More than half of motorists think petrol, diesel cars are cheaper to run than EVs

A new poll by car insurer NFU Mutual found that over half of motorists think petrol and diesel cars are now cheapest to run. As the cost of electricity rises, just 18 per cent thought a fully electric vehicle would be cheaper, while 11 per cent said a plug-in hybrid would be cheapest.

This is in stark contrast to last year, when a survey found 57 per cent said cheaper running costs were an incentive to switch to electric vehicles (EVs). However, motor experts at NFU Mutual show EVs are still significantly cheaper to run when charged economically and have many other cost benefits too.

In the NFU Mutual poll of motorists, 54 per cent of respondents thought a petrol or diesel vehicles was cheapest to run, with a further 17 per cent saying a mild hybrid was cheapest. Just 18 per cent believe a fully electric vehicle is cheaper and 11 per cent think a plug-in hybrid is cheapest to run.

The survey results come as high electricity wholesale prices have pushed up the cost of household electricity bills and public electric vehicle charging.

In fact, EVs still have cheaper running costs than petrol and diesel vehicles if the owner is willing and able to charge them economically and primarily at home.

Reacting to the poll results, Jade Devlin, motor insurance expert at NFU Mutual, said: “We don’t need to look far to explain this shift in public perception. With the energy crisis hitting households this year, motorists are questioning whether EVs still live up to one of their main selling points.

“The answer is yes, they are still more economical to run and can provide significant savings – but with a word of caution to be canny about how you charge.

“Those who need to rely solely on the full-price, rapid-public-charging network will likely see no cost benefit in running an EV, but those able to charge and use their vehicle efficiently will still see significantly lower running costs when compared to petrol or diesel cars. This means charging at home, making the most of workplace charging schemes, identifying free charging points available for customers at some supermarkets and car parks, and maximising efficiency when on the road.

“Some energy suppliers also provide special home tariffs for EV users, so check what is available as this could also provide significant charging savings at home. If you do need to use a rapid charger, try to familiarise yourself with the prices in your local area as they are run by different providers and some are cheaper than others. The power in your vehicle will also make a difference to rapid charger costs.

“When looking at running costs you should also think wider than charging. Road tax is considerably cheaper for EVs given the lower carbon emissions and if you regularly drive through Clean Air Zones you’ll usually reap the benefits of exemption from charges if your vehicle is zero-emission. Electric cars require less maintenance than those with a combustion engine, and tech on newer vehicles can also help to identify faults before they become a major problem, which could help to reduce costly repairs in the long run.”