Electric cars (EVs) are the latest addition to the automobile industry. They have become very popular due to their low running costs. The speed at which they are getting introduced to various countries is a tell-tale sign that they will rule the world of automobiles soon.
On the other hand, petrol cars are the traditional automobiles used on the road. Petrol cars use petrol as fuel which is very costly. Fuel price is one of the main determining factors for calculating the overall cost of running electric car vs petrol UK. Fuel costs are rising every day with no signs of ever getting lower. It is what makes electric cars more desirable to the masses.
What’s The Cost Of Running Electric Car Vs Petrol UK?
Although electric cars have lower running costs, they are pretty expensive. The high purchasing costs often overshadow the low running costs of electric cars.
Let’s discuss the cost of running an electric car vs petrol car including the purchasing, fuelling, tax, insurance, maintenance, and CO2 emissions costs. Also, let’s compare the total annual prices and lifetime costs of electric cars vs petrol cars.
If you have a plan to switch to the electric models and want to get rid of that old car, consider contacting a scrap car company to get the best value possible.
Electric cars vs petrol cars running costs are measured by cost per mile. Here are some examples of how much an electric vs petrol car costs per mile:
Electric Cars Running Costs Per Mile
Tesla Model 3 – 3.6p
Tesla Model 5 – 5.5p
Petrol Cars Running Costs Per Mile
BMW 5 Series – 13.9p
Audi A3 Hatchback — 11.0p
So, the average running cost per mile for electric cars is 4.55p, and the average running cost per mile for petrol cars is 12.45p
Running costs are also affected by purchasing, fueling/charging, tax, insurance, and maintenance costs.
Purchasing Costs Of Electric Car Vs Petrol Car
Electric car’s sales are going up very fast. By 2023, EV manufacturers expect that 50% of the UK’s new car sales will be electric vehicles or EVs.
To be honest, electric cars cost a lot. There’s no denying that. The new-age electric cars are faster and more stylish than ever before. They are battery-powered, so they need charging.
The batteries used in electric cars are big and advanced. These batteries add some extra thousand pounds to the car’s price.
Due to the high price, very few people can afford an electric car, which causes the prices to be more exclusive due to the fewer buyers.
Even though the government has granted £2,500 on a new electric car purchase, the cost of electric cars is still more than petrol or diesel-fueled vehicles.
On the other hand, Petrol cars cost far less than electric cars. And because of this, ordinary people can afford petrol cars more than electric cars.
Have an old damaged petrol car? Sell it to a reliable salvage car company.
Fuelling/Charging Costs Of An Electric Car Vs Petrol Car
Fuelling costs distinguish electric cars and petrol cars the most. An electric car’s battery works as its fuel. The battery charges with the help of an external medium, and then it is ready to move.
On the other hand, petrol fuels petrol cars which are costly. Petrol cars’ fuel costs are more than electric cars because electricity costs less than petrol or any other fuel.
It is safer to charge an electric car through a charging point. It is faster than using a three-pin plug.
An average home charger costs around £322, equal to five tanks of petrol that can cover around 2,500 miles.
The gap between the average fuel cost of electric cars and petrol car costs is visible. It is what motivates the consumers to prefer electric cars over petrol cars.
Tax, Insurance And Maintenance Costs Of An Electric Car Vs Petrol Car
To get a clear idea about cost of running electric car vs petrol UK, we need to consider a few other things.
Electric car owners can save a lot of money as they don’t have to pay vehicle tax for cars that cost less than £40,000. An electric vehicle looks attractive compared to a petrol car paying £2,135 in tax on the first year of buying.
If you buy an electric car worth more than £40,000, you’ll need to pay £320 yearly for five years.
Electric car’s insurance premiums are usually more than petrol cars. Insure your vehicle for specific incidents that can only happen with an electric vehicle, like someone tripping over the charging cable after taking the necessary steps to avoid it.
Maintenance and servicing is part of purchasing a new car. Electric cars have lesser parts than petrol cars which means they need less servicing. And less servicing means electric cars are cheaper to maintain and service than petrol cars.
Looking for spare parts at affordable price? Contact your local scrapyard to get some.
Annual CO2 Emission Costs Of An Electric Car Vs Petrol Car
A regular vehicle emits approximately 4.6 metric tons of carbon dioxide every year. Experts base this on a particular vehicle’s amount of fuel needed, fuel price, and how many miles it covers per year.
Electric vehicles create a lower carbon footprint than cars and trucks that use traditional, internal combustion engines throughout their lifetime.
CO2 emissions from a gallon of petrol are 8,887 grams CO2 per gallon. Imagine the amount of CO2 emissions of a regular car every year.
There’s no external charge for an electric car in restricted areas because electric vehicles are and don’t emit Carbon Dioxide.
The social cost of carbon measures the economic harm from emitting one ton of carbon dioxide into the atmosphere. According to the recent central estimation, the social cost of carbon is over £45 per ton.
Total Annual Costs Of An Electric Car Vs Petrol Car
The average total annual cost of an electric car is £906. At the same time, a petrol car’s annual fuel cost is £2,236. So you can see the gap between the prices.
Although electric cars’ buy costs are high, the lower fuel cost makes up for it. The lower fuel cost attracts consumers to buy an electric vehicle to save money on fuel. The high buy cost is a one time deal, so often it’s overlooked.
Environmentalists prefer an electric car over a petrol car as electric vehicles use batteries to run and petrol cars burn petrol to run. The burned petrol from petrol cars causes air pollution and proves to be disastrous. We’ll discuss this topic more later on.
These two factors determine the total annual electric car vs petrol car costs. Also, the tax, maintenance, and insurance costs affect the total annual costs to a great extent.
Total Lifetime Costs Of An Electric Car Vs Petrol Car
Electric cars last around 200,000 miles. It means that you can drive them for 17 or 12,000 miles per year.
Residual values and all the other factors stated above determine the total lifetime of electric cars vs petrol cars cost. You need to know the vehicles and the market to collect all the relevant information while calculating the residual value. Private individuals may consult expert sources like the ADAC, DAT or Schwacke.
The factors that determine the cost of running electric car vs petrol UK are purchasing costs, fuel/charging costs, tax, insurance and maintenance costs, and CO2 emission costs.
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