There’s plenty said on the savings to be had when making the switch to an electric car, but how much are we talking exactly? The cost of an all-inclusive family holiday per year, or an extra coffee every week?
To go one step further than the rest of the electric vehicle (EV) evangelists, electric car leasing leaders Vanarama have compiled the most common savings associated with a battery-powered motors by month, year and total vehicle ownership, then compared with other methods of spending that money.
Teaser: it’s quite a bit more than the odd coffee.
With the UK cost of living on the rise, many drivers may be looking at long-term changes they can make to alleviate the pressure. Of course, the asking price of an EV is often higher than an equivalent petrol or diesel, but our research shows the day-to-day savings currently swing in favour of electric.
Switching To An EV Could Save You £259 Per Month In The Long Run
We handpicked eight alternative spends, from holidays and trips away right down to restaurant meals and festival tickets, to demonstrate the potential savings. Tallying the money spared on the likes of car tax and fuel, it seems foodies stand to gain the most – in more ways than one.
An Electric Car Could Save You Enough To Eat Out Every Other Night
With the average restaurant meal coming in at £20 per person, the total recouped per month by an EV driver (£259) is enough to eat out almost every other night of the month – 13 times. Or enough for a couple to eat out nearly twice a week.
There’d also be enough spare pennies to put away for a PlayStation 5, one of the most in-demand tech buys at the moment. Despite the £450 ask, you’d have enough for seven of them each year.
The Savings Of Switching To Electric Could Fund A Family Of Four’s Holiday Each Year
Live music lovers and outdoor types might swap the PS5 out for a festival, with the average savings covering seven of those each year, while couples sharing an EV could afford two UK staycations per year.
And families could even have a holiday abroad paid for each year, based on the cost of two adults and two children getting away for a fortnight (£4,792).
EV Drivers Could Save More Than £12k Across The Average Vehicle Ownership
Calculating our estimated savings across the average vehicle ownership in the UK (four years), electric car owners could save as much as £12,432 compared to the cost of running a petrol or diesel car.
Exact savings of course depend on each driver’s mileage, location and particular EV model. The fuel savings, from NimbleFins, take into account the cost of charging an EV (£342 per year), based on the average British driver’s yearly mileage of 7,600 miles.
Other savings are lot less variable – such as car tax, which under the current rules doesn’t apply to all-electric cars. Our tax calculations are based on the UK’s best-selling car of 2021, the sub-40k Vauxhall Corsa.
Vanarama first examined data from NimbleFins, Citybase and gov.uk on the cost of fuel, car tax and low-emissions zone charging. These figures were then applied to monthly, yearly and total vehicle ownership (four years) equivalents, before the total potential savings were compared with the cost of alternative spends such as holidays and meals out.