EV running costs ease inflationary pressures

As the cost of living increases, new data has found that electric vehicles can cost around a quarter of the price to run as petrol and diesel cars.

According to Volkswagen Financial Services UK (VWFS), data from its online EV-4-Me quiz, designed for consumers to discover how an EV would fit into their lifestyle, found that drivers can expect average annual running costs of £722.

This is £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.

However, research from the Volkswagen Financial Services UK insights team found that affordability remains the top issue for would-be EV drivers, with 38% saying they cannot afford an EV, although 72% would make the switch if money wasn’t an issue.