Economic Edge of Electric Vehicles
Switching from petrol to electric vehicles (EVs) could translate to approximately £700 in annual savings, totaling a significant £10,000 over a vehicle’s 14-year lifetime, as per the Energy and Climate Intelligence Unit (ECIU).
Cost Analysis: EVs vs Petrol Cars
ECIU analyzed top-selling 2023 petrol cars against their EV counterparts, revealing potential annual savings. Despite higher upfront costs for electric models, the study emphasizes the financial intelligence of EV ownership considering reduced running expenses.
Financial Smartness Beyond Upfront Costs
While the initial cost of EVs can be higher, the study highlights the importance of considering total lifetime ownership expenses. Factors such as fuel costs, vehicle excise duty, and servicing contribute to making EVs a cost-effective and environmentally friendly choice.
Upcoming Changes in EV Market Dynamics
With the UK government’s zero-emission vehicle mandate in effect, aiming for 100% zero-emission cars by 2035, the EV market is set to evolve. Increasing sales and the subsequent surge in used EVs availability could contribute to a gradual reduction in prices.
Source：dailymail.co.uk
