LeasePlan highlights TCO advantage of EVs

Electric vehicles (EVs) can provide TCO (total cost of ownership) advantages when compared to petrol or diesel cars, according to a new report by LeasePlan.

The company’s annual Car Cost Index assesses the total cost of owning and operating a car in 22 European countries, including the UK, ranging from the sub-compact segment to the executive market. 

It found that EVs in nearly every segment and European country, including the UK, are now the same price or cheaper on a TCO basis than petrol or diesel cars.

Alfonzo Martinez, managing director at LeasePlan UK, said: “EVs offer drivers control in a world where fuel prices and other everyday costs are skyrocketing. They also allow drivers to feel like they’re making a personal contribution towards the fight against climate change. 

“Unfortunately, we’re now seeing governments withdraw or partially withdraw some of the EV incentives that have helped to make EV driving possible for hundreds of thousands of people. 

“If Britain is to maintain its position as a world leader in zero-emission vehicles and climate change action, the UK government needs to protect the EV market through long-term policies designed to bring down costs even further and improve public infrastructure. We want everyone to have the same positive experience the first and every time they get behind the wheel of an EV.” 

Despite energy price inflation, fuel costs remain significantly lower for electric cars than petrol and diesel cars: fuel costs represent 15% of the total cost of ownership of an EV, while this is 23% and 28% for petrol and diesel drivers 

Among smaller cars, such as the Renault Megane or the Kia Nero, the UK purchase and running costs were £789 a month for electric, £808 for diesel and £819 for petrol.

For a sub-compact car, such as the Volkswagen Polo or the Peugeot 208, the purchase and running costs were £777 for electric, £741 for diesel and £720 for petrol.

For a standard mid-size car, such as a Hyundai Ioniq 5, the purchase and running costs were £902 for electric, £899 for diesel and £927 for petrol.

Similarly, the purchase and running costs for mid-size premium cars, such as a BMW 3 Series, were £1,110 for electric, £1,107 for diesel and £1,109 for petrol.

The report can be viewed here.