Drivers can could cut yearly motoring running costs by 70 per cent with an EV, says study

Drivers making the switch to electric cars could cut their yearly running costs by around 70 per cent compared to a petrol vehicle, a new study has found.

Based on a driver covering 15,000 miles a year, their indicative running costs (fuel, servicing and vehicle excise duty) would be £1,933 for a petrol car, based on current fuel prices of 176.88p per litre for petrol. A diesel car costs £2,358 per year to run, based on the price of fuel being 187.42p per litre.

However, for an electric car, the annual figure drops to £722, which works out as a £160 saving per month compared to a petrol vehicle. This is based on charging with a 7kW wallbox at home, as many electric car drivers charge. No figures were available for those unable to charge at home.

The data comes from Volkswagen Financial Services, which has developed a tool that can help show how an electric car could fit in with a buyer’s lifestyle.

However, despite the savings on offer from running an electric car, the initial purchase price remains an issue, with a survey of 2,000 British drivers finding that 38 per cent cannot afford an EV. When asked if they would make the decision to go electric if money was no issue, 72 per cent said they would make the switch.

Mike Todd, CEO at Volkswagen Financial Services UK, said: “The case for making the switch to electric is getting stronger all the time and some of the anxieties that drivers may have around cost, range and charging are proving to be less of an issue as EV technology continues to evolve at pace.

“Manufacturers and retailers have a greater duty than ever before to help educate consumers that the overall cost of an EV is not as big a barrier as once perceived, and in fact can be cheaper than most comparable petrol or diesel models.”