Motorists are set for an eco-dividend thanks to lower service and maintenance costs for electric vehicles against their petrol equivalents.
A new study from automotive data experts cap hpi shows on average service and maintenance costs are 23% lower for electric vehicles than petrol vehicles over three years and 60,000 miles.
The gap widens for smaller vehicles. A Renault Zoe will cost £1,100 to maintain over three years while a Vauxhall Corsa 1.0T 90 Design costs £1,497, an increase of 35.7%.
Britain’s best-selling electric vehicle, the Nissan Leaf costs £1,197 to maintain over three years, 19% lower than the Volkswagen Golf 1.0TSI 110 SE at £1,429.
While motorists are set to benefit from lower running costs, the changing economics of electric vehicles will challenge motor dealers who rely on service revenue as an important part of their turnover.
Chris Plumb, senior valuations editor at cap hpi said: “An electric car motor has far fewer moving parts than a petrol or diesel engine. They also benefit from gentler driving styles that lead to lower wear and tear of brakes and tyres. While the purchase price is often higher at the moment, but coming down all the time, drivers will find an EV much cheaper to run with significantly lower costs to charge rather than visit the pump and lower maintenance costs.”
The number of electric vehicles on Britain’s roads has leapt 128% since 2015, according to research by cap hpi. The study compared April 2018 to April 2015 and found there are 21,019 more electric vehicles.
Overall, the numbers are still small with only 37,483 electric vehicles on the road today. The figures do not account for vehicles that have been scrapped or exported and include all types of vehicle.
The top four best-selling new electric vehicles in 2018 are:
– Nissan Leaf
– BMW i3
– Volkswagen e-Golf
– Renault Zoe
The company has published a report on the growth of the EV sector for industry professionals https://www.cap-hpi.com/reports/electric-revolution