Electric cars are more affordable than ever in Europe, according to LeasePlan's Car Cost Index 2020

  • The study was carried out in 18 European countries, including Spain
  • The report takes into account costs for fuel, depreciation, taxes, insurance and maintenance
September 30, 2020

LeasePlan has just published its annual Car Cost Index 2020; a comprehensive analysis that reveals the true cost of car ownership - including fuel, depreciation, taxes, insurance and maintenance - in 18 European countries, including Spain.<br class="" style="-webkit-font-smoothing: antialiased;" />

This analysis shows that mid-size electric vehicles (EVs) are now very competitive in terms of cost compared to petrol and diesel cars. Furthermore, EVs in the popular mid-size segment (D2) are fully cost competitive compared to internal combustion engine (ICE) vehicles in 14 countries, including Austria, Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.<br class="" style="-webkit-font-smoothing: antialiased;" />
On the other hand, electric vehicles in the compact segment (C1) are fully cost competitive compared to integrated electric vehicles in 8 countries: Germany, Italy, the Netherlands, Norway, Portugal, Sweden, Switzerland, the United Kingdom.<br class="" style="-webkit-font-smoothing: antialiased;" />
The average monthly cost of driving a car varies greatly across Europe, from ?491 per month in Hungary to ?926 per month in Switzerland. Meanwhile, in Spain this figure is 602 euros, which places our country among the four cheapest, along with Hungary, Greece and the Czech Republic.<br class="" style="-webkit-font-smoothing: antialiased;" />
In relation to GDP, the total cost of ownership is higher for drivers in Italy and Portugal, and lower for drivers in Denmark and Sweden. Also, Norway and Switzerland are the most expensive places to drive ECI cars. In contrast, electric cars are significantly cheaper than all ECIs in Norway and cheaper than gasoline cars in Switzerland. Hungary is the cheapest place to drive a petrol car, while Greece is the cheapest place to drive a diesel car.

For LeasePlan's global CEO, Tex Gunning, "the good news is that the costs of EVs are falling and we are seeing the development of a strong second-hand market for quality used EVs. The bad news is that governments are not providing the necessary charging infrastructure to meet market demand. In this regard, Gunning insists that "national and local policy makers must step forward and invest in universal, affordable and sustainable charging infrastructure so that everyone can move to EVs. Supporting the transition to electric mobility is the best investment governments can make: electric vehicles are good for drivers, good for air quality and one of the most effective ways to fight climate change".<br class="" style="-webkit-font-smoothing: antialiased;" />
The 18 countries included in the LeasePlan Car Cost Index 2020 are Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Due to changes in the car models included, the countries studied and the duration of ownership assumed, as well as general technological improvements (including more powerful and efficient batteries in certain electric vehicles), individual comparisons with last year's Car Cost Index are not valid.<br class="" style="-webkit-font-smoothing: antialiased;" />

LeasePlan is committed to achieving zero net emissions from its total fleet by 2030. The multinational is also a founding partner of The Climate Group's EV100 initiative, launched around the United Nations General Assembly in September 2017

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