Are EVs cheaper to drive than ICE vehicles?
When it comes to EVs, fuel and vehicle maintenance costs are the primary factors in driving down the TCO. According to research by LeasePlan, the total cost for electric vehicles - in most situations in Europe - are already cheaper than ICE vehicles, assuming costs are averaged over the first four years of ownership and an annual mileage of 30,000 km.
FAQs on costs
TCO is an acronym for "total cost of ownership". Total cost of ownership looks at the total costs (direct and indirect) of running a vehicle and not just a purchase or initial investment cost.
The cost categories for electric vehicles and internal combustion engines vehicles are the same. Both vehicles have depreciation, insurance, maintenance, energy expenses and more. The differences in cost come down to the differences in each of these categories.
Electric vehicles have fewer moving parts than an internal combustion engine so will need less maintenance however less maintenance doesn't mean no maintenance! Keep on top of your EV's maintenance and it will save you a lot of hassle in the long term.
Giving a general answer on what's the best car type is almost impossible. It is a very personal question and the answer depends on your driving behaviour, if you live in a city or countryside, and more. At LeasePlan, we've developed a calculator to give direction on the best fuel choice based on personal driving habits. Take the quiz and see if an EV is a match for you.