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 more than 200 miles on a single charge. That’s 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. Fast home chargers can charge your battery overnight, while using a rapid charger when you’re out and about will give you up to 80% charge in 20 to 40 minutes.

We’ve teamed up with electric car experts elmo who have built a fun way for you to decide if you’re suitable for driving an electric car. All you need to do is enter some information about your driving habits and they’ll give you an indication 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) can work out 21% less than what you’d 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 don’t drive 200 miles without stopping, which is the average range that a new EV can cover, with some going more than 300 miles. And if your workplace has a charging station, why not plug your EV in between meetings? Venturing further afield? Your EV will give you plenty of notice before you run low. And when you do, use your sat nav 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, its value should be like what you’d expect of an equivalent regular car.6
  • Buying used: If you’re on a budget, used electric cars still qualify for the low-emission exemption, so you won’t be charged to drive in a Clean Air Zone or Ultra Low Emission Zone.4 Plus, because EVs have far fewer parts, you may find that they won’t need the repairs often associated with buying pre-loved diesel and petrol cars. 7

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

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?

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)