‘Driving an electric car saves £600’

EVs cost £1,264 to run for a year, compared with £1,843 for a petrol car, a new report reveals

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The yearly cost of driving an electric vehicle (EV) is £579 cheaper than a petrol car.

That’s the key finding from new research conducted by Compare the Market, which has found that EVs cost £1,264 to run for a year, compared with £1,843 for a petrol car.

This is in an increase in difference by £179 from last year, when EVs were £400 cheaper to run.

Soaring petrol prices are a key component to the disparity, however, EV running costs have risen slightly from last year, given the jump up in energy prices.

The research claims that the average yearly energy bill for an EV has increased by £167 each year, now sitting at £519 – however, petrol car maintenance costs have risen by £313 each year in the same time period.

EVs now make up one-in-three new car sales according to the Society of Motor Manufacturers and Traders.