EVs are ££££'s cheaper to run than a petrol or diesel car, says new data
New study reveals that drivers can save thousands over four or five years of EV ownership, although there’s a heavy reliance on charging at home
EV drivers save an average of almost £6,000 over the course of ownership compared to either a petrol or diesel car.
That’s according to a study conducted by ElectricVehicles.uk, which evaluated 480 different scenarios across typical four-year and five-year terms of ownership for new and used vehicles, respectively.
The electric car advice advocacy site analysed a multitude of different ownership situations, taking into account mileage and how and where the car was charged, across 50 different electric models – 15 new and 35 used.
And it found that over the typical four-year lease or Personal Contract Purchase (PCP) period of a new EV, buyers in 2025 would save an average of around £7,785 – roughly £2,000 per year – compared with an equivalent petrol model.
While some may be sceptical about the size of this figure, given that most electric cars are more expensive to buy and insure than their competition, the study shows that 97 per cent of buyers charging at home save money, thanks to huge EV discounts and the rock-bottom cost of plugging-in at a home wallbox charger.
It’s worth pointing out that this drops to just 60 per cent of owners without access to home charging who drive around 5,000 miles per year, and falls to 46 per cent of those covering over 10,000 miles annually.
When it comes to used cars, EVUK found that 80 per cent of second-hand EVs are cheaper to buy up front than an equivalent petrol variant – likely due to the huge depreciation many models suffer. However, used owners don’t quite benefit as much as new buyers in the long run, only saving an average of £3,440 over five years – and once again, that is largely dependent on charging overnight.
Those able to use a wallbox can save more than £5,000 across five years, according to EKUK, and while it does say those without a driveway can still save money, we should point out that the organisation’s methodology involves a use of slow, rapid and ultra-rapid chargers which may not be entirely reflective of every owner’s usage patterns.
Regardless, the data still suggests EV affordability is moving in the right direction. EVUK’s CEO, Dan Caesar, said the study was part of “our mission to present the whole picture and not just present a partial – or even partisan – picture, of the realities of driving electric”.
Matt Western, a former senior executive for Peugeot and now Labour MP for Warwick and Leamington, hailed the report, stating: “The evidence is mounting, for many EVs are the right solution.”
Policy director for Octopus Energy, James Court, added: “The UK public needs this level of comfort, from trusted voices, to help them make the switch. Our own commissioned research found that 90 per cent of drivers won’t go back once electric. Save money, save the planet, drive electric.”
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