Average electric vehicle repair costs down in 2024
New research has revealed that average electric vehicle repair costs fell to £3,482 by the end of 2024.
The data also found that average MG and BYD repairs were around £2,300, which is more than 30% lower than the EV average.
In terms of repair costs, the analysis by Activate Group and Gecko Risk showed that, unlike petrol and diesel models, labour costs exceed parts costs in EV repairs, with parts costs down seven per cent year-on-year and paint prices up by 10%.
Adrian Furness, managing director of Activate Group’s insurance division, said: “Competition for repair capacity has been gradually reducing since 2022 thanks to a fall in repair volumes, coupled with increased investment in new bodyshops. At the same time, there has been a strong commitment to investing in EV capability across the repair industry. Together, these factors have led to reduced repair costs for EV repairs.”
In total, more than 400,000 electric vehicles were sold last year, an increase of 50,000 on 2023. Tesla maintained its position as the top selling EV brand, but Chinese brands significantly increased their influence on the UK market with BYD reporting a 212% year-on-year uplift in sales volumes to 8,232 units.
James Fisher, CEO, Gecko Risk said:
“We expect to see further growth in new registrations for BYD and other Chinese manufacturers throughout 2025, with both fleets and personal lines drivers attracted by the relatively low prices.”
