The best value electric cars revealed

Buying an electric car can feel like a complicated process. On face value they look very expensive, but when you factor in the lower running costs they can be better value than petrol and diesel cars in the long term.

However, new research has tried to take some of this complication away by figuring out which electric vehicles represent the best value, and which are cheaper than combustion-engined counterparts.

The Electric Car Cost Index from LV= General Insurance found that going electric can save drivers an average of £3,862 over seven years when taking the purchase/financing costs, residual values and running costs into account.

When compared with a similar petrol-engined car, the Nissan Leaf, MG5 Long Range Excite and Mini Electric all worked out cheaper whether they were bought outright, leased or financed through personal contract purchase (PCP).

All 13 electric cars that were analysed worked out cheaper when bought up front and kept for seven years, while seven were cheaper over a four-year lease term and four were cheaper on a three-year PCP agreement.

The average price of the EVs in the list was £32,683, which was about £7,000 more than the petrol and diesel cars they were compared with. However, in some cases the choice is closing, with the electric Vauxhall Corsa just over £2,000 more than a petrol version.

Gill Nowell, head of EV at LV= General Insurance, said: “Despite the upfront sticker price of an electric car being higher than the equivalent petrol or diesel car, it pays to look at all the costs involved.

“Even with escalating fuel and energy costs, if people can afford to make the switch to an electric car, either new or second hand, then charging up with energy at home rather than filling up at a petrol station is far cheaper – and better for the environment and our local air quality.”

Consultant Battery Electrochemist Dr Euan McTurk of Plug Life Consulting, added: ”Higher mileage drivers will save even more money by going electric, so if you do more than 8,000 miles per year, you’ll recoup your outlay much faster, and your savings will be even higher.”

The research found that the Volkswagen ID.3 was the only car that wasn’t significantly cheaper to lease over four years than it would be on a four-year PCP contract. It also found that the average EV’s annual running costs were just over £1,000 less than petrol and diesel cars.