EVs are nearly 50% cheaper to run than petrol cars

Hyundai Kona Electric

Electric vehicles are nearly £1,000 cheaper to run than petrol cars over a year, according to new research from comparethemarket.com.

The figures show the average cost to run an EV for 12 months is £1,091 compared with £2,062 for a conventional car – a difference of £971.

The running costs for petrol cars are substantially higher as drivers of these vehicles pay an average of £640 for car insurance and £1,212 for the fuel each year.

Owners of petrol vehicles also typically need to spend at least £155 per year on road tax, while EVs are exempt.

Average running costs for 12 months

Vehicle Type Insurance Fuel MOT Road Tax Total
Electric £583 £454 £55 £0 £1,091
Petrol £640 £1,212 £55 £155 £2,062
Difference -£57 -£759 £0 -£155 -£971

The annual cost of driving an electric car has fallen by £77 in the most recent six months (May 21 – Dec 20), compared with the previous six months (Jun 20 – Nov 20).

This decline is due to a £54 drop in the cost of insurance for electric vehicles and a £23 dip in energy costs.

Electric car drivers can further reduce their running costs if they switch to the cheapest premium available. This typically costs £489, which means motorists could save £93 by shopping around for a better deal.

Electric car charging bay

Despite the substantially cheaper running costs, the up-front price of electric vehicles is a sticking point for many drivers considering making the switch from petrol.

A second-hand electric car is typically worth £22,813, based on the average value of electric vehicles from insurance renewal data.

This suggests it would take more than 20 years for the lower running costs to cover the purchase of an electric vehicle. However, motorists may be able to cover some of the purchase price by trading in their existing vehicle.

“The popularity of electric cars continues to accelerate as these vehicles now make up around one in ten new car sales,” said Dan Hutson, head of motor insurance, comparethemarket.com.

“Motorists who’ve made the switch will be glad to see our figures show electric vehicles cost roughly half as much to run as their petrol alternatives.

“These drivers benefit from substantial savings in fuel bills, insurance and tax – as well as doing their part for the environment.

“Electric car owners could save even more on running costs if they shop around for the cheapest deal when their insurance premium comes up for renewal.

“These drivers may also want to think about switching to a new Electric Vehicle Tariff for their home energy. EV Tariffs are designed to help motorists cut their energy bills by making it cheaper to charge electric cars overnight.”

Vehicle thefts down during the pandemic

Gareth Herincx

2 days ago
Auto News

The total number of stolen vehicles in the UK dropped by nearly 15% in 2020 while many of us were at home and able to watch over our cars due to the pandemic, according to new research.

Insurer comparethemarket.com analysed data from 26 police forces, revealing that 61,743 vehicles were stolen over the last two years – 28,454 in 2020, compared to 33,289 in 2019.

Overall, the West Midlands fell victim to the most crimes in the past two years. However, it’s Birmingham West that ranks top for the total number of offences, despite thefts in 2020 decreasing by nearly 21% compared to 2019.

While theft rates in Liverpool, Sheffield and Birmingham East also decreased last year, Doncaster saw thefts increase by 8%.

Top 10 vehicle theft hotspots

Rank Location 2019 thefts 2020 thefts Total
1 Birmingham West 1,730 1,375 3,105
2 Liverpool 1,276 1,062 2,338
3 Sheffield 1,199 1,123 2,322
4 Birmingham East 1,050 991 2,041
5 Doncaster 739 796 1,535
6 Sandwell 726 748 1,474
7 Brighton and Hove 672 590 1,262
8 Rotherham 557 615 1,172
9 Luton Borough 679 486 1,165
10 Coventry 506 608 1,114

Range Rover and Land Rover topped the league table for the most stolen and recovered vehicles across the UK.

Read the full breakdown of the Top 20 theft hotspots and tips on keeping your vehicle safe…

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