LeasePlan’s 2020 Car Cost Index: Electric cars more affordable than ever in Europe
LeasePlan has just released its annual Car Cost Index, a comprehensive analysis that reveals the true cost of owning a car – including fuel, depreciation, taxes, insurance and maintenance – in 18 European countries. The latest analysis shows that mid-size electric vehicles (EVs) are now cost competitive with petrol and diesel cars in the majority of countries surveyed. Portugal in 10th place in the monthly car cost of ownership (with 651€ for petrol vehicles, 672€ for diesel and 686€ for electric vehicles in medium and small segments.
The good news is that the costs of EVs are coming down and we’re seeing the development of a strong second-hand market for quality used EVs. The bad news is that governments are failing to provide the charging infrastructure necessary to satisfy market demand. National and local policymakers need to step up now and invest in a universal, affordable and sustainable charging infrastructure to enable everyone to make the switch to EV. Supporting the transition to electric mobility is the best investment governments can make – EVs are good for drivers, good for air quality, and one of the most effectives ways to fight climate change.
Key findings from LeasePlan’s 2020 Car Cost Index are:
EVs in the popular Mid-Size (D2) segment are fully cost competitive compared to internal combustion engine vehicles (ICEs) in 14 countries, including: Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom
EVs in the Compact (C1) segment are fully cost competitive compared to ICEs in 8 countries: Germany, Italy, Netherlands, Norway, Portugal, Sweden, Switzerland, United Kingdom
The average monthly cost of driving a car varies hugely across Europe, from €491 a month in Hungary to €926 a month in Switzerland
Relative to GDP, the total cost of ownership is highest for drivers in Italy and Portugal, and lowest for drivers in Denmark and Sweden
Hungary is the cheapest place to drive a petrol car, while Greece is the cheapest place to drive a diesel car
The 18 countries included in the Car Cost Index are: Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom
