Electric vehicles (EVs) will be cheaper to run than petrol and diesel cars over their lifetime in the 2020s.
That’s according to a study by the European Consumer Organisation (BEUC), which expects the average four-year cost of owning and running an EV to be cheaper than the comparable cost of owning and running a conventional petrol car by 2024.
The study calculates the total cost of ownership over a four-year period for a range of vehicle types, including petrol, diesel, hybrids, electric and fuel cell cars. The calculations are made in different scenarios with low and high oil prices.
BEUC pointed out that energy efficiency measures and technology improvements are the main reasons the cost of motoring would continue to fall across all categories.
It therefore highlights the importance of EU policy makers to ensure the industry is incentivised and given certainty by setting clear rules and regulations.
It added: “EU post-2020 policies to decarbonise and improve the fuel efficiency of cars should be ambitious and ensure that manufacturers invest in new technologies.
“Policy makers must push for an EU NEDC [New European Driving Cycle] equivalent fleet wide CO2 average emissions level of at least 70gCO2/km for 2025 and 45gCO2 /km for 2030. This will benefit consumers through reduced fuel and energy consumption.”