EV drivers are saving costs compared to petrol and diesel drivers, research finds

Nine in 10 drivers who switched from petrol or diesel cars to electric models reported saving money on their annual driving costs, with some cutting their bills by a third.

The results of a survey of more than 800 drivers are positive news for dealerships' sales teams, who are under pressure to help OEMs hit their ZEV mandate goals, as they can emphasise that the typically higher sticker price of an EV will be offset by savings elsewhere.

Some 87% of the drivers said their routine motoring expenses after switching to an EV.

Nearly half of these electric car drivers described the savings as significant.

Only 4% believed their costs had increased after the switch.

The independent survey, carried out by Viewsbank on behalf of The Green Insurer, found that on average, drivers who transitioned to electric vehicles claimed to save 23% on their annual driving costs, considering all expenses related to motoring.

Three in 10 of these motorists reported savings exceeding 30% per year.

Paul Baxter, chief executive of  The Green Insurer, said: “Switching to an electric car presents many opportunities for individuals to save on the cost of motoring. 

"One of the most significant savings comes from reduced fuel expenses as electricity is cheaper than petrol or diesel.  There are also longer term savings that can be realised, as electric engines require less maintenance and cost less to service and maintain as a result.

“It is good to see from our research that those people who have already moved to cleaner fuel are seeing tangible financial benefits from their switch."

He added that as technology advances and economies of scale drive down the upfront cost, the decision to switch to an electric vehicle will be seen not only as an eco-friendly choice, but also a financial savvy decision too.