The UK Is The Second Cheapest Place In Europe To Own An Electric Car

If you’re thinking of getting an electric car, now might be the time to make the transition. New research has revealed the the UK is the second cheapest place to run an EV…

Increasingly Cost-Effective

A new analysis of the Car Cost Index has revealed the most cost-effective places in Europe to own and operate an electric car. Conducted by LeasePlan, it compares the costs of running different car variants in eighteen European countries. It covers petrols, diesels and electric vehicles (EVs). Based on corporate lease contracts, figures are produced using the likes of insurance and maintenance costs, fuel, taxes and depreciation. It then averages the costs over three years and roughly 12,500 miles of ownership. Whilst costs are published in Euros, the Sterling figures have been produced; based on current exchange rates.

In the UK, the cost of owning an electric car came out at £615 a month. That’s compared to petrols at £542 and diesels at £516; meaning EVs are still more expensive, but that the gap is becoming increasingly narrow. That said, our EV average is much better than the European average; which currently sits at £777 per month. The only European country found to be cheaper to own an EV was Greece, where it costs £597 per month; just £18 cheaper than the UK. Our figure is even more impressive when you consider that Germany came in at third place with an average of £732. The most expensive place to run an electric car was Poland, where it costs a whopping £906 a month. That’s rather odd, when you consider that petrols and diesels cost just £434 and £511 per month there.

The primary source of the expenditure associated with electric cars was depreciation; producing 52% of costs compared with 36% for petrol and diesel cars. This is probably due to the pace of technological advancement, especially in terms of batteries. EV owners can, however, make up for this with reduced ‘fuel’ costs and cheaper maintenance fees.

Time For A Change?

Alfonso Martinez, Managing Director of LeasePlan UK, believes the company’s findings present EVs as a ‘rival’ to petrol and diesel models. He said, “this year’s Car Cost Index has shown that electric vehicles are increasingly becoming a rival option to traditionally fuelled vehicles”.  He added, “costs are continuing to fall and legislation, such as the Company Car Tax announcement from July, is now actively encouraging drivers to look for electric alternatives”. But he did stress, however, that there still exist problems with supply, emphasising that uptake is dependent on manufacturers rolling out new models and at a quicker pace.

That the UK is one of the cheapest places to run an electric car might come as a surprise. There are few government incentives and charging infrastructure remains inadequate. That said, more and more government bodies are making pledges to support the zero-emission vehicles; this may, arguably, be inspiring confidence within the industry and amongst consumers. If you’re thinking about getting an EV, now might be the time. Then again, the cars are becoming increasingly efficient, cost-effective and capable. The irony is that the pace of improvement may actually be putting people off making the transition; for fear of investing in models that become obsolete much more quickly than petrol or diesel equivalents.

The Most Popular Electric Cars Around The World –

Volkswagen: Electric Cars Are ‘Nearly’ As Cheap As Petrols –

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