Industry-to-consumer body Electric Vehicles UK [EVUK] today published its first ‘Cost of Driving Electric’ [CODE] research – delivered by independent researchers, New AutoMotive – the report clearly demonstrates that driving battery electric vehicles can save cash for 80% of drivers.
‘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.
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.
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. CODE follows on the findings of the Climate Change Committee’s 2020 report, which details the huge benefits of EV ownership. The evidence is mounting, for many EVs are the right solution.”
Ginny Buckley, TV Presenter and Founder / MD of Electrifying.com, “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.”
Quentin Willson: Motoring Journalist, TV Presenter and Transport Campaigner, FairCharge, “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.”
John Rainford: UK Country Manager for JOLT, “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.”
