Electric vehicles increasingly cost competitive across Europe
LeasePlan with the latest analysis showing that electric vehicles (EVs) are now more cost competitive than ever in several European countries. The Index reveals that for 2019 Greece is the most cost competitve country to drive a car, as it has the lowest average monthly cost for use (€ 440) compared to other 18 European countries. The same applies to the cost of electric car use in Greece for which the average monthly cost of use is € 656, the lowest compared to the 18 European countries included in the annual Car Cost Index.
LeasePlan’s Car Cost Index is a comprehensive analysis of the costs of driving a small to medium-size car in 18 European countries. It factors in all costs that motorists incur in each country, including fuel, depreciation, taxes, insurance and maintenance. Driving an EV is cost competitive compared to driving an ICE vehicle (defined as the average between diesel and petrol) in Norway (same price) and the Netherlands (1% more expensive). In the UK and Denmark, cost competitiveness for EVs is in reach
Tex Gunning, CEO of LeasePlan, said: “Our Car Cost Index shows electric vehicles are becoming more affordable than ever, especially in Northern Europe, where government incentives are having a positive impact. While it’s good to see the cost gap closing in other countries, there is still a lot of work that needs to be done to ensure everyone can drive electric. We are also seeing a worrying tendency from policymakers to remove EV incentives, which will significantly slow down the fight against climate change and poor air quality in our towns and cities. Governments across Europe need to step up and commit to long-term green incentives and charging infrastructure projects that will make EVs the common sense choice for all drivers”.
Mr. Konstantinos Petroutsos, CEO of LeasePlan Hellas, said: «We are very pleased that Greece is the most cost competitive country - among the rest of European countries - in electric driving. Limited incentives and infrastructure will soon be a thing of the past and electric driving will be an affordable and sustainable option for everyone. As pioneers in electric car leasing, we believe that we will make electric driving an easier choice for all our drivers».
Some of the key findings from 2019 are:
- The average cost of driving a car varies hugely across Europe, from €440 a month in Greece to €830 a month in Norway. The European average is €617 a month
- For ICE cars, depreciation (36%) is responsible for the majority of total costs, followed by taxes (20%), fuel (18%), insurance (13%), maintenance (9%) and interest (5%)
- For electric drivers, depreciation makes up a larger share (52%), however costs are saved through using electricity for fuel. EVs also benefit from consistently lower taxes and maintenance costs across Europe
- Driving an EV is cost competitive compared to driving an ICE vehicle (defined as the average between diesel and petrol) in Norway (same price) and the Netherlands (1% more expensive). In the UK and Denmark, cost competitiveness for EVs is in reach
The LeasePlan's Car Cost Index is available to download, here.