UK Study Proclaims That EVs Are Cheaper To Own Than Traditional Vehicles After Only 14 Years Of Ownership

An electric vehicle’s average lifetime ownership cost in the UK is £52,133 ($65,750), compared to £53,625 ($67,636) for an equivalent ICE car, according to a new study from UK insurance company Direct Line.

So on average, based on purchase price and ownership costs over 14 years, an EV would cost £3,752 a year over the course of its life, compared to £3,858 for an ICE car, resulting in an annual savings of £106 ($132) per year.

MDarringer - 7/22/2020 2:40:49 PM

+3 Boost

And a 14 year old EV will be like living with a PC running Windows95.

Vette71 - 7/22/2020 5:55:00 PM

0 Boost

"POPCORN"

SanJoseDriver - 7/22/2020 3:39:00 PM

+1 Boost

It really should be 3-5 years, but in the UK EV insurance is stupidly 25% higher than ICE. In the US they are about the same right now but will no doubt drop to favor EVs in the next few years.

MDarringer - 7/22/2020 3:57:45 PM

+1 Boost

EVs cost roughly double their ICE counterparts.

The Model 3 is a Sonata.
The Volt is a Sonic.

SanJoseDriver - 7/24/2020 5:19:31 AM

+1 Boost

I've owned a Sonata 2.0T, solid car. Alright, let's take your example. The base Model 3 is $38k. A Limited Sonata with 191 horsepower is $35k. The Model 3 is significantly faster, better handling, more premium, includes basic Autopilot, and is OTA upgradeable. Even right off the bat the costs are similar without factoring for maintenance, gas, depreciation, and eventually insurance.

supermoto - 7/22/2020 5:51:48 PM

+1 Boost

So if you don't own a car that long, forget it.

Section_31_JTK - 7/23/2020 6:05:29 AM

0 Boost

LOL who's gonna own a Tesla for a decade and a half? That's like running Windoze 2000.

SanJoseDriver - 7/24/2020 5:22:19 AM

+1 Boost

Then what's an ICE car, OS/2 Warp?