A new independent report has shown that 80% of drivers will save by swapping to an electric car with average savings of £5,850 over the course of a typical ownership period.  The research was funded by industry body Electric Vehicles UK [EVUK] was conducted by independent researchers, New AutoMotive. 

The Cost of Driving Electric' [CODE] research 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 of the realities of driving electric", according to Electric Vehicles UK CEO, Dan Caesar. 

The study considered all associated costs, not just purchase price and charging, but also servicing, insurance, taxation, and depreciation. It also covers the entire market, spanning both new and used vehicles, various charging scenarios, and the models that consumers purchase. 

In 90% of the report’s scenarios, consumers who can charge at home save by switching to an EV, compared to 58% of scenarios where drivers rely entirely on public charging. Many more drivers without home charging could save if they had access to a community charging service such as Co Charger. The research says: “Ultimately, access to home charging is the most significant factor in determining whether and how much a consumer will save by switching to electric.” 

Salary sacrifice schemes are key to savings on new cars, with the report noting that: “for higher-rate taxpayers with access to a salary sacrifice scheme, driving electric is a no-brainer, regardless of charging method. There is no scenario in which a driver, even a high-mileage driver reliant on public charging, does not benefit financially.”

Used cars are also a way to help the savings, according to the research: “On average, a BEV was £2,781 cheaper than its petrol equivalent. Notably, nine models (26%) were over £5,000 cheaper, and two models were more than £10,000 cheaper.”

Insurance costs are still higher for electric cars, with an average cost of £702 versus £614. However, servicing costs are lower at £167 versus £246.

 Matt Western: MP for Warwick & Leamington, and former Senior Automotive Executive for Peugeot: 

“It is of vital importance that the people of the UK are aware that, in most scenarios, electric vehicles save money, on top of improving local air quality. 

“CODE is a comprehensive piece of research that lays out the facts of owning an EV, and the benefits to the public, and the nation’s, pockets. 

“To encourage the public to move towards net-zero emissions, we need to share the factual story of owning an electric vehicle.” 

Ginny Buckley, Founder and CEO of Electrifying.com said: “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.” 

Dan Caesar: CEO of EVUK said: "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. "