November 30, 2020

Is it profitable to buy an electric car in Spain? Keys and aids

Is it profitable to buy an electric car in Spain? Keys and aids


The current Government approved on February 15 the MOVES plan through which it is intended encourage the purchase of electric vehicles. For this plan they have dedicated 45 millions of euros, between 20 and 50% will be used to incentivize the purchase. This translates into aid of 5,000 euros for those people who want to buy this type of car. The problem is that there is only fund so that 4,090 can benefit from this plan. To this government aid, we must add up to one thousand euros of aid granted by the concessionaire. What is a total discount of 6,500 euros.

According to a study conducted by HelpMyCash, despite the aid the purchase of electric vehicles, the sale of these did not exceed 0.32% in the past year. This figure is very far from that of countries such as Norway, which reaches 40%. The main problems that identify with this type of cars are: the price, insufficient autonomy (less than 100 km) and the shortage of recharging points.

The report comparing two models: the SEAT León, the best-selling car in Spain in 2018, and the Nissan Leaf, the second most purchased electric and that by design and style allows a plausible comparison with the León.

The simplest version of the Leaf has an engine of 150 HP of power that has a range of about 300 km, which allows, in addition to benefit from the advantages of driving around the city (do not pay blue zone and can use the bus lane in many towns), go out on the highway and make interurban journeys. Its maximum speed is limited to 144 km / h. The official exit price? 31,300 euros.

Opposite they place the Lion, also in its most basic version. As for benefits, it has more autonomy and a simpler refueling, although it does not have other advantages that the Leaf does enjoy. Its official price, 19,270 euros.

Next, they compare what would be the cost of both, including the discounts available with the MOVES Plan and applying the average bank financing for each case.

The difference before the discount and financing is more than 12,000 euros. If it applies the subsidy of the MOVES Plan, the concessionaire and the cost of the average loans for each type of vehicle, that difference stays at 5,280 euros, but other considerations are taken into account:

 It is estimated that the disbursement in gasoline and diesel increases five times that of electric car consumption. Traveling around 15,000 kilometers a year, the annual cost for the gasoline car would be 975 euros, while the electric one would remain at 195 euros.

 Most brands include the vehicle's battery (the most expensive and sensitive part of the car). Some other, however, allows you to buy the car without a battery (significantly reducing its price) and disposing of it through a monthly rental whose cost will vary depending on its voltage between 70 and 120 euros approximately.

 Maintenance, as well as charges for taxes, tolls or parking, imply a lower outlay on electric vehicles.

 According to the Cetelem Observatory of 2018, Spaniards change their cars every 14 years. It is difficult to say exactly from what kilometers or years it happens to be

profitable electric vehicle, what seems sure is that much less of that time.

On the other side of the scale, we must bear in mind that, due to the lack of infrastructures that facilitate the circulation of electric vehicles, it is more comfortable to own a combustion car than an electric one. In addition, the period of obsolescence may be shorter for green cars, since investment in the development of these technologies is increasing and new models incorporate news every so often.

Conclusions

With all this data in hand, HelpMyCash.com draws the following conclusions:

 Spain is behind many countries in its environment, both in economic investment and in the regularity of the initiatives.

 Some banks offer very good conditions for financing electric vehicles. They have big discounts on car loans

Diesel or gasoline.

 In addition to subsidies, aid and the creation of infrastructures, a fiscal reform is needed that penalizes the most polluting engines and favors the purchase of ecological ones.

 The aid ends quickly due to the low economic endowment that supported them (they ended in just 24 hours in 2017). For MOVES, the problem could be repeated. Deciding quickly is important to get the grant.

 Some municipalities try to favor the circulation of electric cars in their cities but a joint policy at different levels would be better

(consistories, councils, communities and State), to achieve a greater effect.

 Discounts mean that the differences between prices are reduced. Therefore, with few years of use, the electric car can be more profitable than the combustion one due to its lower maintenance and refueling costs.

 Buying an electric vehicle can now mean that in months or a few years it is outdated due to new technological advances in the matter.

 An intermediate solution such as hybrid cars can be interesting: they can benefit from state discounts, they are cheaper than electric cars and

they present less obstacles for their use (in terms of autonomy and refueling).

It is not possible to find an electric car for less than 20,000.

Banks, on the other hand, offer sustainable credits through which financing an electric car comes 30% cheaper. However, even if less interest is applied to financing, the monthly fee is higher than that of a fuel automobile since the total price is higher.

As conclusion of the analysis we can extract that the Current government aid is insufficients to motivate the purchase of non-polluting vehicles.

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