Is An EV Cheaper To Own Than Petrol?

Mon 5th Oct 2020

Electric vehicles may come with premium prices, but can they work out more affordable in the long term for prospective drivers?

As more and more potential car buyers consider an EV as their next purchase, there are many questions in the mind, such as range, access to charging points and the up-front cost of the vehicle. But there are a number of positives, including the fact that currently electricity prices are a lot cheaper than petrol and diesel. So if you were to work out the overall cost of owning an EV over a petrol car, which would work out the less costly to run?

Well according to research from a UK finance company, the most economical car over the course of a four-year, 75,0000 mile cycle would be a mid-sized EV.

The monthly cost of a mid-size EV works out at £833 taking into consideration all elements including the cost of the car and fueling, this compares to £913 for petrol and £965 for diesel.

The good news for those thinking of making an electric car purchase is that the longer you own it the more the savings come down.

Tex Gunning, CEO of LeasePlan, said: “The good news is that the costs of EVs are coming down and we’re seeing the development of a strong second-hand market for quality used EVs.

“The bad news is that governments are failing to provide the charging infrastructure necessary to satisfy market demand. National and local policymakers need to step up now and invest in a universal, affordable and sustainable charging infrastructure to enable everyone to make the switch to EV.

“Supporting the transition to electric mobility is the best investment governments can make – EVs are good for drivers, good for air quality, and one of the most effectives ways to fight climate change.”