Which-Car-Will-Save-You-The-Most-Money-Accept-Car-Finance

It is always worth your while to determine which type of car will help to save the most money in the long-run prior to initiating a deal. Here, we have looked into the pros and cons of using a petrol, diesel, hybrid and electric car, noting particular aspects as well as providing an overview, thus allowing you to find the car most suited to your lifestyle. Petrol and diesel are the most conventional options, though changing times and environmental factors mean that more and more people are looking into purchasing hybrid and electric vehicles.

Purchase Price

Starting with purchase prices, it was determined that the upfront purchase price of a diesel-fueled vehicle could be up to £2,500 more than a petrol-fueled vehicle. However, diesel lasts longer than petrol and depreciates slower, so for the long-term, diesel may be more efficient. It ultimately depends on how much time you spend driving. Looking into hybrid and electric vehicles, both of these tend to have a higher purchase price than petrol and diesel-fueled vehicles; that being said, the resale price of hybrid and electric cars is also higher than both petrol and diesel cars by around 20%, which again is very beneficial in the long run. Out of the four options, electrically-powered vehicles have the highest purchase price with petrol having the lowest, but over time, a petrol-fueled car can end up more expensive in terms of fuel price, as we will explain.

Insurance & Service

Experts say that the car insurance of a diesel-fueled vehicle can cost around 15% more than for a petrol-fueled vehicle, as diesel cars hold more expensive parts. Meanwhile, electric and hybrid car insurance tends to cost more than both of those due to the expensive technology, such as the battery which would need to be replaced if damaged. Furthermore, if an electric or hybrid car needed to be repaired, that would cost more than repairing either a petrol or diesel -fueled vehicle, which is because you would most likely have to pay for a specialist to repair it. Out of all four options, it appears again that electric and hybrid cars would cost the most, while petrol would again be the cheapest in this area.

Fuel Cost

As we know, diesel cars cost more than petrol cars up front. However, that is not so true in the long run because of road tax. Indeed, road tax increases when there is more carbon dioxide (CO2) being emitted. Diesel is said to be more efficient than petrol by around 25% as it produces less CO2; in the case of a hybrid, despite its initially higher price, it costs much less in tax as it uses almost 30% less fuel. That being said, when the battery runs out on a hybrid or electric car, it becomes dependent on a high amount of petrol in order to keep running, ultimately still making it much more expensive. So, if you are a person who drives a lot, it might be cheaper to go for a diesel-fueled car when it comes to topping up the engine.

We should mention that there is no road tax on electrically-powered cars under £40,000, which in the long run could be cheaper than any other option depending on your lifestyle and on how much you drive. As for running costs, diesel and petrol cost around 16p per mile, whereas electric cars only cost 3p per mile. So, again, the cost of a car is dependent on how much you drive. Meanwhile, because refueling is unnecessary for electric cars, they then have lower running costs, emissions and fuel costs than hybrids. Therefore, based on fuel costs alone, electric cars would be the cheapest option.

Further Comparisons

To emphasise our main points case-by-case, petrol-fuelled vehicles appear to be the cheapest in terms of purchase and insurance prices, which means that if you do not drive a lot, this is likely the cheapest option for you. However, in terms of fuel prices, petrol costs the most due to the CO2 emissions. In a nutshell, if you drive infrequently, a petrol car would be cheapest, but if you drive very often, it suddenly becomes the most expensive.

As for diesel-fuelled cars, they may cost more than petrol up front, but they last longer, making for greater efficiency and lower long-term costs depending on how much time you spend driving. The insurance and service costs of a diesel car are also more expensive than petrol, but they balance out in fuel costs as refuelling a diesel car costs 25% less than for a vehicle operating on petrol.

Hybrids cost more than petrol and diesel cars up front. However, the resale price is considerably higher, and whilst the insurance and service costs are steeper, the fuel costs are very low due to the environmental factors of the hybrid.

Much like hybrid cars, electric cars also cost more for the initial purchase, and again the resale price is very high. Due to the expensive parts of an electric car, the insurance and service costs are bound to be high. As for fuel, electric is the cheapest option since it requires charge-ups rather than tank uploads, so in the long run, an electric car could help you save the most money.

Final Thought

If you wish to think long-term, consider that by 2040, the government is planning to no longer permit the sale of diesel or petrol fuelled cars. This has caused the sales of hybrid and electric cars to increase already, and as they become more common, their prices will lower. Soon, it may be that electric cars are the cheapest and most efficient from just two available options. No matter which factors you prioritise the most, it is important to consider them all before you decide which car to buy, as it is always vital to analyse how much you drive before making a decision, especially given that the price of a car is very much tailored to your lifestyle.

There are extra ways to determine which types of cars will ensure the biggest saving, which you can discover by contacting our customer service team on 01925 599079. As part of our services, we deliver the car to your premises of choice within the UK. Lately we have delivered cars in most major towns including the Southern cities & midlands: (London, Birmingham, Leicester), Northern cities (Manchester, Liverpool, Sheffield, Leeds, Newcastle), and Scottish cities (Edinburgh, Glasgow).