Electric cars are cheaper to run than petrol and diesel, finds VWFS

Electric vehicles can cost around half as much to run as petrol and diesel cars, according to Volkswagen Financial Services UK (VWFS).

Data released from VWFS’ online EV-4-Me quiz, designed for consumers to discover how an EV would fit into their lifestyle, highlighted that drivers can expect average annual running costs of £866 when behind the wheel of an electric vehicle.

This is £711 cheaper than a comparable petrol car (£1,577 annual cost) and a substantial £640 less expensive than a diesel car (£1,508 annual cost).

Volkswagen Financial Services UK’s data insights team also found that annual finance cases for electric vehicles are up 128% so far this year compared to the whole of 2019. Research conducted by VWFS UK earlier this year found that 63% of all people considering making the switch from combustion cars to an EV look into the running costs.

Rebecca Whitmore, EV senior product owner at Volkswagen Financial Services UK, said: “It’s great to see the growth of EV adoption in the UK, with more electric vehicles registered than diesel cars for the second month in a row in July this year.

“Our customer research tells us that customers really value the experience of an EV test drive, as of those who took a test drive in a recent study, 95% said that it was important in helping with their decision to purchase an EV.”

The report also stated that in order to accelerate the mass adoption of electric vehicles across the UK, all new rapid charge points installed since spring 2020 should provide debit or credit card payment.

Mike Coulton, EV consultant at Volkswagen Financial Services UK, commented: “There are more than 25,000 charging points in over 15,500 locations across the UK, but with multiple charge point operators (CPOs) asking motorists to sign up to their individual subscription or membership services to charge their EV, access can be an issue. This fragmented marketplace can make it difficult for individuals and business fleets looking to make the switch to EV, which is why a universal payment app helps to ease this burden considerably.”

Mike Todd, CEO at Volkswagen Financial Services UK, added: “The case for making the switch to electric is getting stronger all the time and some of the anxieties that drivers may have around cost, range and charging are proving to be less of an issue as EV technology continues to evolve at pace. I think a big part of boosting mainstream adoption of electric cars is reminding people of how we actually travel in our everyday lives.

“The average length of each car journey in the UK is fewer than 10 miles, and with public charging stations being installed at supermarkets, gyms and elsewhere, frequent top-ups rather than big weekly charges are likely to be the norm for many, especially those without off-street parking. One analogy I like to borrow is that charging an EV should be approached in the same way we top up a smartphone battery – something that’s much easier if you have multiple chargers dotted around your house.”

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