'Cost of Driving Electric' report launched

^{Report was launched Ben Nelmes, New Automotive, Quentin Willson, Faircharge, John Rainford, Jolt, and Dan Caesar, EVUK.}

Electric Vehicles UK, the not-for-profit organisation set up to tackle EV misinformation, has released its ‘Cost Of Driving Electric’ report, which finds that 80% of EV buyers in 2025 will save money over the period of ownership, compared to a similar ICE vehicle.

Conducted by New AutoMotive, the study examines both new vehicles, purchased through three different methods, as well as used vehicles across three different age ranges. It considers various charging scenarios, including primarily home charging and exclusively public charging, as well as cost comparisons across the most popular vehicle models at three different annual mileages.

The study accounts for the total cost of ownership, including purchasing (of all types), charging, insurance, servicing, taxation, and depreciation.

For the used-battery electric vehicle market, over 80 per cent of the models reviewed were cheaper upfront than their petrol counterparts, across the entire age range, from recent to older EVs. On average, a used BEV was £2,781 cheaper than its petrol equivalent. Notably, 9 models (26%) were over £5,000 cheaper, and 2 models were more than £10,000 cheaper.

In the new car market, the tax incentives offered through salary sacrifice mean that for drivers charging mostly at home, savings occur in 97% of cases.

Higher-rate taxpayers with access to a salary sacrifice scheme will save in all scenarios, regardless of charging method and those doing high-mileages.

For buyers using Personal Contract Purchase (PCP) arrangements, the savings are more variable of buyers who charge at home will save at 5,000 annual miles.

The report says that price parity is underway here and if the Government maintains a strong ZEV mandate in 2025, we expect the proportion of drivers benefiting to rise.

The report found that in 90% of charging scenarios, consumers who can charge at home save by switching to an EV, compared to 58% of scenarios where drivers rely entirely on public charging.

Quentin Willson, Motoring Journalist, TV Presenter and Transport Campaigner, FairCharge, said: "Anybody who has owned an electric car for any length of time knows how cheap they are to run. Low home night time tariff charging and the vastly reduced need for regular garage maintenance are just two of the most significant benefits.

"Over four years and 45,000 miles all my EV has needed was one set of tyres. Compare that to at least three services, a cam belt change and probably a set of brake pads on the equivalent ICE car, and I’m a couple of thousand quid ahead. But non-EV drivers don’t know this.

"Which is why the EVUK Cost of Driving Electric report is so important. This report is an industry first and we’ve carefully looked at the costs of EV compared to ICE to illustrate the financial benefits. For those who drive EVs everyday and already know the numbers, this won’t be news to you. But for those who don’t (and have perhaps listened to too much anti-EV misinformation) we hope the report will offer an unprecedented insight into the real life costs of running an electric car in the UK."

Read the report here.