Electric vehicles (EVs) are slowly becoming more common on our roads, as the shift away from petrol and diesel vehicles is beginning to take place.
The question of what benefits having an EV has, apart from producing less emissions, could be the stumbling block for some people in buying them.
However, there are a few ways having an EV can help save you money in the long-term.
Car leasing company Vanarama has compiled the most common savings associated with EVs to reveal how much motorists could save per month, year, and total vehicle ownership (four years) by making the switch to an EV.
With the UK's cost of living on the rise, many drivers may be looking at long-term changes they can make to alleviate the pressure.
Whilst the asking price of an EV is often higher than an equivalent petrol or diesel, the research from Vanarama shows the day-to-day savings currently swing in favour of electric.
How an electric vehicle can save more than a petrol/diesel equivalent
Low-emissions zones could save EV owners £2,100 per year
Low-emissions zones, often referred to as LEZs, are there to encourage owners of highly polluting vehicles to stop driving through inner-city areas by charging them a fee if they do so.
Vanarama’s research found that EV drivers could save £175 a month through LEZ exemption, which equates to £2,100 per year and £8,400 per average total vehicle ownership (four years).
Not paying for fuel could save EV owners £858 per year
No longer needing to pay for fuel at the pump could save EV owners £72 per month, which equals £858 per year and £3,432 per average total vehicle ownership.
The fuel savings, from NimbleFins, include the cost of charging an EV (£342 per year), based on the average British driver’s yearly mileage of 7,600 miles.
Car tax exemption could save EV owners £150 per year
Under the current rules, car tax doesn’t apply to all-electric cars. This means EV owners could save £13 per month, £150 per year, and £600 per average total vehicle ownership from not having to pay car tax.
These tax calculations are based on the UK’s best-selling car of 2021, the sub-40k Vauxhall Corsa.
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