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Electric cars are now much cheaper to own than petrol vehicles – fuel price surge

Life & StyleElectric cars are now much cheaper to own than petrol vehicles – fuel price surge

The research carried out by Compare the Market has found that driving an electric car for a year now costs almost £600 less than its petrol equivalent. This is because of the fuel price surge due to the war in Ukraine.

Fuel prices have surged more than electricity costs, according to the comparison website.

According to the experts, electric vehicles were already cheaper to run before the Russian invasion, but the gap in costs has now increased even more.

The average annual cost of driving an electric vehicle is £1,264, Compare the Market found, compared with £1,834 for a petrol car.

The study also highlighted that running either kind of vehicle is markedly more expensive than a year ago.

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The figures take into account average costs for insurance, MOT and fuel, as well as vehicle excise duty of £165 for a petrol car, a tax from which electric cars are exempt.

The research was based on a driver travelling 6,700 miles a year and paying £1.62 a litre for petrol or 28p a kWh for electricity.

Drivers who are on special EV tariffs for their energy will pay much less for charging, so the savings will be even greater.

Alex Hasty, director at Compare the Market, said: “Despite surging energy bills, motorists who’ve made the switch will be glad to see that electric vehicles cost substantially less to run than a petrol alternative.

Mr Hasty said: “There is a significant upfront cost of buying an electric car and installing a home charging point which will prevent many drivers from being able to afford this option.”

British drivers registered nearly 40,000 new electric vehicles last month.

This in turn made March’s figures the highest on record for a single month.

The data also marked a 79 percent increase from March 2021 and found that battery-powered cars now account for one in six registrations.

The evidence of the soaring demand for battery-electric cars was provided by the Society of Motor Manufacturers and Traders (SMMT), a lobby group.

Across all of 2019, Britons bought 37,850 electric vehicles.

In March 2022 alone there were 39,315 sales.

It is now estimated by some analysts that battery EVs will become the most popular fuel type as soon as 2025.

Hybrid electric vehicles also grew by nearly 30 percent to some 28,000 cars, although plug-in hybrid registrations declined by around eight percent.

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