Electric cars could save drivers £41,000 in their lifetime, study says – here’s all you need to know

Electric cars could save drivers £41,000 in their lifetime, study says – here’s all you need to know
Electric cars could save drivers £41,000 in their lifetime, study says – here’s all you need to know

The cost of driving to work has become a real concern for motorists.

New research by EDF Energy, found that over two thirds of Brits are prepared to travel further than their nearest petrol station to find the best deal.

Here, we take a look at electric cars with our 30 second briefing.

British motorists could save more than £41,000 during their lifetime if they opt to go electric, a study suggests. But how?

electric cars
Charging electric cars is likely to become more expensive (Photo: Getty Images)

The energy group EDF claims that UK drivers each spend £56,000 on petrol during their lifetime, but that the average lifetime cost of charging an electric car is just £15,000.

But doesn’t EDF have an interest in us all using more electricity?

Well, of course it does. If demand for electricity goes up, so does does the French company’s profit.

And what happens if demand for something goes up?

The price usually goes up, too. Therefore, the £15,000 average lifetime cost that EDF is suggesting is unlikely to be £15,000 when we are all driving electric cars.

Hasn’t it forgotten another thing?

electric cars
EDF omitted to mention that electric cars are ‘significantly more expensive than their petrol or diesel equivalents’ (Photo: Getty Images)

Yes it has. The company omitted to mention that electric cars are significantly more expensive than their petrol or diesel equivalents.

For example, a petrol-powered Smart car costs from £11,400, but its electric equivalent will set you back at least £6,000 more.

The current World Car of the Year – Jaguar’s all-electric I-Pace sports utility vehicle – costs just under £65,000.

An equivalent, entry-level Jaguar F-Pace comes in at a little more than half that price, so your £41,000 saving by going electric is almost gone in just one car purchase.

Plus, it’s unlikely that you are going to have just one car in your life.

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Béatrice Bigois, Managing Director of Customers for EDF Energy, said: “Many of us aspire to owning an electric vehicle. This research shows that, not only will electric cars help motorists save money on their fuel costs, electric vehicles will help more people do more of the things they want to, like exploring more of the UK – all while helping the environment by reducing emissions.

“For this vision to become reality for more drivers, we have to make the decision as easy and attractive as possible for our customers.

“Our one-stop shop approach gives them access to a car of their choice, a smart charger and the low carbon electricity needed to power it, as well as a wealth of advice and information on EVs, helping more customers go electric today.”

But won’t electric car prices come down as more people buy them?

Yes, that’s probably true. But, as we have pointed out, charging them is likely to become more expensive.

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