Owning an electric car can now be more cost-effective than gas, diesel or hybrids

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Owning an electric car can be less expensive on a daily basis than driving a model powered by a combustion engine.

A European study shows that the total cost of ownership of an electric car is now lower than that of a combustion engine vehicle in most countries. Even if some sectors, such as city cars, are still a little more expensive in some countries, electric cars are, in most cases, now a wise choice when it comes to cost.

This study, published by the full-service leasing specialist LeasePlan, shows the disparities between countries regarding the total cost of owning and using a car. Taking into account all types of models and all expenses, driving a car in Europe costs a monthly average of between €743 in Greece and €1,138 in Switzerland.

The study shows that electric cars are now much more affordable in the majority of countries in the sedan segments, premium and otherwise. This is slightly less true for SUVs and even less so for city cars. In the latter case, only 8 of the 22 countries surveyed show a lower total cost of ownership for an electric engine.

To illustrate this trend, the study focuses on Volkswagen by comparing two of its models: the all-electric ID.3 and the famous Golf, which is available in gasoline, diesel and plug-in hybrid versions. With the notable exception of Spain, the ID.3 is the cheapest solution for everyday use. In France, for example, driving the ID.3 means spending €568 per month, all-inclusive. This is the lowest score of all the countries surveyed. Meanwhile, the overall budget for a Golf ranges from €715 for the gasoline version to €849 for the plug-in hybrid model.

The “Car Cost Index 2021” report conducted by LeasePlan analyzes the total cost of owning and operating a car (TCO) in 22 European countries, in different market segments. This index takes into account the various costs involved in owning a car in each country, including energy/fuel, depreciation, taxes, insurance and maintenance. These costs are averaged over the first four years of ownership, assuming an annual mileage of 30,000 km.

David Bénard