3 January 2023

Are EVs too expensive?

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Are electric vehicles too expensive? The answer is not that simple…

As reported by the British Office for Zero Emission Vehicles and Department for Transport, EVs do cost more to buy outright, but in many cases have a lower cost over 4 years. According to recent industry estimates, an EV can save £176 in running costs for every 1,000 miles driven. This means it can cost as little as 2p per mile to run an EV when charging with off-peak electricity. This is compared to over 20p per mile for petrol and diesel.

 

Similarly, The Irish Times, which published an entry on its website entitled “Electric cars are too expensive? New figures suggest not”. The author of the article claims that EV buyers could stand to save as much as €3,900 per year on motoring costs.

 

Unlike the Irish daily newspaper, The New York Times writes about the fact that electric cars are still too expensive for many of us. The author of the article points out that strong demand for electric vehicles from affluent buyers means that carmakers have little incentive to sell cheaper models.

 

On the other hand, in Poland, the Total Cost of Ownership (TCO) of electric cars purchased with an ADDITIONAL PAYMENT is equal to the costs of internal combustion cars within one year from the beginning of their operation – according to the study “ELAB City of Clean Transport”. It is reported that higher electricity prices also compensate for lower operating costs.

 

Taking into account the various aspects that affect the cost of a car, it may turn out that electric cars are not as expensive as it may seem at first glance.

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