The ‘Cost of Driving Electric’? New research shares the savings

A new report reveals that significant savings can be made for drivers switching to Electric Vehicles, whether you have off-road parking or not.

Industry-to-consumer body, Electric Vehicles UK (EVUK), has published its ‘Cost of Driving Electric’ study, highlighting that driving battery electric vehicles can save money for a high percentage of UK drivers.

The study’s key findings

The research, carried out by independent researchers New AutoMotive, compared ownership expenses for 50 EV models with their petrol or diesel equivalents, across 480 different scenarios.

The research found that:

·      The average cost of ownership was £5,850 lower for EVs than ICE models

·      For those who can charge at home, savings can be made in 90% of the circumstances they analysed

·      EVs provide a financial saving for people with no off-road parking in 58% of circumstances they analysed.

The methodology

Fifteen new EV models were assessed with three ownership models over a typical four-year term. Three annual mileage levels were included, alongside whether they would be primarily charged at home or in public. Thirty-five used EVs first registered between 2017 and 2023 were also analysed against their ICE counterparts using the same mileage criteria, across an ownership period of five years.

 Reasons and reactions

For Electric Vehicles UK CEO Dan Caesar, the study is part of

“our mission to present the whole picture and not just present a partial, or even partisan, picture of the realities of driving electric”

and there has been much misinformation spread in recent years.

Past estimates of battery EV costs and savings have often been based on small sample sizes or individual market segments. The aim of this research is to provide robust insight into the total cost of EV ownership, covering the entire market with all associated costs.

Motoring Journalist, TV Presenter and Transport Campaigner at FairCharge, Quentin Willson, commented:

“Anybody who has owned an electric car for any length of time knows how cheap they are to run. Low home night-time tariff charging and the vastly reduced need for regular garage maintenance are just two of the most significant benefits. Over four years – and 45,000 miles – all my EV has needed is one set of tyres. Compare that to at least three services, a cam belt change and probably a set of brake pads on the equivalent ICE car, and I’m a couple of thousand quid ahead. But non-EV drivers don’t know this. Which is why the EVUK Cost of Driving Electric report is so important.”

Our Head of EV Charging Graeme Patton added:

“It is essential that detailed, data-driven analysis such as this is in the public domain, so that drivers can make informed choices. The research reveals that thousands of pounds can be saved over the lifetime of an electric vehicle, with lower running and maintenance costs. That’s great news, not only for those already driving electric, but for those considering making the switch”.

To view the report in full, head here:

https://electricvehicles.uk/wp-content/uploads/2025/02/Electric-vehicles-uk-code-report-27-2-25.pdf