In most European countries, electric cars in the compact and medium class are now cheaper to run than comparable petrol and diesel cars. That’s the outcome of LeasePlan’s annual ‘Car Cost Index’.
The 2021 edition of LeasePlan’s Car Cost Index, its sixth to date, is a comprehensive analysis of the Total Cost of Ownership (TCO) of a passenger car in 22 European countries. This includes all costs, ranging from fuel/energy, depreciation, taxes, insurance and maintenance.
In countries where EVs are not yet cost competitive compared to petrol and diesel cars, the price gap has narrowed considerably. If this trend continues, EVs are expected to be competitive on TCO by the mid-2020s in all countries surveyed, including Eastern European countries like Romania and Poland. In addition to fully electric cars (EVs), also plug-in hybrids (PHEVs) already have a lower TCO in many countries, compared with their petrol and diesel counterparts.
LeasePlan’s Car Cost Index analyses the average costs over the first four years of ownership. This is based on a driving distance of 30,000 kilometres per year.
- The average monthly TCO of a car varies considerably across Europe, from € 743 per month in Greece to € 1,138 in Switzerland
- In relation to GDP, total cost of ownership is highest for motorists in Switzerland and Portugal and lowest in Denmark and Germany
- In 17 of the 22 countries surveyed, premium mid-size (D2) EVs are already fully cost competitive compared to petrol or diesel vehicles, including: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Slovakia, Spain, Sweden, Switzerland and the UK.
- In 14 of the 22 countries surveyed, EVs from the compact segment (C1) are already fully cost competitive: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Sweden, Switzerland and the UK.
Tex Gunning, CEO of LeasePlan: “This report is a wake-up call for policymakers. EV’s have finally passed the affordability tipping point and are now cost competitive across Europe, but government action on infrastructure remains woefully inadequate. Ahead of COP26, we are calling on policymakers to finally step up and invest in a charging infrastructure worthy of their net zero ambitions. Until charging points are as ubiquitous as petrol stations on the streets of Glasgow, Europe has no hope of reaching net zero.”
To Europe with a mission
MG has come to Europe with the aim of making electric mobility accessible to drivers who are young at heart and ready to embrace an electric lifestyle. By offering smart, practical, safe and technologically advanced cars in different segments for different needs, MG appeals to a wide audience.
MG’s first model on the European mainland – the MG ZS EV – immediately attracted attention as the first truly affordable all-electric SUV in the B-segment. The MG model range already consists of the MG EHS Plug-in Hybrid, the MG Marvel R Electric and the thoroughly renewed MG ZS EV. The new MG5 Electric – the world’s first all-electric station wagon – will arrive in Q1 2022. The same core values apply to all MG models: affordable, attractive, safe and electric. In addition, MG cars are very energy efficient due to the ingenious, in-house developed electric motors, which contribute to the already favourable TCO of the MG models.