Can I save money by driving an electric vehicle?

While the environmental benefits of emissions-free driving are clear, there can be financial advantages too. Although the initial purchase price of an electric car is typically higher than your average automobile, you may pay less for example on charging, maintenance and taxes. Let's take a closer look at all the factors.

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  1. Man charging a Hyundai IONIQ

    Electricity vs. fuel.

    Like many electric vehicle owners, you will likely charge at home and pay the rates of your home energy provider. The cost of each re-charge is likely to be considerably less than it would be to fill up a conventional automobile with petrol. Hyundai’s advanced battery management system with the Charging Time Reservation function lets you save even more money. Some towns and shops offer reserved electric vehicle parking spaces free of charge.

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    Savings in the workshop.

    While an internal combustion engine contains hundreds of moving parts, an electric motor only needs around half a dozen, significantly reducing the probability of something breaking. There is no need for oil changes, either. That's why maintenance costs for electric cars are about one third lower, on average. Like every Hyundai, our hybrids, plug-in hybrids, and electric vehicles enjoy a 5-Year Unlimited Mileage Warranty. On top of that, the lithium-ion polymer battery inside is warranty protected for 8 years or 160,000 km for the KONA Electric or 200,00 km for the IONIQ Electric, whichever comes first.

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  1. Man behind the steering wheel of the Hyundai IONIQ

    Tax benefits.

    With state subsidies for electric vehicles, you might be able to save on car taxes every year. Many European countries offer complete or temporary tax exemptions or a reduced tax rate for owners of electric cars. With CO2 taxation as an instrument of climate policy, fuel costs may rise even further in the future. With an EV, you are not affected by rising fuel prices.

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Long term savings.

Electric vehicles make up for higher initial investment amounts in lower maintenance costs: They are independent of rising fuel prices, have fewer wearing parts, and are currently better off in terms of vehicle taxes. In most countries, the resale value of electric vehicles can be higher than that of petrol and diesel cars, depending on local regulations and subsidies. Overall, the total cost of ownership* for electric vehicles can be lower than for cars with internal combustion engines.

Couple sitting in a Hyundai i30
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Other frequently asked questions:

Although many of us are used to the routine maintenance of a normal car, an EV is in many ways much easier to keep in good condition. The following components are primarily serviced in electric cars:

  • Brake pads.
    Thanks to regenerative braking (recuperation), electric car brakes require about half as much maintenance as those on a conventional car.
  • Fluids.
    Electric vehicles usually have only three main fluids: coolant, brake fluid and washer fluid. The washer fluid is the only one that owners need to refill regularly.
  • Tyres.
    As with any conventional vehicle, worn-out tyres must be replaced.
  • Wipers.
    EVs have standard windshield wipers and these therefore have to be maintained like a conventional car, usually twice a year.
  • Battery.
    The battery of an electric car loses efficiency over time and may need to be replaced. However, this is not classified as "regular maintenance", as it has a lifetime of at least a decade. All Hyundai Electric Vehicles enjoy a warranty for the lithium-ion polymer battery for 8 years or 160,000 km for the KONA Electric or 200,00 km for the IONIQ Electric, whichever comes first.
  • Cabin filter.
    The cabin filter should be replaced every 30.000 km or every two years. Hyundai customers have the benefit of upgrading their protection level, by using the Bio- or Activated Carbon Air filter. 

 

 

The answer is yes and no. As long as they meet vehicle specifications (size, load, etc), you can choose any tyre. However, special electric vehicle tyres are usually optimised for rolling resistance. Lower rolling resistance means more energy efficiency means longer distances on a battery charge.

There are some things that you can do that help extend the life of the battery on an electric car, for example:

  • Avoid fully charging your electric car. It's recommended to stop charging at 80%. While this reduces your range, it can increase the lifespan of your battery. Another advantage of this is that it leaves room for regenerative braking, which is often turned off if the battery is at full charge to avoid overcharging the batteries.
  • Avoid running the battery down. Try not to let the battery run dead. Lithium-ion packs prefer partial cycle rather than running down. 
  • On a hot day, try to park in the shade. During the winter, park in a garage, rather than on the street.

This differs and depends on your driving mileage and vehicle model. This could be from once a year to once in 2 years / 15.000 or 30.000 km (Please check your individual maintenance plan).

We make sure every Hyundai dealer can address your issues. The specially trained personnel can perform the EV services, such as checking the condition of your battery. It is important to have a comprehensive and specialized check-up, especially as this relates to the high voltage battery. 

In order to avoid possible insulation damage or contamination, we recommend regular professional checks of your charging cable. Our original sets secure effective and safe energy transfer. For a faster charging, consider our original 3 Phase Fast-Charging Cable.

 

The range of accessories for an EV vehicle is similar to the range available for a vehicle with a combustion engine. This applies, above all, to accessories like styling, protection, comfort, as well as to wheels and tyres. The same is true for transport accessories. There is an option to transport up to 3 bicycles, or 2 e-bikes, on a rear bike carrier of the KONA EV, since it has a maximum support load of 100 kg (available for models as of 2020, please verify this with a Hyundai dealer).

Learn more about modern powertrains.

Electric Awaits. Next Awaits.