Save 70 percent of annual running costs by switching to an electric car

Driving an electric vehicle (EV) can cost around a quarter of the price to run compared to petrol and diesel cars. This news comes as fuel prices at the pumps reach record highs and don’t look set to drop anytime soon. 

According to the findings from Auto Trader’s latest Road to 2030 report, the current fuel crisis and high prices at the pumps continues to ignite consumer interest in driving electric vehicles.  

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Volkswagen Financial Services UK (VWFS) has released data from its online EV-4-Me quiz, designed for consumers to discover how an electric car would fit into their lifestyle. It shows that drivers can expect average annual running costs of £722 when behind the wheel of an electric vehicle.

This is a whopping £1,933 cheaper than a comparable petrol car (£2,655 annual cost) and a substantial £1,636 less expensive than a diesel car (£2,358 annual cost).

These yearly running costs incorporate fuel, servicing and Vehicle Excise Duty and equate to monthly savings of £160 and £136 for petrol and diesel drivers respectively. These insights are particularly pertinent when we consider that average petrol prices are at 176.88p per litre, while diesel currently costs 187.42p per litre.

Research from the VWFS UK insights team found that affordability remains the top issue for would-be electric vehicle drivers. They found that 38 percent said they cannot afford an electric vehicle, although 72 percent would make the switch if money wasn’t an issue.

When looking solely at fuel costs, data from VWFS | Fleet’s fuel cost comparator illustrates that electric car drivers using a home (7kW) charger can save £804 in annual fuel costs versus driving a petrol car. For a diesel car drivers would save £671. These figures are based on driving 10,000 miles annually in a CUPRA Born

The CUPRA Born

This tool allows drivers to see how much an electric vehicle can save them in fuel, for example on a single journey, per year or for contracted mileage. It also provides different options for the cost of electric vehicle charging, so people can see the typical difference in cost between home, public AC, rapid and ultra-rapid charging options.

Many people also worry about how far an electric car can go on one charge and whether this will suit their driving habits, but electric cars are far more capable than people realise. For example, the all-electric Volkswagen ID.3 can travel up to 340 miles on a single charge. 

For drivers who are serious about driving an electric car, Volkswagen Financial Services UK now has two new avenues that people can pursue to experience driving an electric vehicle.

Firstly, motorists can get behind the wheel of an EV via the ‘try before you buy’ scheme from VWFS Rent-a-Car. This allows customers to test drive an electric Volkswagen ID.3 for up to seven days. More information can be found here.

Secondly, VWFS UK recently launched a pilot subscription service for the arrival of the award-winning, all-electric CUPRA Born in the UK. The service enables customers to take cars on a three-month subscription and is reflective of the automotive sector moving towards more flexible and convenient mobility solutions. Find out more here.

We are big believers at ElectricDrives in getting people behind the wheel of electric cars. The experience usually surprises most first-time drivers with how easy, quiet and relaxing they are to drive. After a single drive, most are converted to zero emissions driving and the low running costs simply can’t be ignored in the current climate. 

Ian Osborne
Ian Osborne
Editor-in-Chief at ElectricDrives

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