It’s fair to say that electric vehicles (EV) are becoming more and more popular with motorists up and down the country. In 2019, more than 14,000 electric vehicles have been registered so far, representing a 70% increase on last year. With UK government's plan to ban the sale of new conventional petrol and diesel cars by 2040, demand is only set to increase. But why exactly are electric vehicles so popular?
Well, while some people choose to lease an electric car because they’re fascinated by the technology, others base their decision on an ethical desire to ‘go green’. For most of us though, leasing an electric car is about cutting costs. But with no fuel costs, are electric cars really cheaper to run?
To help you assess running costs of running an electric car, we’ve put together a short guide on the costs involved in running an electric with a comparison to petrol and diesel counterparts.
What are the costs of running an electric car?
Before we delve into the numbers, it’s worth taking a look at what exactly is involved with running a car, no matter what fuel type it is. Just like a petrol or a diesel car, there are lots of things to consider when running an electric car. These include:
If you’re buying instead of leasing, you’ll also have other factors to consider including depreciation costs and car tax bands, while businesses may want to consider tax implications and other costs such as the London congestion charge.
To keep things simple, for this guide we’re just going to look at the typical monthly costs involved in leasing an electric car, and how these compare versus petrol or diesel. If you want to understand more about the differences between buying and leasing, check out our guide.
Electric vs Petrol vs Diesel – The Comparisons
To try and give you as balanced a view of possible, we’ve compared the BMW i3 with a similarly-priced petrol and diesel model from the same manufacturer and analysed the costs below in more depth to highlight whether you could save money by going green.
These figures are based on one year running costs, covering 10,000 miles annually.