New data has found that motorists could save up to £7,000 over the next four years if they choose to purchase an electric car rather than a petrol or diesel vehicle.
Regardless of what purchase method is used to get their hands on a new electric car, a new report has found that drivers would save a minimum of £3,000 over the same four-year period.
The main cost savings between EVs and traditional internal combustion engine vehicles include lower charging prices compared to petrol and diesel costs.
Fuel price data suggests that drivers in the UK are paying some of the highest costs for their petrol and diesel, with the latter being the most expensive in Europe.
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The Peugeot e-2008 is one of the brand’s leading electric vehicles
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Other cost benefits for electric vehicle drivers include cheaper maintenance costs and tax exemptions, although this will end next year.
From April 1, 2025, electric cars will start paying Vehicle Excise Duty (VED) at the lowest rate after Chancellor Jeremy Hunt said the system of vehicle taxation should be more fair for drivers.
As part of research from New AutoMotive, electric vehicles were compared to petrol counterparts with experts looking at overall costs, in addition to purchasing outright, leasing through work and getting a Personal Contract Purchase.
In 55 per cent of the test scenarios, an electric vehicle would pay back any additional cost in a maximum of two and a half years.
One-third of scenarios would lead to drivers seeing either immediate financial benefits or in less than a year.
Some of the vehicles used in the study included the Peugeot e2008GT, which is over £4,000 cheaper than its petrol equivalent, and the Citroen eC4 MAX, which can see drivers save £2,500 compared to petrol vehicles.
Ben Nelmes, CEO of New AutoMotive, said: “Many motorists will only consider going electric when the cars cost the same or less than their petrol or diesel equivalents.
“Our report finds that the UK is on the cusp of this tipping point.
“Soon, buying an EV will no longer just be the environmentally responsible and financially savvy thing to do. Instead, it will be a financial no-brainer, with consumers able to start saving from day one.”
The research also found that the average upfront cost of a new electric vehicle is just 12 per cent more than petrol equivalents, with experts suggesting that price parity is within reach for motorists.
Nelmes stated that the reduction in electric vehicle costs is being driven by the Zero Emission Vehicle (ZEV) mandate, which he described as being “world-leading”.
The Government mandate sets out minimum sales targets for manufacturers, with brands expected to have 22 per cent of sales this year made up of electric vehicles.
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Charging costs compared to fuel prices was highlighted as one of the main benefits of an EV
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The targets will continue to rise over the coming years, with a goal of 80 per cent in 2030 and 100 per cent of all car and van sales being electric by 2035.
The aim of this is to meet the deadline to ban the sale of petrol and diesel cars and vans by 2035, although this could change if Labour were to win the General Election on July 4.