Drivers could save £700 a YEAR by switching their cars to EVs – avoiding fuel, high tax & servicing costs
DRIVERS could save £700 a year by switching their cars to EVs – avoiding fuel, high tax and servicing costs.
Many motorists are put off buying an electric car by the hefty price tag.
But experts at the Energy and Climate Intelligence Unit reckon that swerving the “petrol premium” will actually save you thousands.
Most cars have an expected lifetime of around 14 years, and getting an EV could save you about £10,000 in that time.
Petrol drivers have to splash out on fuel, excise duty and servicing – to the tune of £700 a year.
ECIU’s Colin Walker told This is Money: “Drivers are being hit by a £700 petrol premium.
“A switch to an EV will see a quick return on the investment made.”
The RAC’s Rod Dennis said: “Considering the total cost of running a car throughout its life, rather than just thinking about the upfront cost, might seem like a strange concept.
“But when you do the sums electric vehicles can be so much cheaper to keep on the road.”
Most EVs are fairly pricey – but some car makers are launching budget-friendly models this year.
Citroen’s e-C3 will start from £22,550, and Renault’s upcoming Twingo could cost less than £17,000.
Skoda, Dacia and Volkswagen also have cheaper EV models in the pipeline.
The used-car market is currently dominated by petrol motors, but the growing number of second-hand EVs on sale will also push down prices.
And with battery prices set to plunge by around 40 per cent, EVs will only get more affordable.
Meanwhile, a Japanese brand has released its first EV – but has ditched a key feature.