Mid-size EVs more affordable than petrol and diesel in UK
The latest analysis shows that mid-size electric vehicles (EVs) are now more affordable than petrol and diesel cars in the UK, as well as the majority of other countries surveyed. The data also shows that whilst compact EVs are fully cost competitive in nearly half the countries surveyed including the UK, no country currently has cost-competitive EVs in the executive market.
Alfonso Martinez, Managing Director of LeasePlan UK, said:
“The results from our latest Car Cost Index confirm that EVs are no longer a luxury for the few, and are quickly becoming a viable option for all drivers. This is especially true for employees whose employers offer an EV salary sacrifice scheme, which brings down the net cost of driving an EV considerably. This is particularly reassuring in light of recent news that the UK Government is poised to bring forward the date for the ban of sales of new fossil fuel vehicles to 2030 – an ambitious move that we are fully behind.
“The automotive industry is working tirelessly to make electric driving a reality nationwide, but to truly succeed, the Government must uphold its end of the bargain. We need surety of supply post-Brexit, and significant investment in a universal, affordable and sustainable charging infrastructure. Only then will we be able to make a full switch to EV and support the UK’s wider effort to achieve net zero carbon emissions by 2050.”
Key findings from LeasePlan’s 2020 Car Cost Index are:
- EVs in the popular Mid-Size (D2) segment are fully cost competitive compared to internal combustion engine vehicles (ICEs) in the UK and 13 other countries, including: Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland
- EVs in the Compact (C1) segment are fully cost competitive compared to ICEs in the UK along with Germany, Italy, Netherlands, Norway, Portugal, Sweden and Switzerland.
- The average monthly cost of driving a car varies hugely across Europe, from €491 a month in Hungary to €926 a month in Switzerland
- Relative to GDP, the total cost of ownership is highest for drivers in Italy and Portugal, and lowest for drivers in Denmark and Sweden
- Norway and Switzerland are the most expensive places to drive ICE cars. Conversely, electric cars are significantly cheaper than all ICEs in Norway and cheaper than petrol cars in Switzerland
- Hungary is the cheapest place to drive a petrol car, while Greece is the cheapest place to drive a diesel car
Notes to editors
- The LeasePlan Car Cost Index 2020 is available to download here
- The 18 countries included in the Car Cost Index are: Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom
- In the 2020 Index, costs are averaged over the first four years of ownership and assume 30,000 km of driving a year. ‘Cost competitive’ is defined for the purpose of the Index as: EVs which are no more than 5% more expensive than their ICE counterparts
- Due to changes in the car models included, the countries surveyed and the length of ownership assumed, as well as general technological improvements (including more powerful and energy efficient batteries in certain EVs), one-on-one comparisons to last year’s Car Cost Index are not valid
- According the 2020 Index, the total monthly cost of ownership for the B1 and C1 segments is (data for 18 markets, sorted by EV price):
|Greece||€ 547||€ 534||€ 594|
|Hungary||€ 537||€ 538||€ 642|
|Sweden||€ 643||€ 655||€ 646|
|France||€ 598||€ 633||€ 654|
|Portugal||€ 651||€ 672||€ 686|
|Ireland||€ 640||€ 613||€ 695|
|Austria||€ 685||€ 672||€ 718|
|Netherlands||€ 711||€ 806||€ 721|
|Spain||€ 603||€ 609||€ 730|
|Germany||€ 704||€ 720||€ 730|
|Italy||€ 807||€ 763||€ 742|
|United Kingdom||€ 727 (£663*)||€ 731 (£667)||€ 744 (£679)|
|Norway||€ 851||€ 913||€ 750|
|Belgium||€ 686||€ 709||€ 797|
|Denmark||€ 765||€ 716||€ 797|
|Czech Republic||€ 541||€ 570||€ 793|
|Finland||€ 767||€ 794||€ 944|
|Switzerland||€ 960||€ 925||€ 949|
*Based on an exchange rate of £0.91 for every €1
- LeasePlan has committed itself to achieving net zero tailpipe emissions from its total fleet by 2030. LeasePlan is also a founding partner of The Climate Group’s EV100 initiative, launched around the UN General Assembly in September 2017
Tel.: 01865 770381
LeasePlan is a leader in two large and growing markets: Car-as-a-Service for new cars, through its LeasePlan business, and the high-quality three-to-four-year-old used car market, through its CarNext.com business. LeasePlan’s Car-as-a-Service business purchases, funds and manages new vehicles for its customers, providing a complete end-to-end service for a typical contract duration of three to four years. CarNext.com is a pan-European digital marketplace for high-quality used cars seamlessly delivering any car, anytime, anywhere and is supplied with vehicles from LeasePlan’s own fleet as well as third-party partners. LeasePlan has more than 1.9 million vehicles under management in over 30 countries. With over 50 years’ experience, LeasePlan’s mission is to provide what’s next in sustainable mobility so our customers can focus on what’s next for them. Find out more at www.leaseplan.com/corporate.
This material has been approved solely by, and is the responsibility of LeasePlan Corporation N.V. (“LPC”) on the basis of the sources as listed herein and information provided by LPC. LPC makes no representation or warranty (express or implied) of any nature, nor does it accept any responsibility or liability of any kind, with respect to the accuracy or completeness of any of the information or opinions in this material.
The information contained in this document is derived from sources that have not been independently verified. LPC gives no undertaking and is under no obligation to provide the recipient with access to any additional information or to update this document or to correct any inaccuracies in it which may become apparent, and it reserves the right, without giving reasons, at any time and in any respect to amend or terminate the information described herein.
Except in the case of fraudulent misrepresentation, neither LPC nor any of its affiliates, advisers or representatives shall have any liability for any direct, indirect, consequential or other losses or damages including loss of profits incurred by you or any third party that may arise from any reliance on (1) this document or for the reliability, accuracy, completeness or timeliness thereof or (2) for any other written or oral information made available by LPC in connection herewith or (3) any data which any such information generates.