Mid-size EVs cheaper than petrol and diesel cars, finds LeasePlan study

Mid-size electric vehicles (EVs) have been found to have lower total cost of ownership (TCO) than equivalent petrol and diesel models.

The LeasePlan annual Car Cost Index studied the TCO for vehicles in all segments and all fuel types across Europe. In the mid-size segment, EVs were cheaper in 14 European countries including the UK.

In the executive car segment there are currently no cost-competitive EVs, however.

Alfonso Martinez, managing director of LeasePlan UK, said: “The results from our latest Car Cost Index confirm that EVs are no longer a luxury for the few, and are quickly becoming a viable option for all drivers. This is especially true for employees whose employers offer an EV salary sacrifice scheme, which brings down the net cost of driving an EV considerably.

“This is particularly reassuring in light of recent news that the UK Government is poised to bring forward the date for the ban of sales of new fossil fuel vehicles to 2030 – an ambitious move that we are fully behind.

“The automotive industry is working tirelessly to make electric driving a reality nationwide, but to truly succeed, the Government must uphold its end of the bargain. We need surety of supply post-Brexit, and significant investment in a universal, affordable and sustainable charging infrastructure. Only then will we be able to make a full switch to EV and support the UK’s wider effort to achieve net zero carbon emissions by 2050.”

It’s not just the mid-size segment where EVs were found to be more cost effective. In the Compact segment EVs were found to be fully cost competitive compared to ICEs in the UK along with Germany, Italy, Netherlands, Norway, Portugal, Sweden and Switzerland.

Looking at the figures for the mid-size segment, the average monthly cost of having an EV in the UK is £833, compared to £913 for a diesel and £965 for a petrol.

The TCO calculations are based on a four year 75,000 mile cycle.

To view the LeasePlan Car Cost Index report, click here.