ELECTRIC Vehicles UK (EVUK) has released what it calls a ‘groundbreaking’ Cost of Driving Electric (CODE) report, revealing that over 80% of drivers can achieve substantial financial benefits by transitioning to battery electric vehicles.
The comprehensive study, conducted by New AutoMotive, analysed 480 scenarios across 50 EV models, uncovering an average saving of £5,850 over a typical ownership period (four years for new, five for used).
EVUK CEO, Dan Caesar, commissioned the research to provide a definitive, data-driven analysis of total EV ownership costs, addressing widespread misinformation. The CODE report considers all associated expenses, including purchase price, charging, servicing, insurance, taxation, and depreciation, for both new and used vehicles.
Key findings highlight the growing affordability of the used EV market, with average prices £2,781 lower than equivalent combustion engine vehicles. However, the report also emphasises the importance of accessible and affordable public charging, as drivers without home charging are less likely to realize financial savings.
Industry experts, including Matt Western MP and Ginny Buckley of Electrifying.com, have lauded the report’s clarity. Western stressed the importance of public awareness regarding the financial advantages of EVs, while Buckley highlighted the significant savings in maintenance and running costs.
Despite the compelling data, a recent Electrifying.com survey revealed that 80% of UK drivers still perceive EVs as “too expensive,” and only 45% are aware of off-peak home energy tariffs. Quentin Willson, a motoring journalist and transport campaigner, emphasised the real-world savings experienced by EV owners, citing reduced maintenance needs as a key factor.
John Rainford of JOLT and James Court of Octopus EV echoed the importance of accessible public charging and the overall financial benefits of EV ownership. Court further stated that 90% of drivers won’t return to internal combustion engines after switching.
EVUK aims to educate mainstream drivers and accelerate EV adoption through initiatives like the CODE report, providing accurate information and addressing common uncertainties.
