Switching to an electric vehicle could save drivers thousands of pounds a year, say motoring experts.
Vanarama estimates that drivers who make the switch could save up to £3,108 a year. It has compiled the most common savings associated with EVs to reveal how much motorists could hang onto per month, year, and over four years, by making the switch to an EV. You can see their full research here.
At present, the asking price of an EV is often higher than an equivalent petrol or diesel, but the group's research shows the day-to-day savings currently swing in favour of electric. You can get more motoring-related news and other story updates by subscribing to our newsletters here.
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Here are some of the reasons why...
Low-emissions zones could save EV owners £2,100 per year
Low-emissions zones, often referred to as LEZs, aim to encourage owners of highly polluting vehicles to stop driving through inner-city areas by charging them a fee if they do so. Vanarama’s research found EV drivers could save £175 a month through LEZ exemption, which equates to £2,100 per year and £8,400 per average total vehicle ownership (four years).
Not paying for fuel could save EV owners £858 per year
No longer needing to pay for fuel at the pump could save EV owners £72 per month, which equals £858 per year and £3,432 per average total vehicle ownership. The fuel savings, from NimbleFins, include the cost of charging an EV (£342 per year), based on the average British driver’s yearly mileage of 7,600 miles.
Car tax exemption could save EV owners £150 per year
Under the current rules, car tax doesn’t apply to all-electric cars. This means EV owners could save £13 per month, £150 per year, and £600 per average total vehicle ownership from not having to pay car tax. These tax calculations are based on the UK’s best-selling car of 2021, the sub-40k Vauxhall Corsa.
Combined total savings of low-emissions zones, fuel and car tax:
- Per month: £259
- Per year: £3,108
- Per average vehicle ownership: £12,432
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