EV running costs half that of petrol cars
New analysis of car ownership costs has revealed that EV running costs are half that of a petrol equivalent.
According to UK charging brand Andersen, the average annual cost of running an electric car is £1,154 compared to £2,316 for a petrol variation.
The analysis considered the latest road tax charges, average fuel or recharge costs, typical servicing costs, and average insurance premiums.
The key differences were found in refuelling versus recharging, with an average petrol car driver covering 10,000 miles a year spending £1,209 compared to the £174 that an EV driver would spend to home power an EV over the same distance.
When looking at servicing costs, new data from The Car Expert indicates that the typical cost per annum for an EV is £232 compared to £295 for an equivalent petrol-powered car. The disparity grows as cars age, with a five-year-old EV costing a total of £3,857 in servicing compared to the £5,514 required to service a petrol car over the same period.
However, EV drivers can expect to pay an average of £125.81 more per year on insurance than petrol drivers.
David Martell, CEO of Andersen, said:
“Our research shows definitively that electric vehicles are cheaper to own than petrol vehicles. To build increased momentum in the shift to clean electrified mobility, it is crucial that more UK drivers better understand true EV ownership costs – including ultra-low ‘smart’ charging tariffs, incredible savings on road tax and servicing, and rapid falls in insurance costs.”
