Is Owning an electric vehicle a financially smart move despite the rise in energy costs?
Motorists have voiced apprehension that the increase in energy prices will significantly increase the cost to charge an EV and may eventually become too expensive to maintain. However, research from Volkswagen Financial Services UK (VWFS), suggests that owning an EV may still be financially smarter.
Travelling 100 miles in an electric vehicle could cost as little as £5, or just 4.91p per mile Taking into account comparative petrol and diesel costs per mile*, the same length journey would cost approximately £15 or £13 in a petrol or diesel car respectively. Recent research from EDF Energy** found that electric vehicle owners could save more than £51,000 on fuel over their lifetime, compared to the cost of charging their car. There are other tips and tricks to drive down costs with an EV, too. A good place to start is looking at your energy provider and how charging will impact the cost of your home electricity bill. Some providers offer off-peak prices, so when charging your car from home, it may be cheaper to plug it in during off-peak hours.