Industry-to-consumer body Electric Vehicles UK [EVUK] has published its first ‘Cost of Driving Electric’ [CODE] research – which shows that driving battery electric vehicles can save cash for 80 per cent of Britain’s drivers.
‘CODE’ research – delivered by independent researchers New AutoMotive – used a methodology that took into account total cost of ownership for 50 different battery EVs, across 480 scenarios. The research was commissioned to “present the whole picture – not a partial, or even partisan picture – of the realities of driving electric”, according to Electric Vehicles UK CEO, Dan Caesar.
In recent years, the costs of driving electric vehicles, like many aspects of the market, the technology, and related policy, have been clouded by misunderstanding and misinformation. Past estimates of battery EV costs and savings have often relied on small sample sizes or narrowly focused on individual market segments.
EVUK set out to provide a definitive, data-driven analysis of the total cost of battery EV ownership. This study considers all associated costs, not just purchase price and charging, but also servicing, insurance, taxation, and depreciation. Moreover, it covers the entire market, spanning both new and used vehicles, various charging scenarios, and the models that consumers purchase. The report better enables industry and end-users alike to understand the Cost of Driving Electric.
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 is 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.”
Ginny Buckley, TV Presenter and Founder / MD of Electrifying.com added:
“Although the upfront purchase price of a new EV may be marginally higher in some cases, our comprehensive analysis reveals that lower maintenance and running costs can save drivers thousands of pounds over the vehicle’s lifetime. In today’s economy, where every pound counts, it is essential to recognise that the real cost of owning an EV is far more competitive than many car buyers realise.
“This report shatters long-held myths and delivers clear evidence that, when it comes to ongoing expenses, going electric is not only environmentally sensible but also economically astute. With used electric cars now costing the same, or less, as their petrol or diesel counterparts, and price parity being reached on some new EVs, there’s never been a better time to make the switch.”
In an Electrifying.com survey conducted with over 11,000 UK drivers last year, only 45% were aware of the attractive off-peak home energy tariffs that can significantly reduce the cost of owning an electric vehicle, while a staggering 80% still believe that EVs are simply “too expensive.”
John Rainford, UK Country Manager for JOLT, commented:
“JOLT is committed to ensuring the full picture of EV affordability is understood, which is why we are supporting the CODE Report. While the data clearly shows the financial benefits for most drivers, it also highlights the challenge for those without home charging. On-street public charging needs to be both accessible and affordable if we want to see mass EV adoption. That’s where JOLT is making a difference – expanding access to fast, free charging in urban areas so that all drivers can share in the benefits of going electric.”
James Court, Public Policy Director for Octopus EV, remarked:
“The EVUK Cost of Driving Electric research is comprehensive and underscores the true picture of owing an EV, they save the consumer money. EVs also drive better, offering levels of tech and comfort superior to an ICE.
“Why would anyone really want to go backwards? The UK public needs this level of comfort, from trusted voices, to help them make the switch. Our own commissioned research found that 90% of drivers won’t go back once electric. Save money, save the planet, drive electric.”
Dan Caesar, CEO of EVUK, stated:
“It is our mission to present the whole picture and not just present a partial – or even partisan – picture, of the realities of driving electric. EVUK was launched to bring the EV industry together, as one, and better educate mainstream drivers around common uncertainties and explain the many benefits of battery EVs, to accelerate uptake in the UK. The ‘Cost of Driving Electric’ is the first of many initiatives that Electric Vehicles UK will deliver for drivers and its members..
The full ‘Cost of Driving Electric’ report is available here:
Image courtesy of Shutterstock.
