Electric vehicles (EVs) in nearly every segment and European country are now the same price or cheaper on a total cost of ownership (TCO) basis than gas or diesel cars, despite rising prices for fuel and electricity, according to LeasePlan’s recently 2022 Car Cost Index.
The annual Car Cost Index is a comprehensive analysis of the total cost of owning and operating a car in 22 European countries, ranging from the sub-compact segment to the executive market.
The index is determined by the various costs involved in car ownership in each country, including energy/fuel, depreciation, tax, interest, insurance and maintenance.
LeasePlan reports key findings from this year’s index include:
- Despite energy price inflation, fuel costs remain significantly lower for EVs than gas and diesel cars: fuel costs represent 15% of and EV’s TCO, while accounting for 23% and 28% for gas and diesel drivers.
- EVs in nearly every segment and European country are now the same price or cheaper on a TCO basis than petrol or diesel cars:
- Compact EVs are cost competitive in 18/22 European countries.
- Standard mid-size EVs are cost competitive in 19/22 European countries.
- Premium mid-size EVs are cost competitive 18/22 European countries.
- The average monthly cost of driving a car varies greatly across Europe: from €905 a month in Greece to €1,313 in Switzerland.
- More EV models than ever before are available in the marketplace. The first Car Cost Index surveyed only 11 EVs, while this year’s edition includes 33.
Tex Gunning, CEO of LeasePlan, had words of caution about adequate planning for widespread EV adoption.
“EVs are the best way to protect drivers from skyrocketing fuels costs,” he said. “Unfortunately, governments are pulling the plug far too early on EV incentives, even in countries with ambitious zero-emission targets. This ‘ban without a plan’ attitude will have disastrous consequences for the fight against climate change. We need consistent, long-term policies that will ensure going EV is the commonsense choice for all drivers.”
The 2022 LeasePlan Car Cost Index is available on the company's website.