Soaring fuel prices mean the per mile cost of running an electric vehicle (EV) has sunk to around 80% below the bill for petrol and diesel models, according to new analysis.
For a petrol car with typical fuel efficiency of 38 miles per gallon, the annual fuel cost based on current pump prices is around £1,210.
Ministers must explore ways of offering targeted support
Ben Nelmes, New AutoMotive
Owners of diesel cars face an annual fuel bill of approximately £1,260.
New AutoMotive co-founder and head of policy Ben Nelmes said the spiralling cost of petrol and diesel is “making electric cars more attractive than ever”.
He told the PA news agency: “Commuters and those living in areas with poor public transport connections continue to take the brunt of the cost-of-living crisis for their reliance on petrol and diesel vehicles.
“Meanwhile, sales of new electric cars are booming and the second-hand market is growing rapidly too, helping electric cars to become more and more affordable.
“This is a promising trend, but ministers must explore ways of offering targeted support to encourage Britain’s most active drivers to make the switch to electric cars.
“This would reduce emissions faster, help those hardest hit by rising fuel prices, and reduce the UK’s reliance on imported fuel, including Russian diesel.”
Demand for new EVs has soared in recent months.
Figures from the Society of Motor Manufacturers and Traders show there was a 17.7% increase in registrations of pure electric cars in May, amid a 20.6% decline for all new cars.
Electrified vehicles such as pure electrics, plug-in hybrids and hybrids accounted for three out of 10 new cars registered last month.
The cost analysis was based on a typical mileage of 7,400 miles per year.
Fuel costs were calculated using the current average prices of 182.3p per litre for petrol and 188.1p per litre for diesel.
Electricity costs were based on 75% of charging done on lower overnight rates and 25% done on peak rates, using the cheapest tariff available.