SMR costs for EVs cheaper than hybrids and ICE models

Analysis of new data has found that service, maintenance and repair (SMR) costs for electric vehicles are significantly cheaper than for comparable hybrid and ICE models.

According to Epyx, average SMR costs for EVs in the first year are £141 compared to £195 for hybrids and £199 for ICE models.

In year two SMR costs rise to £174 for EVs compared to £266 for hybrids and £290 for ICE, while in year three it increases to £221 for EVs, £341 for hybrids and £401 for ICE vehicles.

Meanwhile, average annual garage visits for EVs are 1.13, 1.18 and 1.36 over the first three years. For hybrids it is 1.17, 1.29 and 1.53 and for ICE models it is 1.21, 1.31 and 1.53.

SMR costs for EVs

Tim Meadows, chief operating officer at Epyx, said:

“We’ve previously released SMR data about EVs and it was quite inconclusive, largely because the number on our database was still very low and not really sufficient to build up a consistent picture. However, we now have something like 409,560 EVs on the platform, which provides a much-improved impression.”

He continued: “What we are seeing is both noticeably lower running costs and numbers of garage visits for EVs compared to both hybrids and ICE vehicles. By the end of year three, these are quite substantial – the EV SMR spend is not much more than half seen for ICE.”