HERE’S some good news for fleets considering leasing an electric vehicle: when all costs are considered, EVs are price comparable with combustion engine cars.
LeasePlan has launched its latest Car Cost Index which demonstrates the true cost of owning a car. LeasePlan calls this the Total Cost of Ownership (TCO). And says that mid-size electric vehicles are now cost comparable.
This cost figure includes fuel, depreciation, taxes, insurance and maintenance. It has been measured across 18 European countries.
Key Findings From LeasePlan’s 2020 Car Cost Index Are
EVs in the popular Mid-Size (D2) segment are fully cost competitive compared to internal combustion engine vehicles (ICEs) in 14 countries, including: Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom
EVs in the Compact (C1) segment are fully cost competitive compared to ICEs in eight countries: Germany, Italy, Netherlands, Norway, Portugal, Sweden, Switzerland, United Kingdom
The average monthly cost of driving a car varies hugely across Europe, from €491 a month in Hungary to €926 a month in Switzerland
Relative to GDP, the total cost of ownership is highest for drivers in Italy and Portugal, and lowest for drivers in Denmark and Sweden
Norway and Switzerland are the most expensive places to drive ICE cars. Conversely, electric cars are significantly cheaper than all ICEs in Norway and cheaper than petrol cars in Switzerland
Hungary is the cheapest place to drive a petrol car, while Greece is the cheapest place to drive a diesel car
In the UK, the average costs of an EV was calculated as €744 (£669) compared with €727 (£653) for a petrol car and €732 (£658) for a diesel car.
Tex Gunning, CEO of LeasePlan, said:
The good news is that the costs of EVs are coming down and we’re seeing the development of a strong second-hand market for quality used EVs. The bad news is that governments are failing to provide the charging infrastructure necessary to satisfy market demand. National and local policymakers need to step up now and invest in a universal, affordable and sustainable charging infrastructure to enable everyone to make the switch to EV. Supporting the transition to electric mobility is the best investment governments can make – EVs are good for drivers, good for air quality, and one of the most effective ways to fight climate change.
You Can Download The LeasePlan Report Here
Click here: Car Cost Index 2020