EVs cheaper to own than petrol cars
Electric cars are cheaper to run over their lifetime than equivalent petrol models, according to new research.
A study in the UK shows that even though the initial purchase price of electric vehicles (EVs) may often be higher, they can still save motorists cash in the long run.
The data from insurance company Direct Line Group shows the average cost of buying a new electric car in 2020 and driving it for just under 14 years – the average lifespan of a car – is £52,133 (NZ$99,864).
Doing the same with a petrol-powered model would cost £53,625.
Annual running costs, including refuelling/recharging, insurance, road tax and servicing, are calculated at £1,742 per year for an EV, 21 per cent less than the £2,205 needed each year to keep an equivalent petrol car on the road.
Direct Line Group based its figures on a comparison of five EVs and their petrol equivalents available to buy new in 2020, reports Auto Express.
The value of EVs depreciates at half the rate of petrol cars, according to the report, and recharging an EV is 58 per cent cheaper than refuelling a petrol car. On the flipside, Direct Line Group says it is 25 per cent more expensive to get insurance cover for EVs than for petrol models.
Neil Ingram, head of motor product at Direct line, says: “We expect [EV] prices to come down in future, thanks partly to the government’s commitment to making greener vehicles more accessible, but also to advances in technology ensuring that purchasing, refuelling, maintaining and insuring an electric car becomes easier, cheaper and better for the environment.”
