The Cost of Driving Electric (CODE) study, conducted by Electric Vehicles UK (EVUK) has calculated that over a five-year period the average driver could save £5,850 over the cost of a used vehicle or four years for new vehicle.

Or, to put it another way, driving a battery electric vehicle will make a saving for 80 per cent of Britain’s drivers.

CODE considers all costs associated to ownership and driving, including purchase price, charging, servicing, insurance, taxation and depreciation. The report also notes that there is a high customer satisfaction score for EVs, and that more than nine out of ten people will not revert to combustion-powered cars.

However, the report notes that unless you are a higher-rate taxpayer with access to a salary sacrifice scheme, or cannot home charge, the margin of saving greatly decreased.

There is, therefore, a call for the Government to help expand the charging network and home charging by restoring the Electric Vehicle Charge Point Grant for homeowners buying used EVs, expand permitted development rights for home charge point installations, simplify regulations for installing cross-pavement charging solutions, such as gullies and introduce a “right to plug” policy for residents in multi-occupancy buildings with shared parking.

Ginny Buckley, the CEO of Electrifying.com, added: “These figures expose a striking disconnect in public perception and underscore the indispensable role of the EVUK Cost of Driving Electric report in setting the record straight on the true affordability of electric car ownership. Although the upfront purchase price of a new EV may be marginally higher in some cases, our comprehensive analysis reveals that lower maintenance and running costs can save drivers thousands of pounds over the vehicle’s lifetime.”

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