In 55% of the scenarios, additional cost of an EV would be recuperated within two and a half years, while in 30% of cases, savings can be realised immediately or in under a year. Credit: Owlie Productions/Shutterstock.

UK motorists who opt for an electric vehicle (EV) over a petrol model could save as much as £7,000 ($8,844) over four years., unveiled a report by independent transport research organisation New AutoMotive. 

The study highlights that even with different purchasing methods, a minimum saving of £3,000 can be achieved, driven by lower charging costs, reduced maintenance expenses, and tax benefits. 

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Findings from this report are based on a comparison of the upfront costs and running expenses of seven popular EVs against their petrol counterparts across various acquisition scenarios.  

These scenarios primarily include outright purchase, company leasing, and personal contract purchases.  

In case of more than half (around 55%) of the scenarios evaluated, the additional cost of an EV would be recuperated within two and a half years, while in 30% of cases, savings can be immediate or realised in under a year. 

Models such as the Peugeot e2008GT and the Citroen eC4 MAX were highlighted for being significantly cheaper than their petrol equivalents by over £4,000 and £2,500 respectively.  

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Furthermore, the research suggests that the average upfront cost of a new EV is only 12% higher than that of a petrol vehicle, debunking the myth of a 50% premium and suggesting that price parity is within reach. 

New AutoMotive’s report also outlines policy recommendations for the UK government to support the transition to electric cars.  

These include reducing tax on public charging, maintaining the Zero Emission Vehicle (ZEV) mandate, which has been instrumental in narrowing the price gap, improving public understanding of EV cost savings, and focusing financial incentives on home chargers. 

New AutoMotive CEO Ben Nelmes said: “Our report finds that the UK is on cusp of this tipping point. Soon, buying an EV will no longer just be the environmentally responsible and financially savvy thing to do. Instead, it will be a financial no-brainer, with consumers able to start saving from day one. 

“Reductions in the prices of electric cars are being driven by the UK’s world leading Zero Emissions Vehicle mandate, which is increasingly providing a lifeline for those who have to choose between an empty tank or an empty wallet.”