The cost of driving an electric car has been thrust back into the spotlight after reports suggested that Andy Burnham’s Labour Government is considering a new “two-tier” road tax system that would see EV owners pay less than petrol and diesel drivers when the UK eventually moves to a pay-per-mile charging model.
According to reports, ministers are exploring changes to the proposed Electric Vehicle Excise Duty (eVED) scheme, which is expected to replace dwindling fuel duty revenues as more motorists switch away from petrol and diesel cars.
Rather than applying the same annual increases to every powertrain, the revised proposal would reportedly see electric vehicle charges rise in line with the Consumer Prices Index (CPI), while taxes affecting petrol and diesel motorists would continue to track the traditionally higher Retail Prices Index (RPI).
Although the finer details have yet to be confirmed, the move has been interpreted as an attempt to preserve some financial incentive for motorists considering making the switch, even after EVs lost their exemption from vehicle excise duty earlier this year.
It’s a reminder that while the tax advantages of electric cars may be shrinking, they typically remain cheaper to run than their petrol and diesel counterparts in many areas.
Lower charging costs, reduced servicing bills and fewer mechanical components mean many drivers can still save hundreds of pounds every year simply by making the switch, with the savings mounting into the thousands over the lifetime of ownership.
Cheaper to run
The biggest savings come from the simple fact that electricity is considerably cheaper than petrol or diesel when used to power a vehicle.
According to Zapmap’s charging price index, the average domestic electricity tariff in the UK currently sits at around 25p per kWh, while drivers on dedicated EV tariffs can pay substantially less by charging overnight.
Intelligent Octopus Go, for example, offers off-peak charging at just 7p per kWh, allowing some drivers to effectively “fill up” for a fraction of the cost of visiting a petrol station.
For an efficient family-sized electric car capable of travelling around four miles on every kilowatt-hour of electricity, that works out at roughly 6p per mile when charging on a standard home tariff. Drivers using an overnight EV tariff can reduce that figure to less than 2p per mile.
Compare that with an efficient, modern petrol hatchback returning around 45 miles per gallon, which at current fuel prices typically costs somewhere between 15p and 17p per mile to fuel. The difference quickly begins to add up, particularly for anyone driving more than the average.
Based on the average UK mileage of around 6,800 miles per year, many EV owners charging at home could expect to save somewhere in the region of £50 to £70 per month on energy alone.
Stretch that over a year and the savings can comfortably reach between £600 and £800, compared to an equivalent petrol car. Over five years, that’s potentially £3,000 to £4,000 back in a driver’s pocket, while someone keeping an EV for a decade could realistically save between £6,000 and £8,000, depending on mileage, electricity prices and the efficiency of the vehicle.
Of course, every driver’s circumstances are different. Those covering greater mileage will generally save more, while motorists who rely exclusively on expensive rapid public charging won’t see quite the same financial benefits.
But, an increasing number of councils in the UK are installing lower-powered and lower-cost public EV chargers in urban areas that allow residents without a driveway to take advantage of overnight charging. While this won’t be as cheap as the domestic 7p per kWh off-peak charging, it is considerably lower than the 79p per kWh average found on rapid and ultra-rapid public chargers (anything above 50kW), according to Zapmap.
Tesla drivers, who can access the brand’s extensive Supercharger network, enjoy the cheapest public charging prices, with the average cost amounting to 45p per kWh.
Fewer moving parts
Fuel isn’t the only area where electric vehicles can reduce household motoring bills either. With far fewer moving parts than an internal combustion engine, EVs avoid many of the routine maintenance costs associated with petrol and diesel cars.
There are no oil changes, timing belts, spark plugs, clutches or exhaust systems to worry about, while regenerative braking also helps brake pads and discs last considerably longer.
Research from organisations including the RAC and Go Ultra Low has consistently found that routine servicing and maintenance costs can be up to 23 per cent lower for electric cars over a typical three-year, 60,000-mile ownership period.
Similarly, many new electric vehicles come with warranties that cover many moving parts, as well as the battery pack, which is often the most expensive part in any EV to repair or replace.
However, it is worth noting that due to the increased weight of electric cars, caused by heavy battery packs, there could be an increased wear on tyre and suspension components compared to lighter petrol or diesel cars.
A more affordable future
While it used to be true that electric vehicles were once only reserved for the wealthy, the price of new vehicles has fallen drastically over recent years. This is partly due to fierce competition from more affordable Chinese rivals, but also because many “legacy” automakers have introduced cheaper options to the market.
Renault, Kia, MG and Citroën all offer electric models that cost less than £25,000, while Dacia’s Spring retained its title as Britain’s cheapest car after China’s Leapmotor slashed the price of its T-03 to £12,995.
Don’t forget the insurance
There is, however, one important caveat. Insurance is a large part of the annual motorist’s bill and research has found that it can cost 10-25 per cent more to insure an EV than a petrol or diesel car, depending on the make and model.
Analysis by Thatcham Research, which works on behalf of the insurance industry, found that EVs cost 30 per cent more to repair than petrol or diesel models, and it takes 14 per cent longer to fix them on average.
This, coupled with the fact that many modern EVs are designed and developed with range and performance in mind, rather than repairability, has been pushing up premiums.
But, even though current proposals suggest fully electric vehicles could pay around 3p per mile from 2028, while plug-in hybrids may pay around half that amount, many industry experts believe EVs will continue to cost less to run overall for those that can take advantage of cheaper charging at home.
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