Driving an electric car could save money, as well as cut carbon emissions

Driving an electric car saves £700 a year, according to new report

Paul JonesJanuary 8, 20240 Comment0

DRIVING an electric car could save you around £700 a year, according to a new report.

The Energy and Climate Intelligence Unit (ECIU) says drivers of the top 10-selling petrol cars of 2023 are paying hundreds more a year more to run their vehicles, compared to electric vehicle (EV) equivalents.

Further analysis of the top 10 selling EVs of 2023 showed drivers paid almost £1,300 a year less to run their vehicles than drivers of the equivalent petrol cars, the report added.

In total, more than 300,000 EVs were bought in the UK last year – with the number set to rise again in 2024.

And the ECIU’s data highlighted “over the course of their lifetimes, these EVs will generate a total of £5.6bn in savings for their owners, compared to their petrol equivalents”.

In comparison, petrol cars sold in 2023 will cost their owners an extra £7.6bn.

Colin Walker, transport analyst at the Energy and Climate Intelligence Unit, said: “With drivers being hit by a £700 petrol premium, a switch to an EV will see a quick return on the investment made.

“Electric car sticker prices are falling, with analysts at Goldman Sachs expecting price parity to be reached by the middle of the decade.

“However, since less than 20% of car sales in the UK are for new vehicles, it’s the growth of the second-hand EV market that is critical if more families are to be able to access the cheaper driving than comes from EV ownership.

“With the ZEV mandate coming in to force next year, more new EVs will be sold which, in turn, will result in more EVs making their way on to the second-hand market in the years to come.”

Rod Dennis, from the RAC, said: “For many drivers, the idea of 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, especially for the majority of people who acquire used rather than new cars.

“But as this study shows, when you do the sums, electric vehicles can be so much cheaper to keep on the road, and of course there’s also the huge environmental benefits of driving a car that has no tailpipe emissions.”