Electric vehicles will save you an average of £5,000 – here’s how
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Even drivers without home charging capabilities could save money by switching to electric vehicles (EVs), a new report finds.
EVs provide a financial saving for people with no off-road parking in 58 per cent of scenarios analysed by EV lobby group Electric Vehicles UK (EVUK).
Public charging generally costs more than home charging, partly because of VAT being four times higher at 20 per cent.
For those who can charge at home, savings can be made in 90 per cent of scenarios analysed.
The “Cost of Driving Electric” study compared ownership expenses for 50 EV models against their petrol or diesel counterparts across 480 different scenarios.
Fifteen new EV models were assessed for three ownership models over a typical four-year term, with three annual mileage levels considered, and whether they would be primarily charged at home or in public.
Thirty-five used EVs first registered between 2017 and 2023 were analysed against their internal combustion engine (ICE) counterparts using the same mileage criteria, across an ownership period of five years.
EVUK said the average cost of ownership across all the scenarios was £5,850 lower for EVs than ICE models.
The organisation’s chief executive Dan Caesar said: “It is our mission to present the whole picture and not just present a partial, or even partisan, picture of the realities of driving electric.”
Ginny Buckley, founder of EV buying website Electrifying.com, said: “Although the upfront purchase price of a new EV may be marginally higher in some cases, our comprehensive analysis reveals that lower maintenance and running costs can save drivers thousands of pounds over the vehicle’s lifetime.”
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James Court, public policy director for EV leasing company Octopus EV, said: “EVs save the consumer money. They also drive better, offering levels of tech and comfort superior to an ICE.
“Why would anyone really want to go backwards?”
A Government consultation on the phase out of new petrol and diesel cars and vans from 2030 closed on February 18.
Labour has committed to reverse then-prime minister Rishi Sunak’s decision in September 2023 to delay prohibiting the sale of conventionally fuelled new cars and vans from 2030 until 2035.
