The price of fuel for Internal Combustion Engines (ICE) is on the rise and the sale of new Petrol/Diesel vehicles are being ruled out in the UK from 2030, the future of Electric Vehicles has never been so bright.
Amongst the many benefits that come with driving an electric vehicle, such as zero tailpipe emissions and less road noise, you can have the convenience of charging at home, potentially benefitting from low-cost energy tariffs.
But there is more
In addition to these benefits, running an electric vehicle can be much cheaper than a comparative ICE vehicle. Here is a comparison between a BMW 320I M Sport Auto and a Tesla Model 3 Standard Range, excluding other benefits to driving an EV such as:
No Congestion Charges
Government Grants
Much lower Benefit In Kind Rate (0% with a range over 130miles)
320i M Sport Sport-Auto
- Economy at 176p/l it is 21.4p per mile
- Performance 183HP, 0-60 in 7.1 seconds
Annual Maintenance Costs
- Tax £165
- Service £205
- Insurance £894
- Fuel £2,567 (12,000miles at 176p/l)
- Tyres £480 (£800 every 20 months)
Total: £4,311 Costing up to 120% more per year
Tesla Model 3
- Economy at 28p/kW it is 9.3p per mile (with octopus go (2.5p/mile)
- Performance 321HP, 0-60 in 6.1 seconds
Annual Maintenance Costs
- Tax Free
- Service FREE (Excluding Brake Fluid and Filters)
- Insurance £1,170
- Fuel £1,116 (£300 with octopus go 100% useage on a home charger)
- Tyres £480 (£800 every 20 Months)
Total: £2766 (£1950 when optimised) saving up to 54% a year
