Electric vehicles

If you are thinking of switching to an electric vehicle (EV) as part of your commitment to a green and sustainable lifestyle, carry on reading so you can find out more before you decide on an EV for your next car.

Benefits of electric vehicles

  • They’re greener – they produce lower carbon emissions than petrol and diesel.1
  • EVs could be cheaper to maintain.2
  • They’re exempt from vehicle tax.3
  • They’re exempt from Clean Air Zone/Ultra Low Emission Zone charges.4
  • EVs are likely to come with the most innovative technology.

How can I find out if an EV would suit my lifestyle?

To start with, you’ll want to think about your driving habits and understand the practicalities of owning an electric car.

  • How far can electric cars go? Many EVs today can do between 100 and 300 miles on a full charge. That is a lot of pick ups, drop offs and work commutes, if you consider that the average car trip in 2019 was 8.4 miles, according to the National Travel Survey.
  • How long does it take to charge an electric car? This depends on a few things, like the size of your car’s battery and the type of charging station you’ll be using at home or on the go. For many electric cars, you can add up to 100 miles of range in around 35 minutes with a 50kW rapid charger.

We have teamed up with electric car experts Elmo , who have built an online tool to help you decide if an electric car is right for you. All you need do is answer some questions about your driving habits. They will then advise if you should do some extra research into your green driving journey.

Check your suitability

What you need to know

Electric cars are typically cheaper to run

You’ll be pleased to find out that an EV could cost you less over the course of ownership.5  Without taking into account the purchase price and any energy price fluctuations, an EV’s running cost (including refuelling/recharging, insurance, road tax, MoT and servicing) should be less than what you would expect to pay for an equivalent petrol or diesel car. Plus, with an EV you can take advantage of the many offers and subscriptions out there to help you play your part in sustainability.

We’ve joined forces with an amazing business to help you get started.

They can help you with everything you need to know about driving greener, including:

  • home energy
  • home charging
  • public charging
  • parking.

Explore the essentials

How do EVs measure up to regular cars?

  • Range: Most people do not drive 200 miles without stopping and many EVs today can do between 100 and 300 miles on a full charge. If your workplace has a charging station, why not plug your EV in between meetings or during lunch? And if you are venturing further afield, your EV will give you plenty of notice before you run low. Then when you need to recharge, use your satnav to find a charging station.
  • Depreciation: Green driving is becoming more popular as people look for ways to help our environment prosper. The used EV market is warming up, which means that when you’re done with your electric car, it could retain more of it’s value.6
  • Buying used: If you are on a budget, used electric cars still qualify for the low emission exemption. This means you will not be charged to drive in a Clean Air Zone or Ultra Low Emission Zone4. And as EVs have far fewer parts, you may find that they do not need the repairs that used diesel or petrol cars often do7.

Finance your new or used EV

You can apply for Car Finance if:

  • you’ve had a Lloyds Bank current account for at least 3 months
  • you’re registered for Internet Banking
  • you’re 18 or over and a UK resident.

Want a quote? If you have a Lloyds Current Account, log on to Internet Banking for your personalised quote, with no impact on your credit score.

Log on to start a quote

Credit is subject to status and additional affordability checks.


Want to learn more about green driving?

 

Electric charger plugged into a white car parked on the road.

Is now a good time to buy an electric car?

You may want to start driving in a more environmentally friendly way, but you might also want to wait before making an investment in an electric car. Will we see super batteries and futuristic charging points? Or are we already spoilt for choice with today’s advanced options?

Read the article

A woman plugging an electric charger into a black car.

How fast will battery technology evolve?

It’s almost impossible to discuss electric cars without mentioning new battery technology, but is it all hype or true potential worth waiting for?

Read the article

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Insurance for your electric car

Insurance for your electric car

With the move to the next generation of vehicles, our car insurance ensures you will be covered and provides the following benefits:

  • Battery cover- whether your battery is leased or owned we’ll cover accidental damage, fire and theft.
  • Cable cover- your charging cable is covered for accidental damage, fire and theft.

Some manufacturers may require you to have separate battery insurance.

Insure your car

Would you like to start saving energy at home?

Would you like to start saving energy at home?

If you would, our Eco Home Hub is a great place to start.

Here, you’ll be able to find out about borrowing options, grants and schemes to help you make your home a greener place.

Find out more at our Eco Home Hub

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).

1 Net emission reductions from electric cars and heat pumps in 59 world regions over time | Nature Sustainability

2 Electric car maintenance, repairs and servicing | The AA

3 Vehicles exempt from vehicle tax - GOV.UK (www.gov.uk)

4 Clean Air Zone: Drive in a clean air zone - GOV.UK (www.gov.uk) Ultra Low Emission Zone: Check your vehicle (tfl.gov.uk)

5 Electric cars are cheaper to own than petrol cars | Auto Express

6 EV depreciation | Car Depreciation | DriveElectric (drive-electric.co.uk)

7 Second Hand Electric Cars | Read our guide, find dealers, save money (electriccarhome.co.uk)

8 Pod Points Analysis