Electric vehicles in nearly every car segment and European country are now the same price or cheaper on a TCO basis than petrol or diesel cars, despite rising electricity prices.

This year’s report finds fuel costs remain significantly lower for EVs than petrol and diesel cars, despite energy price inflation

That’s according to the latest edition of LeasePlan’s Car Cost Index, which is now available to read online.

The annual Car Cost Index is a comprehensive analysis of the total cost of owning and operating a car in 22 European countries, including the UK, and runs from the sub-compact segment to the executive market.

Key findings from this year’s Index include:

1. Fuel costs remain significantly lower for electric cars than petrol and diesel cars, despite energy price inflation: fuel costs represent 15% of the total cost of ownership of an EV, rising to 23% and 28% respectively for petrol and diesel drivers.

2. EVs in nearly every segment and European country, including the UK, are now the same price or cheaper for total cost of ownership than petrol or diesel cars:

• Compact EVs are cost competitive in 18 out of the 22 European countries surveyed
• Standard mid-size EVs are cost competitive in 19 of the 22 European countries
• Premium mid-size EVs are cost competitive in 18 out of 22 European countries

3. The average monthly cost of driving a car varies hugely across Europe – from €905 a month in Greece to €1,313 in Switzerland

4. There are more EV models on the market than ever before. The first Car Cost Index surveyed only 11 EVs, while this year’s edition includes 33

Responding to the findings, Tex Gunning, CEO of LeasePlan, said: “EVs are the best way to protect drivers from skyrocketing fuels costs. Unfortunately, governments are pulling the plug far too early on EV incentives, even in countries with ambitious zero-emission targets. This ‘ban without a plan’ attitude will have disastrous consequences for the fight against climate change. We need consistent, long-term policies that will ensure going EV is the common sense choice for all drivers.”

To download the LeasePlan Car Cost Index 2022, click here.