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Electric vehicles cheaper to own than petrol-powered counterparts

Electric vehicles cheaper to own than petrol-powered counterparts

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New survey has measured the amount an EV costs over its lifetime.

Electric vehicles cost less to own and run over their lifetime than an equivalent petrol or diesel model, new research has suggested. 

Data from insurer Direct Line has found that, over a car’s lifetime, an EV works out at around £107 cheaper per year than standard petrol or diesel cars. 

The cost of purchasing an electric vehicle in 2020 and running it over its lifetime chimes in at £52,133 - well under the £53,625 to do the same for an equivalent petrol model.

Costs were judged over the predicted lifetime of a car - around 13.9 years - with any car bought today likely needing to be replaced by the end 2034, or prior to the government’s ban on petrol, diesel and hybrid cars coming into play. 

Though EVs do command a higher price tag - even with the inclusion of the government’s grant - the costs of running them are much lower than those associated with a petrol or diesel car. Direct Line’s research found that the average annual cost for running an electric car is £1,742 - 21 per cent cheaper than the £2,205 it’ll cost to keep a petrol or diesel car going over a year. 

Neil Ingram, head of motor product at Direct Line, commented: “It is an exciting time for electric vehicles, with a record number of these licenced cars on Britain’s roads last year. Our analysis also shows that with the ban on new non-electric cars set to come into force in less than 15 years’ time, Britons could already be saving money by switching from a traditional petrol or diesel car to an equivalent electric model.

“We expect prices to come down in future, thanks partly to the Government’s commitment to making greener vehicles more accessible but also to advances in technology ensuring that purchasing, refuelling, maintaining and insuring an electric car becomes easier, cheaper and better for the environment.”


Tempted to check out a new electric car? If so, take a look at the electric vehicles available from Swansway Group.