New study reveals electric car costs are level with Petrol and Diesel

We’re all aware of the cost of living increasing in the UK - with prices of food and energy rising at its fastest rate in 40 years, according to the BBC.

New research conducted by LeasePlan and reported by Financial Times reveals that rising fuel prices this year mean that the cost of owning and running an electric car is now lower than petrol or diesel in almost every country in Europe.

In the UK, the report found, the average total monthly cost of running a new EV stood at £790, whilst a petrol car cost £820 and a diesel vehicle cost £809.

The report also found that charging at home is almost always cheaper than using a public charging point.

The new EV car costs article in Financial Times reports:

“LeasePlan, which has 1.9mn vehicles used by corporate fleets, collated running costs and lease prices for its vehicles, comparing them by segment and across 22 countries. ‘EVs in nearly every segment and European country are now the same price or cheaper on a TCO [total cost of ownership] basis than petrol or diesel cars,’ said the report.”

What does the term ‘total cost of ownership’ mean?

The industry says the point at which electric vehicles become as cheap as petrol cars to own, run, and service stipulates the 'total cost of ownership'. The study found that while battery vehicles are still, at the moment, generally more expensive than traditional engine models to buy, they tend to have lower running costs due to lower running costs. 

As the technology evolves, the cost of EV cars looks certain to fall further relative to petrol and diesel powered vehicles.

Do you need help with your transition to EV?

We can help you - whether it’s for an EV charging point installation or for general EV charging advice. Mr Charger offers expert electric vehicle charging installation services across the United Kingdom, for homes and businesses looking to make the transition to EV. Get in touch with our friendly Mr Charger team by calling us on 0800 669 6159 or emailing us at install@mrcharger.co.uk. Want to know if Mr Charger services your area? Enter your postcode on our website to find a Mr Charger team near you.