Data Shows EVs’ Operational Costs at Par with Conventional Cars

Because of the rise in fuel prices this year, it is now cheaper to run an electric vehicle than a fuel vehicle in nearly all countries across Europe, according to LeasePlan data. Even though battery-powered vehicles have turned out to have reduced operating expenses, they are nonetheless more costly to purchase than fuel-powered vehicles.

The costs of owning, operating, and maintaining battery-powered vehicles eventually equal those of gasoline-powered vehicles. This is seen as a critical turning point that could result in a mass conversion to battery-powered vehicles. In order to compare a section of the market across 22 European countries, Lease Plan compiled operating and lease rates for its 1.9 million vehicles. According to the report, the price of electric vehicles at Total Cost of Ownership (TCO) is currently comparable to or even less expensive than that of fuel-powered vehicles. These TCO calculations include ownership in energy/fuel, depreciation, tax, interest, insurance and maintenance costs.

Out of the 22 countries that were chosen, 19 agreed with the TCO that the cost of a typical family car such as the Ford Kuga or the KodaEnyaq was actually equal to or lower than the national average; however, the price of the same model increased significantly in only 3 of the 22 countries, namely Poland, Italy and the Czech Republic.

From the small cars such as the Renault Megane or the Kia Nero in the United Kingdom, the costs of acquisition and operation were nearly comparable, with the EV at 919 euros ($976.4), diesel and gasoline at 941 ($999.8) and 954 euros ($1013.6), respectively. On the other hand, for the same vehicles in France, the monthly cost was a bit lower at 735 euros ($780.9) for EVs compared to 904 ($960.5) and 868 euros ($922) for diesel and gasoline, respectively.

The costs of refueling the fuel vehicles remained constant, while the costs of charging varied. So, for EV charging rates, LeasePlan used the typical electric customer’s current charging practices, which include 65% of charge time at home, 20% at work and 15% at a costly public charge point.

LeasePlan’s findings indicated that the charging costs of an electric vehicle accounted for 15% of the TCO (total cost of ownership), whereas refueling a petrol or diesel vehicle made up 28% of the same. The report further showed that there were still notable regional differences in the total cost of operating each and every vehicle at any given time. Greece, where the average monthly cost is 905 euros ($961), is the least expensive nation.

With time, electric vehicles from various manufacturers such as Workhorse Group Inc. (NASDAQ: WKHS) may be so cost effective to buy and own that motorists will wonder why these vehicles took so long to be introduced on the market.

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