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Can I Save Switching To An EV?

Figures taken from Volkswagen Financial Services UK show that EV drivers could save £1933 on running costs per year compared to the running costs of a petrol car. This saving Is based on a petrol car travelling on average  15,000 miles a year. The figures take into consideration Vehicle Excise Duty, Servicing and fuel. This adds up to £2655 as oppose EV costs of just £722. That’s a saving of 73% on running costs.

The figures for diesel cars similarly show a stark comparison, with average annual running costs of £2,358, the cost of running a diesel car can be £1,636 more expensive, making EV ownership an attractive cost-efficient option. 

The cost of charging an EV at home via a 7KW Wallbox can annually save owners £804 compared with a petrol car and £671 compared with a diesel car. These costs were calculated when the average price of petrol was £176.88 per litre and diesel was £187.42 per litre.

However affordability remains the biggest obstacle when it comes to EV adoption. Volkswagon Financial Services reported that 38% of potential EV drivers were put off by the initial cost of the vehicle, but 72% would switch if price wasn’t a consideration.

Volkswagen Financial Services UK have created an EV-4-Me tool to help those considering switching to an EV to find out if it would be a good option. If you’d like to see how much money you could save in fuel costs, whether that be per year or for a single journey, you can click here use the EV-4-Me tool on the Volkswagen Financial Services page. You will also be able to see how the cost differs between different EV charging solutions, from AC home Wallbox  charging to DC rapid charging solutions.

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