July 14, 2024

Switching to EV could save motorists up to £7,000

UK drivers who choose an electric vehicle (EV) over a petrol model could potentially save up to £7,000 ($8,844) over four years, according to a report by independent transport research organization New AutoMotive.

The study indicates that regardless of the method of purchase, a minimum saving of £3,000 is achievable, driven by lower charging costs, reduced maintenance expenses, and tax benefits.

Findings from the report compare the upfront costs and running expenses of seven popular EVs with their petrol counterparts in various acquisition scenarios.

These scenarios include outright purchase, company leasing, and personal contract purchases.

Over half (approximately 55%) of the scenarios analyzed show that the additional cost of an EV would be recouped within two and a half years, with 30% of cases showing immediate savings or savings within a year.

Models like the Peugeot e2008GT and Citroen eC4 MAX are highlighted for being significantly cheaper than their petrol equivalents by over £4,000 and £2,500 respectively.

Additionally, the research suggests that the average upfront cost of a new EV is only 12% higher than that of a petrol vehicle, challenging the perception of a 50% premium and indicating that price parity is achievable.

New AutoMotive’s report also presents policy recommendations for the UK government to facilitate the transition to electric cars.

These recommendations include reducing tax on public charging, maintaining the Zero Emission Vehicle (ZEV) mandate, enhancing public awareness of EV cost savings, and concentrating financial incentives on home chargers.

New AutoMotive CEO Ben Nelmes stated, “Our report shows that the UK is on the brink of a tipping point. Soon, opting for an EV will not only be environmentally responsible and financially wise but also a financial no-brainer, allowing consumers to start saving from day one.”

“Decreases in the prices of electric cars are being influenced by the UK’s leading Zero Emissions Vehicle mandate, which is increasingly becoming a lifeline for those faced with the choice between an empty tank and an empty wallet.”

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