A recent analysis from This is Money (TIM), an online personal finance guide, has revealed that the lifetime running costs of electric vehicles are now lower than petrol vehicles. Many industry experts have been working to bring electric vehicle costs in line with traditional fuels. For many, the extra outlay required when purchasing an electric vehicle can be off-putting, but these recent calculations highlight the benefit of lower running costs for EVs.
According to TIM, the average lifetime running costs based on 2020 prices are currently £52,133 compared to £53,625 for a petrol car. These lifetime calculations assume that the car is in use for 14 years and spread the initial purchase price over that time. This means that, on average, an electric vehicle will cost around £3,752 a year compared to £3,858 for a petrol car. This is a saving of £107 per year.
While this may seem like a small amount, it is important to remember what the goal is. At this current time, the goal is not to make electric vehicles cheaper than regular fuels but is to make them competitive on price such that price is no longer a stumbling block for EV uptake. As technology continues to develop at a rapid pace, the cost difference will only widen in electric vehicles’ favour.
Currently, the upfront cost of electric vehicles is around £5,000 more than that of traditionally fuelled vehicles. While government grants aim to bridge the gap, in many cases drivers are still faced with the decision of whether to spend more up-front in order to save longer term. Maintenance costs and taxation on EVs is around half that of petrol cars and refuelling can be up to 60% cheaper. However, insurance costs are currently around 25% more expensive. Moreover, the 14-year estimation is based on the anticipated lifetime of electric vehicles, but most people do not own their cars for this length of time.
This latest news comes at a time when the UK is seeing unprecedented demand for electric vehicles. The latest Department for Transport figures show that the UK now has well over 100,000 pure electric vehicles on the road. Moreover, June’s car industry sales show that over 30,000 electric cars have been registered in the UK, 2.6 times the amount sold in June 2019.
If you are interested in making the switch to electric and would like to discuss this further, please get in touch. A member of our technical team will happily answer any questions that you have. Call us on 0141 280 8890 or drop us an email at info@britetechnicalservices.co.uk.
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