Switching to EVs could make drivers £720 worse off despite soaring petrol prices

UK: Free electric vehicle charging network adds new location

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Electric vehicles are getting increasingly popular every year. The plug-in car sales exceeded 2.27 million in 2021, and as petrol costs remain high, many more people might be thinking about making the switch from a petrol vehicle.

However, British motorists “could be worse off” by switching to an electric vehicle despite the seemingly obvious incentives.

A new survey carried out by money.co.uk found that switching to an electric car will cost British drivers an extra £720 in the first year despite the costs of petrol reaching a record high.

The data also revealed that the UK is at the bottom of the European League when it comes to delivering the financial benefits of going electric.

The comparison site calculated the average price of buying a new car plus the cost of 10,000 miles of travel.

The findings showed that a British motorist would spend an average of £27,487 on an electric vehicle and £26,767 on a traditional car – costing 2.69 percent.

Denmark turned out to be the best country for making the switch from a petrol vehicle to an EV.

Danish drivers save more than £22,000 within 12 months of buying an electric vehicle over petrol.

Danes would spend £21,938 on an EV plus travel costs compared to £43,975 for a petrol driven car, a saving of more than 50 percent.

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A litre of unleaded in Denmark costs £1.85.

Germans, on the other hand, are £693 worse off by going plug-in though the percentage difference is higher than the UK’s at 2.77 percent.

James Andrews, a spokesperson for money.co.uk, said: “Denmark leads the way. You could buy and run two electric cars for a year for the same cost as a petrol VW Golf.

“But in Britain charge point rollout is slow and EVs are also still more expensive than their petrol equivalents.”

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