Mid-size electric cars are now more affordable than ever to run over a period of years than a petrol and diesel car, a new study has found.
Finance company LeasePlan looked at the total cost of ownership – including the cost of buying the car, fuel and charging costs – for petrol, diesel and electric cars in 18 different European countries.
The results found that mid-sized EVs are now more cost effective in the majority of the countries surveyed.
In the UK, the average monthly cost of a mid-sized EV worked out as £70 cheaper than petrol and £130 more affordable than a diesel – costing £833 compared to £913 for petrol and £965 for diesel. This was calculated based on a four-year, 75,000-mile cycle.
LeasePlan also said that the money gap between EVs and petrol and diesels widens as electric models are driven further and for longer.
Tex Gunning, CEO of LeasePlan, said: “The good news is that the costs of EVs are coming down and we’re seeing the development of a strong second-hand market for quality used EVs.
“The bad news is that governments are failing to provide the charging infrastructure necessary to satisfy market demand. National and local policymakers need to step up now and invest in a universal, affordable and sustainable charging infrastructure to enable everyone to make the switch to EV.
“Supporting the transition to electric mobility is the best investment governments can make – EVs are good for drivers, good for air quality, and one of the most effectives ways to fight climate change.”
Norway and Switzerland were the most expensive places to run a car, with Hungary and the Czech Republic being two of the most affordable.