The true cost of owning an electric vehicle

As for maintenance costs, the Corsa E costs £193.33 a year to service, compared to £341 for its conventionally powered stablemate. A Volvo owner would save even more. The Swedish manufacturer claims the electric XC40 costs half as much to maintain as the petrol version: £408 versus £816 per year.

EVs don’t pay taxes – for now

The tax is also cheaper with an electric car. In fact, you don’t pay any. Likewise, electric car drivers in London do not pay to enter the central congestion toll zone. But this will change. From 2025, the fee will also apply to electric vehicles. Because the sale of new internal combustion engine cars will be banned from 2030, not including electric models under the charge would effectively eliminate it entirely.

Other cities have long considered congestion charging, with Leeds and Bristol often considering considering their own schemes. But any congestion charge must cover electric vehicles, otherwise they won’t discourage them from driving in busy urban areas.

Another potential cost implication for EV owners is that the government will be forced to consider some sort of road pricing strategy that will hit both EVs and conventionally powered cars. He currently takes no money in vehicle tax from battery-powered models.

The more cars that are electric, the less money the government will make from fuel taxes. With the Office for Budget Responsibility claiming the government has collected £28bn in fuel taxes for 2019-20, this is a significant hole for the state coffers to fill.

Leasing and insuring electric vehicles is expensive

However it chooses to tax EVs, the government will have an impact on how the cost of ownership of EVs compares to internal combustion engine models. Currently, electric vehicles lose a lot in financing costs. The Corsa E costs £328 a month on a PCP (assuming a three-year contract and 10,000 miles a year). Its petrol rival costs just £207.

The Volvo is also more expensive, costing £619 a month in electric form, £499 a month for a petrol model. The true cost of owning an electric vehicle

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