Electrical car expenses and how to get a loan

We'll tell you everything you need to know about this type of vehicle and how to get financing so you can buy one.

These days, many people are considering whether buying an electric car is profitable in the long term, given that its purchase price is usually slightly higher than the price of a gasoline or diesel vehicle. Their great advantage lies in the fuel savings and the minimal impact they have on the environment. In this article, we discuss how to get a loan for an electric car and the expenses associated with this type of vehicle. 

Although a green car can sometimes be more expensive than a combustion car, it's an investment that, in the long run, mostly pays for itself since driving a hundred kilometers on an electric battery can be up to five times cheaper than with a gasoline engine. After five years, or 100,000 kilometers, the initial investment has normally paid for itself; it's from that time on that the owner can start saving compared to using a combustion car. Since, in the vast majority of cases, a car is bought with the intention of using it for longer than five years, an electric car is the best option.

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Expenses

A significant expense that must be taken into account when buying one of these vehicles is the cost of installing the charging station in the parking space, which ranges between 500 and 1000 euros. however, this investment can be subsidized through grants offered by the State. In the case of a single-family house, such an installation would be unnecessary since all that is needed is to connect a 16A power socket with a recharging cable. However, if you don't want to pay for this, there are charging points spread out across cities and, although there are few of them, more and more are being installed. 

On the other hand, it's important to include the price of the battery in the cost of the vehicle, given that many dealerships choose to exclude it. If an electric vehicle is purchased without a battery, the battery may cost some 7000 euros, or, as an alternative to purchasing, it can be rented for approximately 100 euros a month.

Savings

The institutions and town councils of many cities have put in place a series of measures to encourage the purchase of this type of vehicle and thereby reduce pollution in large urban centers. In municipalities as Madrid or Barcelona, the parking lot enla area S.E.R. free for electric cars. Their drivers can also use the HOV lane - intended for buses and cars with several passengers - even if the car has a single occupant, which is a great advantage when driving in large cities at rush hour. 

Purchasing a green car also offers several tax advantages. The registration tax, calculated based on the vehicle's CO2 emissions, will be considerably cheaper and even free for cars that emit less pollutants. Moreover, the traffic tax can be as much as 75% lower, depending on the characteristics of the vehicle.

Maintenance costs are much lower for green vehicles, which do not have some of the components that need maintenance in combustion cars, such as timing belts, filters, a clutch or oil. All of this represents approximately 20% savings compared to the maintenance costs of a conventional car.

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Keys to electric car loans

Since this vehicle can cost more than a diesel or gasoline car, having external financing can be of great help when it comes to buying one. In this regard, the government offers a series of subsidies that make them easier to purchase. but there aren't many and the funds are rather limited. 

Some banks, aware of the importance of encouraging more environmentally friendly consumption, are making available to future owners loans that are specifically designed for electric cars. These loans, commonly known as green loans, tend to have lower interest rates and fees, if any, which are also usually lower than those associated with conventional loans. So, while an electric car can sometimes be more expensive than a combustion car, it could be cheaper to finance. less expensive. 

To help you get financing, BBVA offers a type of loan specifically designed for purchasing an electric car, featuring more advantageous conditions than our BBVA Coche Online Loan. And so we want to help anyone who is committed to environmentally-friendly consumption by contributing to less polluted cities, the goal being to encourage green mobility and mitigate the impact of climate change.

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