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According to a reputable insurance company from the UK, Direct Line, it’s cheaper to own an electric vehicle than a petrol car.
The study follows the lifetime costs for both types of cars, and it analyses fourteen-year maintenance and running costs.
Relying on the results of EVs and ICE vehicles, Direct Line came out with a quite interesting report that will most likely change the automotive market balance.
Their report shows that an average lifetime running cost of an EV in 2020 is £52,133 ($66,356), while an internal combustion petrol car has a lifetime running cost of £53,625 ($68,225).
Direct Line is also sharing an interesting fact about the initial price of EVs in the UK, which is 22% higher than the price of their ICE car counterparts.
Nevertheless, EVs like Tesla are much more affordable in the long run, although their upfront price is higher. For example, in the study, they analyze an EV that costs £27,921 and an ICE car that costs £22,976.
At first sight, you would choose the ICE because of the low starting price, but the truth is that the EV is 21% cheaper when it comes to long-term tax, fuel, and maintenance costs.
To sum up, according to Direct Line, EV owners will only spend £33.50 per week, while petrol car owners will spend £42.40 per week.
There are other studies by iSeeCars.com and AutoTrader that report even more amazing results when it comes to EV and ICE car comparison.
The significant advantage that EVs have over ICE cars is the low depreciation. Electric vehicles only lose 12% of their value after a year, while ICE cars depreciate 24%.
Tesla owners have even more luck on this one, as the depreciation of Tesla’s Model 3 is only 10% in three years. Tesla EVs have price and technological advantages that no other car on the market can reach.
The UK authorities are pushing on electrification, and are planning to ban all petrol and hybrid vehicles by 2035, which is an ambitious plan but not impossible.
The initial plan was to achieve the plan until 2040, but their goal to become zero-carbon emission country until 2050 is making them set higher goals.
Switching to electric cars, and most likely to Tesla cars, is excellent news for environmental fighters.
Automotive experts recommend buying electric cars now, instead of waiting for the 2035 deadline.
It’s expected that EV prices go down in the future thanks to the advanced technology and the government subsidies that would help people switch to an eco-friendly vehicle soon.
As for the first-time car buyers, we recommend trying some of Tesla’s incredible models, and enjoy the mix of advanced technology and impeccable design, without polluting the environment.