How much can drivers save by switching to an electric car?
The EV revolution is one of the most significant trends the automotive world has seen for decades.
New data shows that one in three models currently on the UK market are electrified vehicles* and green travel is expected to become the mainstream mode of transport in years to come.
However, a recent government study found that 70% of motorists felt the cost of purchase was a key barrier to owning an EV**.
But, as this article will go on to explain, the belief that electric cars are wildly unaffordable compared to comparable petrol and diesel cars is actually a common misconception.
Using Volkswagen’s Cost of Ownership tool, we can show that drivers could save as much as £80 per month by making the switch to electric.
How do the numbers stack up?
We calculated the estimated cost of ownership by combining the retail price of a car with the average yearly running costs based on a selected mileage.
By considering how many years you would own the prospective car, as well as the cost to tax said vehicle, Volkswagen’s Cost of Ownership tool works out the total estimated cost, excluding the costs of finance.
The intuitive cost of ownership tool then allows you to compare the cost of EVs against other petrol and diesel counterparts.
This comparison tool finds that, based on an annual mileage of 15,000 and being owned for 48 months, the Volkswagen ID.3 works out £77 a month cheaper than the Golf 8 Life***.
In some cases, this can be even more depending on the mileage and length of ownership selected by the prospective buyer.
What do the experts say?
Mike Todd, our CEO, believes that the onus is on industry leaders to help drivers see the benefits of EVs and ultimately make the transition.
He said: “Manufacturers and retailers have a greater duty than ever before to help more drivers make the switch to electric vehicles.
“This will be achieved by showing that the overall cost of an EV is not as big a barrier as once perceived, and in fact can be cheaper than most comparable petrol or diesel models.
“Naturally, the challenge is to show customers the financial benefit that switching can have and useful tools like cost of ownership calculators and the EV&me app are great ways of showcasing the savings that can be made by embracing greener and sustainable travel.”
To learn more about moving to electric, visit our dedicated EV hub.
READ MORE: Three big reasons why you should consider driving an electric car
*The Society of Motor Manufacturers and Traders (SMMT)
**Ipsos MORI for Department for Transport, 2021
***The cost comparison tool and any results delivered are provided for information only and should not be relied upon. See full T&Cs here.
