Final Payment: £14,526
Miles Per year: 8,000


 

 

Renault Zoe - 234 Mile Range

OTR Price: £27,595
Deposit: £6,550
Monthly: £168
Over: 3 Years
Final Payment: £12.232
Miles Per year: 8,000

 

 

 

 

VW ID.3 - 216 Mile Range

OTR Price £27,135
Deposit: £6,391 (Maximum Deposit)
Monthly: £206
Over: 3 Years
Final Payment: £14,070
Miles per year: 10,000

 

 

 

 

MINI Electric - 140 Miles

OTR Price £26,000
Deposit: £6,550 
Monthly: £235.15
Over: 3 Years
Final Payment: £13,094
Miles per year: 8,000

 

 

 

Without going into EVERY brand available (because nearly all mainstream brands are now offering an all Electric option), you can see that You are looking to spend at least £25k to get into the all electric market.

Renault have 0% on their PCP deals when you commit enough money down as a deposit which makes it the cheapest EV option. I've used the example of a 6.5k deposit, but in reality, who wants to give up 6.5k of their hard earned cash on a PCP deal only lasting 3 years? 

So the £168 per month may look attractive at first glance, but that leaps up to £350 p/m with £0 deposit.. Interestingly, for 3 years, £0 deposit and 8000 miles per year, it's actually £5 cheaper per month to go with the 3.9% deal rather than the "0%" deal. This is down to Renault's larger dealer contribution on the 3.9% deal.

Internal Combustion Equivalents?

It's actually quite hard to find the actual Equivalent due to the manufacturers loading the "EV" models with extra features. Some of which you may not need, or desire..

Below is a table comparing the "Base" models with Internal Combustion engines to the "Base" EV options. I've used the "On The Road" cost (OTR) as trying to use finance examples with all of their slight differences doesn't really get the point across. 

ICE	EV

 

Model	Cost	Model	Cost
Honda Jazz Hybrid SE i-MMD	£19,045	Honda E (Standard)	£28,215
Renault Clio	£16,200	Renault Zoe	£27,595
VW Polo	£17,800	VW ID.3	£30,395
MINI ONE Classic	£18,005	MINI Electric	£26,000

When you combine this increased cost with the current difficulties facing EVs on a daily basis, it's clear (to me) that EV isn't really a viable option TODAY.

With the governments decision to ban ICE cars by the year 2035 (but still allowing some HYBRID vehicles..?) Could we see the ICE second hand market hold strong after this point? Will ICE vehicles be the weapon of choice for the masses for the foreseeable future, and what can the government do about this?

Is EV actually the answer? 

The monetary cost of EV is realistically only a small factor in an industry which has seen it's biggest shake up.. Ever. Can the infrastructure be built quick enough? Will the infra be compatible across all vehicles and for how long? Will the cars need updating? Will the chargers needs updating? 

Will there be an ACCEPTED ISO standard and will we stick to the standard for 5 years? 10 years? Or would this slow down the current rapid advancement of battery and charging technology, due to the lack of incentive for manufacturers to fund R&D?

A quick search seems to suggest there are multiple "Standards" currently, which kind of defeats the object. The big players (manufacturers and electricity suppliers/retailers) need to agree on the most efficient and practical standard, then implement it into all EV vehicles.

There are so many questions surrounding the transition to EV in an incredibly small amount of time.

Written by somebody who has little interest/knowledge in the industry but quite fancies an EV. So, as of 19/08/2021 EV is not an option for me, nor 85% of the population.