A tool has been developed in order to compare the lifetime costs of electric vehicles with petrol and diesel equivalents.
According to Halfords, which has developed the tool, EVs are on average almost 50 percent more expensive to buy than a comparable ICE model.
However, after three years and 30,000 miles, the average EV driver will actually end up saving £100 overall.
The Halfords calculator currently compares data for more than 100 electric, petrol, diesel and hybrid vehicles.
Cost comparisons vary depending on length of ownership and annual mileage; in some cases, electric vehicles are more expensive on a total cost basis, though fuel costs and other savings will ‘at worst, substantially narrow the gap’, the company said.
As an example, Halfords showed that a Mini Cooper Electric Level 3 costs £25,500 to buy, which is a hefty £9,855 more than its petrol equivalent – the Mini Cooper Classic.
However, after three years of ownership, the electric Mini Cooper will have saved the owner so much money in fuel and other costs, they’re actually almost £800 better off.
“Intuitively we know that electric vehicles can be better value than their nearest petrol and diesel equivalents, but we wanted to make it as easy as possible for people to see it for themselves,” said Andy Turbefield, head of quality of Halfords.
“We’re not suggesting that people should buy electric because of the long-term savings, but if people are delaying purchase because of the up-front cost, this should give them pause for thought.”
ALSO READ:
Instavolt electric car charging costs to rise