The analysis looks at the total cost of driving a small or medium-sized car on a three-year business leasing contract, driving 20,000 km per year. The analysis includes expenses such as repairs, maintenance, tires, depreciation, interest, insurance, tolls, VAT, and fuel.
According to the analysis, it is more expensive to drive an EV in Poland and Spain whereas the average EV is nearly 500 DKK cheaper per month in Sweden or Norway.
"The price gap between EVs and petrol and diesel cars is narrowing down when we look at all European countries. Unfortunately, it is still too expensive to drive an EV in Denmark. Politicians and people in the industry seem to agree that EVs are the future so now is the time to launch political initiatives that can help accelerate the transition towards EVs," says Michael Olsen, CEO of LeasePlan Denmark.
Over 50 percent EV depreciation over three years
According to our analysis, depreciation makes 52 percent of the total EV expenses over a three-year period. According to Michael Olsen, this is due to the limited selection of EVs. However, he is expecting a wider selection in the coming years.
"EVs are better for the environment, but buyer options are currently very limited. EVs are also easier to maintain than fossil fuel cars. As manufacturers will be launching new entertaining EVs with an extended battery range in the coming years, making these an even better alternative, we do expect EV depreciation to drop," says Michael Olsen.
The 17 other countries in our Car Cost Index 2019 analysis are Austria, Belgium, Czech Republic, France, Germany, Greece, Italy, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Spain, Sweden, Switzerland, and United Kingdom.