Thinking about going electric? A new study suggests EV drivers save nearly £6,000 over the course of ownership compared to petrol or diesel cars.
Research by ElectricVehicles.uk crunched the numbers across 480 different scenarios, looking at four-year terms for new cars and five-year terms for used ones. They considered factors like mileage, charging habits, and costs across 50 electric models, including 15 new and 35 used.
If you're leasing or financing a new EV on a Personal Contract Purchase (PCP) deal, the savings could be even bigger. On average, drivers in 2025 will save around £7,785—that’s roughly £2,000 per year compared to petrol cars.
Sure, EVs can be pricier upfront, but 97% of drivers with home charging save money thanks to lower running costs and generous discounts. However, the numbers drop if you rely solely on public chargers. About 60% of drivers without home charging still save money if they drive 5,000 miles per year, but for high-mileage drivers covering over 10,000 miles annually, savings fall to just 46%.
Buying second-hand? The study found that 80% of used EVs are cheaper to buy upfront than petrol alternatives due to significant depreciation. However, the long-term savings aren’t as big. The average used EV owner saves £3,440 over five years, but those who charge at home can save more than £5,000. Public charging is more expensive, so the actual savings depend on usage.
We've fact-checked the numbers using Regit's Fuel Saver Calculator. If you drive an average of 7,000 miles per year, switching to an electric vehicle could save you around £675 annually on fuel. High-mileage drivers covering 10,000 miles per year can expect even greater savings—approximately £965 per year. These figures are based on the latest fuel prices and assume home charging for electric vehicles.
Dan Caesar, CEO of EVUK, says their study aimed “to present the whole picture and not just present a partial – or even partisan – picture, of the realities of driving electric”
Experts agree—Matt Western, former Peugeot exec and current MP, says “The evidence is mounting, for many EVs are the right solution.”
James Court, policy director at Octopus Energy, adds “The UK public needs this level of comfort, from trusted voices, to help them make the switch. Our own commissioned research found that 90 per cent of drivers won’t go back once electric. Save money, save the planet, drive electric.”
So, is now the time to make the switch? If you have a driveway and can charge at home, the numbers are hard to ignore.
