NEW data from epyx’s 1link Service Network suggests that the long-anticipated lower service, maintenance, and repair (SMR) costs for electric vehicles (EVs) are starting to materialise. EVs are demonstrating significant advantages in both SMR costs and the frequency of garage visits compared to internal combustion engine (ICE) vehicles and, to a lesser extent, hybrids.
The data, which covers vehicles up to 3.5 years old, shows that the average SMR spend for an EV at the end of the first year was £141, compared to £195 for hybrids and £199 for ICE vehicles. By year three, this gap widens considerably, with EVs costing £221, hybrids £341, and ICE vehicles £401.
EVs also visit the garage less frequently. At the end of year one, EVs averaged 1.13 visits, compared to 1.17 for hybrids and 1.21 for ICE vehicles. By year three, EVs averaged 1.36 visits, while both hybrids and ICE vehicles averaged 1.53.
It’s important to note that the average mileage for each fuel type varied, 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, CCO of epyx, commented on the findings, stating that the increased number of EVs on their platform has allowed for a more accurate picture of SMR costs. He noted that the data shows significantly lower running costs and fewer garage visits for EVs compared to both hybrids and ICE vehicles.
Meadows acknowledged that while the lower SMR costs for EVs compared to ICE vehicles align with industry expectations, the comparison to hybrids is less clear due to the higher mileage covered by hybrids in the sample.
This new data provides valuable insights for fleet managers and brokers, suggesting that the lower running costs associated with EVs are becoming a reality. As the number of EVs on the road continues to grow, it will be interesting to see how these trends develop in the coming years.
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