Real-world data highlights significant gap in EV service and repair revenue potential

Electric vehicles (EVs) offer considerable savings in service, maintenance, and repair (SMR) costs when compared to internal combustion engine (ICE) counterparts.

Latest real-world data from epyx whose 1link platform helps improve the efficiency of major fleets who parc totals more than four million vehicles, shows clear advantages in both the cost of service, maintenance and repair (SMR) and the frequency of garage visits for EVs.

In the first year of operation, the average SMR cost for an EV was just £141, compared to £195 for hybrids and £199 for ICE vehicles.

By the second year, these costs increased slightly to £174 for EVs, £266 for hybrids, and £290 for ICE vehicles, with the gap widening even more in the third year.

Notably, by the end of year three, the SMR costs for ICE vehicles were 81% higher at £401, compared to just £221 for EVs and £341 for hybrids.

When it comes to garage visits, EVs also come out on top. The average number of visits for EVs was 1.13 in the first year, compared to 1.17 for hybrids and 1.21 for ICE vehicles. By the third year, EVs required only 1.36 visits on average, while hybrids and ICE vehicles both required 1.53 visits.

It's important to note that the average mileage for each fuel type in Epyx’s data varies, with hybrids covering the most distance at 38,626 miles over three years, followed by EVs at 31,805 miles, and ICE vehicles at 31,770 miles.

Tim Meadows, chief operating officer at Epyx, explained: “Earlier SMR data on EVs was inconclusive due to the limited number of vehicles in our database. Now, with approximately 409,560 EVs on our platform, we have a much clearer picture.”

Meadows continued: “What we're seeing are significantly lower running costs and fewer garage visits for EVs compared to hybrids and ICE vehicles. By year three, the SMR costs for EVs are nearly half of those for ICE vehicles.”

For years, experts have anticipated that EVs would have lower running costs than ICE vehicles due to fewer moving parts and reduced wear and tear. “It’s likely that these real-world figures are beginning to confirm that expectation,” added Meadows.

However, when comparing EVs to hybrids, the picture is more complex due to the higher mileage covered by hybrids in the sample. The additional 7,000 miles on average could explain the higher SMR costs and more frequent garage visits for hybrids, potentially due to the need for more tires or brake pads.