Save Thousands & Thousands by Switching to a battery electric vehicle!

If you’ve ever thought about going electric, now is the perfect time! The latest research shows that EVs aren’t just better for the environment; they’re a smarter financial choice, whether you’re buying new or used.

Why EVs Save You Money

• Used EVs are now cheaper than petrol cars in most cases, with some models costing £5,000 less upfront.
• New EVs come with big tax savings and salary sacrifice incentives, making them more affordable than ever.
• Fuel & maintenance costs are dramatically lower. Charging an EV can be up to 70% cheaper than filling up with petrol, and servicing costs are significantly reduced.
• Home charging is ultra-cheap, and even if you rely on public charging, smart solutions like JOLT offer free miles daily to keep costs down.
• EV batteries are built to last, with most lasting 10-15 years with minimal degradation, giving you years of worry-free driving.

Switching to an EV puts money back in your pocket! Whether you’re buying new or used, the savings add up fast, and there’s never been a better time to switch.

The Cost of Driving Electric Report

As part of our mission to build consumer confidence and showcase the benefits of battery electric vehicles, we commissioned the most comprehensive research to date on the Cost of Driving Electric. This report analysed the total cost of ownership for 50 different EV models across 480 scenarios, providing clear insights into the financial benefits of making the switch.

Key Findings:

• More than 80% of drivers can save by switching to a battery electric vehicle (BEV).
• An average saving of £5,850 over typical ownership periods (5 years for used EVs, 4 years for new EVs).
• Used EVs are more affordable, with an average price £2,781 cheaper than petrol equivalents, plus lower running costs.

Buying a New EV? Here’s How You’ll Save:

Average new EV savings: £4,700 over the ownership period.

• Lower monthly payments – Salary sacrifice schemes make EV leasing cheaper than petrol cars. 97% of drivers using salary sacrifice will save money.
• Big tax savings – EVs avoid fuel duty, congestion charges, and benefit from tax breaks that petrol cars don’t get.
• Cheaper to run – Charging an EV at home costs 70% less than petrol, and even public charging can be more affordable with smart tariffs.
• Less servicing, fewer repairs – No oil changes, no cambelts, and 50% fewer moving parts mean lower maintenance bills.
• Resale value – EVs are holding their value better than petrol cars as demand keeps growing.

Buying a Used EV? Here’s How You’ll Save:

Average used EV savings: £5,317 over five years.

• Depreciation has stabilised, making second-hand EVs a more reliable investment.
• Cheaper upfront price – 80% of used EVs are cheaper than petrol cars, with some models £5,000+ less.
• Fuel savings – Charging a used EV can cost less than half the price of petrol.
• Lower running costs – EVs have fewer parts that wear out, meaning less time in the garage and fewer repair bills.
• Plenty of range – Many used EVs have over 150,000 miles of battery life, perfect for daily driving.

Total Ownership Savings (5 Years)

EVs are now the cheapest option for most drivers, whether buying new or used. With continued government incentives, expanding charging infrastructure, and falling prices, EVs will only become more cost-effective in the coming years.

Shattering the EV Cost Myths

MYTH: EVs are too expensive to buy.
✅ FACT: 80% of used EVs are now cheaper upfront than petrol equivalents.

MYTH: Charging an EV is just as expensive as petrol.
✅ FACT: Home charging is up to 75% cheaper than refueling a petrol car.

MYTH: EV insurance is prohibitively high.
✅ FACT: While EV insurance costs £88 more per year, servicing savings nearly offset this.

MYTH: EV batteries degrade quickly and are costly to replace.
✅ FACT: Most EV batteries last over 150,000 miles, with manufacturers offering warranties up to 8 years.

MYTH: Public charging is too expensive for EVs to be viable.
✅ FACT: JOLT provides 7kWh of free charging daily, and a VAT reduction on public charging from 20% to 5% would significantly lower costs.

MYTH: EVs aren’t suitable for long journeys.
✅ FACT: The UK now has over 53,000 public charge points, with rapid chargers available at most motorway service stations.

Shattering the EV Cost Myth

“The belief that EVs are too expensive is no longer true,”

said Dan Caesar, CEO of Electric Vehicles UK.

“This report confirms that switching to an EV is now the cheaper choice for most drivers. The savings are real, and the transition to electric vehicles must accelerate.”

EVs are now the cheapest option for most drivers, whether buying new or used. The financial case for EVs is overwhelming, especially when charging at home. With government incentives, expanding charging infrastructure, and falling prices, EVs will only become more cost-effective in the coming years. For those hesitant to switch, the numbers don’t lie, going electric isn’t just better for the planet, it’s better for your wallet too.

Who is Electric Vehicles UK?

Launched in September 2024, Electric Vehicles UK is dedicated to supporting the EV industry and drivers alike. Our mission is to tackle misinformation and showcase the benefits of battery-powered transportation. With over 1 million miles driven collectively, our team is supported by an advisory board of esteemed EV experts, 120 founding members, and over 1,000 EV drivers.

We are committed to enabling the switch to battery electric vehicles by educating consumers, busting myths, and making EV knowledge accessible to all.