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EVs more cost competitive than ever

EVs are now on parity with (or cheaper than) petrol or diesel cars in terms of TCO (total cost of ownership), despite rising fuel and electricity costs. This is according to the latest Car Cost Index from LeasePlan. 

The annual Car Cost Index is a comprehensive analysis of the total cost of owning and operating a car in 22 European countries, ranging from the sub-compact segment to the executive market. 

It factors in the various costs involved in car ownership in each country, including energy/fuel, depreciation, tax, interest, insurance and maintenance. This is over the first four years of ownership, assuming an annual mileage of 30,000km. 

The findings of this Index reveal that EVs in almost every segment and European country are comparable or favourable to ICE vehicles.

Key findings from this year’s index show:

Despite energy price inflation, fuel costs remain significantly lower for electric cars than petrol and diesel cars: fuel costs represent 15% of the total cost of ownership of an EV, while this is 23% and 28% for petrol and diesel drivers 

  • EVs in nearly every segment and European country are now the same price or cheaper on a TCO basis than petrol or diesel cars
  • Compact EVs are cost competitive in 18 European countries
  • Standard mid-size EVs are cost competitive in 19 European countries
  • Premium mid-size EVs are cost competitive 18 European countries
  • The average monthly cost of driving a car varies hugely across Europe – from €905 a month in Greece to €1,313 in Switzerland

There are more EV models on the market than ever before. The first Car Cost Index surveyed only 11 EVs, while this year’s edition includes 33.

Tex Gunning, CEO of LeasePlan, said: “EVs are the best way to protect drivers from skyrocketing fuels costs. Unfortunately, governments are pulling the plug far too early on EV incentives, even in countries with ambitious zero-emission targets. This ‘ban without a plan’ attitude will have disastrous consequences for the fight against climate change. We need consistent, long-term policies that will ensure going EV is the common sense choice for all drivers.”

All images courtesy of LeasePlan

Authored by: Alison Pittaway