A new report from industry body Electric Vehicles UK (EVUK) and independent researchers New AutoMotive has found that the average driver could save £5,580 by swapping to an EV.
The Cost Of Electric Driving (CODE) research explored the total cost of ownership for 15 different models of battery EV, across 480 scenarios that encompassed different driving habits, charging locations, and usage levels. The report also takes into account the comparative costs of servicing an EV compared to a petrol or diesel car, as well as insurance and purchase costs.
The report found that around 80% of drivers could save money by switching to an EV, with the average driver able to save around £5,850 across the average life of a vehicle by switching to an EV. Furthermore, EV drivers who can charge their vehicle at home save money in 90% of the scenarios the report examined, compared to 58% of scenarios where drivers rely entirely on public charging.
Purchasing a second-hand EV, which statistics from the Society of Motor Manufacturers and Traders (SMMT) show is more popular than ever, is increasingly becoming cheaper than purchasing an equivalent petrol vehicle. The research found that used battery electric cars were cheaper than roughly equivalent petrol vehicles for 80% of the models the researchers found, with used BEVs being, on average, £2,781 cheaper than an equivalent petrol car.
For those looking to purchase a new EV, using a salary sacrifice scheme will almost always save money compared to buying a petrol car. According to the research, over 97% of drivers with access to a salary sacrifice scheme will save money compared to using a petrol car, with the average basic-rate taxpayer saving £2,194 over a typical four-year lease term for their EV. Furthermore, around 25% of drivers purchasing an EV through a salary sacrifice scheme will save over £7,174 over an average four-year lease period.
Launching the report, Dan Caeser, CEO of EVUK, commented: “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. EVUK was launched to bring the EV industry together and better educate mainstream drivers on the benefits and perceived drawbacks of battery EVs. The Cost of Driving Electric is the first of many initiatives that Electric Vehicles UK will deliver for motorists and its members.”
