RESEARCH has shown that electric vehicles are now £528 cheaper to run than petrol-fuelled cars on average.
However, upcoming law changes mean most EVs will become more expensive to own each year.
Electric cars would be more expensive from April 2025
Car experts at Comparethemarket revealed that EVs cost on average £1,296 a year to run, whereas a petrol car costs around £1,824.
However, a year ago, electric cars were £628 cheaper to run than petrol cars.
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And EV owners will have to start paying a road tax from April 2025 following policy changes announced in the Autumn Statement.
This means electric car drivers have to pay at least £165 per year from the second year of ownership.
In addition, EVs worth £40,000 or more will attract a further £355 per year in tax for the first five years of ownership.
Electric cars have grown steadily in popularity until now, but it’s unclear what the new tax system will do to sales.
According to data from the Society of Motor Manufacturers and Traders, sales of battery electric vehicles have increased 23.4% year-on-year.
Julie Daniels, the motor insurance expert at Comparethemarket, said: “Despite surging energy bills, motorists who’ve made the switch to an electric vehicle will be glad to see that it can cost substantially less to run than a petrol-fuelled car.
“As well as helping the environment, these drivers benefit from savings in fuel and insurance.
“However, the significant upfront cost of buying an electric car and installing a home charging point will prevent many drivers from being able to afford this option.
“Higher taxes from 2025 may also make switching to an electric vehicle a less attractive option for many drivers.”