The UK has been ranked as the second most cost-effective country in Europe to own an electric vehicle (EV), according to new research from LeasePlan.
The company’s annual Car Cost Index found the average monthly total cost of ownership for electric vehicles in the UK to be €676, behind only Greece where the average monthly cost is €656. Germany, France and Romania make up the top five.
The report also found that EVs are now cheaper than they have ever been in several European counties. In Norway and the Netherlands, the report found that EVs are ‘fully cost competitive’ when compared with internal combustion engines (ICEs).
In almost all other analysed countries, LeasePlan found that the price gap between driving an EV and an ICE vehicle has narrowed. The firm predicts that EVs will soon reach cost competitiveness in countries such as the UK and Denmark in the near future.
“Our Car Cost Index shows electric vehicles are becoming more affordable than ever, especially in Northern Europe, where government incentives are having a positive impact,” said Tex Gunning, chief executive of LeasePlan.
“While it’s good to see the cost gap closing in other countries, there is still a lot of work that needs to be done to ensure everyone can drive electric. We are also seeing a worrying tendency from policymakers to remove EV incentives, which will significantly slow down the fight against climate change and poor air quality in our towns and cities.
“Governments across Europe need to step up and commit to long-term green incentives and charging infrastructure projects that will make EVs the common sense choice for all drivers.”