A new study by Electric Vehicles UK (EVUK) and independent researchers New AutoMotive has highlighted the substantial financial benefits of switching from petrol or diesel cars to electric vehicles (EV’s). According to the findings, the average motorist could save £5,580 over the lifespan of their vehicle by making the transition to an EV.
Comprehensive Cost Analysis
The Cost of Electric Driving (CODE) report examined the total cost for 15 different battery electric vehicle (BEV) models, considering 480 different driving scenarios. These scenarios took into account factors such as charging habits, driving distances, servicing costs, insurance, and vehicle purchase prices.
The research found that 80% of drivers would financially benefit from switching to an EV, with home charging offering the greatest savings. Drivers who charge at home saved money in 90% of the scenarios analysed, while those relying solely on public charging saved in 58% of cases.
Second-Hand EV’s Offer Even Greater Value
The growing market for second-hand EV’s is making electric driving more affordable than ever. Data from the Society of Motor Manufacturers and Traders (SMMT) indicates that the used EV market is expanding rapidly, with second-hand BEVs now cheaper than their petrol counterparts in 80% of cases. On average, a used EV costs £2,781 less than an equivalent petrol car, making them a more attractive option for budget-conscious buyers.
Salary Sacrifice Schemes Maximise Savings
For those purchasing a new EV, salary sacrifice schemes provide an even greater financial incentive. The research found that 97% of drivers able to access a salary sacrifice scheme would save compared to owning a petrol car. The average taxpayer could save £2,194 over a four-year lease, while 25% of participants in salary sacrifice schemes would save over £7,174 within the same period.
Encouraging Widespread EV Adoption
The findings reinforce the long-term affordability of EV’s, not just in terms of fuel costs but across maintenance, insurance, and purchase prices. As the UK continues to transition towards electric mobility, financial incentives and growing affordability in both the new and used EV markets are expected to accelerate adoption rates.
With cost savings becoming clearer and infrastructure expanding, EV ownership is increasingly proving to be a practical and economical choice for UK drivers.
