The cost of running an electric car for a year is 47% cheaper than the cost of running a petrol car, according to comparethemarket.com.
The figures show the average cost to run an electric vehicle for 12 months is £1,091 compared with £2,062 for a petrol vehicle – a difference of £971.
The research analyses the cost of insurance, fuel, and road taxes. For drivers of electric vehicles, car insurance amounts to more than half of the annual running costs (53%) at £583 for a typical premium. These motorists also pay an average of £454 per year to charge their car.
The running costs for petrol cars are substantially higher as drivers of these vehicles pay an average of £640 for car insurance and £1,212 for the fuel each year. Owners of petrol cars also typically need to spend at least £155 per year on road tax, while electric vehicles are exempt.
Average running costs for 12 months
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The annual cost of driving an electric car has fallen by £77 in the most recent six months (May 21 – Dec 20), compared with the previous six months (Jun 20 – Nov 20). This decline is due to a £54 drop in the cost of insurance for electric vehicles and a £23 dip in energy costs. Electric car drivers can further reduce their running costs if they switch to the cheapest premium available. This typically costs £489, which means motorists could save £93 by shopping around for a better deal.
Despite the substantially cheaper running costs, the up-front price of electric vehicles is likely to be a significant speed bump for many drivers considering making the switch from petrol.
A second-hand electric car is typically worth £22,813, based on the average value of electric vehicles from insurance renewal data.
This suggests it would take more than 20 years for the lower running costs to cover the purchase of an electric vehicle. However, motorists may be able to cover some of the purchase price by trading in their existing vehicle.