The Electric Car Cost Index which is created by LV=General insurance, has compared 13 EV's to similar petrol models, and the award-winning Nissan LEAF has been ranked one of the best value electric cars on the market. It doesn't matter if you bought the Nissan LEAF outright, leased it or had it on finance, it still triumphed above it's petrol equivalent.
Although EV's can have a higher price to buy outrightly than a petrol or diesel car, it is still reported that you can make huge savings in the long run. In general, EV's have much lower running costs and longer projected ownership.
The Electric Car Cost Index compared the Nissan LEAF 40KwH N-CONNECTA to the Ford Focus 1.0 ecoboost 125 Zetec - and you'd be surprised by how much the average savings could be. By opting for the Nissan LEAF, you could be making an estimated average £79 monthly saving, or £946 annually. Based on an average of 7 years of ownership, if bought outright, you could also be saving £3,211, or £308 based on a 3 year PCP finance offer.
Research suggests that EV drivers may spend £467.40 to drive a yearly average of 8,000 miles, compared to a huge £1,199.40 that petrol and diesel drivers would pay to fill up their car at the petrol station. However, this can vary depending on different energy tariffs and providers.
Many energy providers offer special nightly/off-peak rates, so that EV drivers can make further savings. Octopus Go currently offer a 10p/kWh off-peak rate, based on the 168 mile range of the Nissan LEAF, with a 39 KWH battery, you could save £28.61 with just one charge. It would cost an estimated £31.51 to fill your car with 168 miles worth of petrol, and just £3.90 to charge your EV to go the same distance. This also means you may be making a huge saving of upto £2,043.83 based on an annual mileage of 12,000.
People often believe that maintenance for EV's can be much more costly than their petrol or diesel counterparts. Would you be surprised to learn that you can also make savings to service, replace tyres and brakes on an EV? The average cost for this comes to £304, where as petrol/diesel cars cost almost £200 more at £498.
Another factor that can't be ignored is road tax. Road tax rates can differ for varying cars depending on engine size and emissions it produces. Petrol and diesel drivers could spend anywhere between £10-£2,365 a year - and yet you don't spend a penny on road tax for an EV.
Gill Nowell, Head of EV at LV= General Insurance has said, "Even with escalating fuel and energy costs, if people can afford to make the switch to an electric car, either new or second hand, then charging up with energy at home rather than filling up a petrol station is far cheaper - and better for the environment'.
Dr Euan McTurk of Plug Life consulting also commected that, 'Higher mileage drivers will save even more money by going electric, so if you do more than 8,000 miles per year, you'll recoup your outlay much faster, and your savings will be even higher'
He adds, 'Because electric vehicles are so mechanically reliable, as they get older, they'll spend much more time on the road and less time in a garage than a petrol or diesel car of the same age, saving you considerable time and money. This bodes well for people looking to buy a second hand EV.'