Driving an EV can save you £160 per month in running costs, according to data from Volkswagen Financial Services UK (VWFS).
The VWFS data shows that average annual running costs for EVs are approximately 30% of comparable petrol and diesel cars, according to its EV-4-Me tool, an online quiz for consumers to discover how an electric car could fit into their lifestyle.
This translates to a savings of £1,933 per year versus the running costs of a comparable petrol car with annual costs of £2,655 and savings of £1,636 per year versus a comparable diesel car with £2,358 annual cost.
These yearly running costs incorporate fuel, servicing, and excise duty, and equate to monthly savings of £160 and £136 for petrol and diesel drivers respectively, VWFS said. “These insights are particularly pertinent when we consider that average petrol prices are at 176.88p per litre, while diesel currently costs 187.42p per litre.”
Research from the VWFS UK insights team found that affordability remains the top issue for would-be EV drivers, with 38% saying they cannot afford an EV, although 72% would make the switch if money wasn’t an issue.
When looking solely at fuel costs, VWFS found that EV drivers using a home (7kW) charger can save £804 in annual fuel costs versus driving a petrol car, and £671 in savings compared with driving a diesel. These figures are based on driving 10,000 miles annually in a CUPRA Born, it said.
“The case for making the switch to electric is getting stronger all the time and some of the anxieties that drivers may have around cost, range and charging are proving to be less of an issue as EV technology continues to evolve at pace,” Mike Todd, CEO at Volkswagen Financial Services UK, said.
The CEO said the cost of living crisis has tightened many people’s budgets, so their role as a finance provider is to help consumers with these affordability issues. “Practical tools like our EV-4-Me quiz are great ways of showcasing the savings that can be made by embracing greener and sustainable travel,” he added.