New research from leading price comparison website MoneySuperMarket reveals the price of driving an electric vehicle versus driving a gasoline- or diesel-powered car. This is based on the average costs of each fuel type over six years, accounting for aspects such as insurance premiums and fuel costs to determine the best option for drivers in the U.K.
After the recent U.K. government announcement of plans to prohibit all gasoline and diesel vehicles by the year 2040, people are weighing the idea of switching to driving green more than ever before. It appears that environmental concerns are being offset by supposedly high prices, with 45 percent of people stating they wouldn’t buy an electric/hybrid car because of the cost.
Some of the key findings from the research include:
- While the upfront costs of gasoline vehicles were the lowest, the average running costs of an electric car are 20 percent cheaper than diesel and gasoline engines, with an average saving of £2,109 (about $2,819) across six years.
- Filling up your gasoline or diesel car is five times more expensive than electric
- Gasoline cars boast the lowest average insurance premium, £697.19 (about $931), compared to £923 (about $1,234) for electric, and £813.56 (about $1,087) for diesel
- If drivers switch in 2018, they’ll save almost £8,000 (about $10,698) on running costs by the time the ban is enforced
Data were also collected for the number of electric car charging points available to drivers in U.K. cities. The results were heavily weighted in favor of the capital with 210 points in Central London followed by 62 in Birmingham. Cities like Liverpool and Cardiff had fewer than 10, showing that Britain as a whole may not be fully prepared for driving green just yet.
Click here to see the full research.