British motorists could save thousands by switching from petrol or diesel cars to electric vehicles, according to new research.
Switching to electric cars could slash running costs and protect drivers from rising petrol prices
The Energy and Climate Intelligence Unit (ECIU) analysed the total cost of running the ten best-selling electric cars last year, factoring in lease payments, charging, insurance, and maintenance. Over a typical three-year lease, drivers could save an average of £4,070, although savings vary by model.
Switching from a BMW 320 to a Tesla Model 3 offered the largest potential saving of around £4,744 per year.
Other notable comparisons included the Volvo EX30, which was £1,875 cheaper per year than the BMW X1, and the Ford Explorer, which cost £1,390 less than the Ford Kuga. Some electric models were more expensive: the Audi Q6 e-tron added £125 per year over the Audi Q5, and the Kia EV3 cost £668 more than the Volkswagen T-Cross.
Colin Walker, head of transport at the ECIU, told Birmingham Live: “The war in Iran is once again highlighting the consequences of our dependence on volatile oil markets over which we have no control. Petrol prices are rising, which will result in millions of British drivers having to pay hundreds of pounds a year more to run their cars.”
He added: “It is no surprise that interest in EVs has risen significantly since the war started, since they offer drivers a way to shield themselves from the shocks we are seeing in global energy markets. Any U-turn on the mandate could weaken this dynamic in the midst of an energy crisis. It could introduce regulatory uncertainty at a crucial time in the UK car industry's transition.”
The findings underscore the growing financial and environmental benefits of switching to electric vehicles as the UK navigates both energy volatility and the automotive industry’s shift toward zero-emission transport.