Motorists who opt for electric vehicles (EVs) instead of petrol-powered cars could save up to £7,000 over the next four years, according to a new report by New AutoMotive.
drivers can expect to save at least £3,000 over four years due to lower charging costs, cheaper maintenance, and tax exemptions. Those who drive more than the national average could see even greater savings.
The report compared the upfront costs and running expenses of seven popular EV models with their petrol counterparts across three purchasing scenarios: outright purchase, leasing through an employer, and personal contract purchase.
In 55% of the scenarios tested, the additional cost of an EV would be offset within two and a half years. In 30% of scenarios, the financial benefits would be immediate or realised within the first year.
The models analysed include the Peugeot e2008GT, which is £4,000 cheaper than its petrol version, and the Citroen eC4 MAX, which costs £2,500 less. The research also reveals that the average upfront cost of a new EV is only 12% higher than that of a petrol car, significantly lower than the commonly cited 50%, suggesting that price parity is within reach.
Login to continue reading
Or register with AM-online to keep up to date with the latest UK automotive retail industry news and insight.