Almost eight out of 10 drivers said that they chose an electric vehicle (EV) in order to save money, according to new research from Tusker. 

Furthermore, 89% of EV drivers said that they were satisfied with their car, while two-thirds (66%) of petrol drivers want to order an EV in the next four years with costs a key motivator for drivers to make the switch.

Tusker says that oil prices have risen in the UK in 2023, driving the cost of petrol up to its current average of £1.56/ litre across the UK.

The current uncertainty in the Middle-East could drive prices even higher in the coming months.

Conversely, the cost of EV charging has dropped by up to 19% at peak times, and 15% for off-peak charging, says Tusker.

In a like-for-like comparison a driver of a VW Golf 1.5 TSI driving 10,000 miles per year would pay £1,491.39 in fuel. A VW ID3 driving the same distance would cost just £741.35 in charging, says Tusker, equating to a saving of £750.04.

Even if the ID3 driver charged exclusively at more expensive public rapid charging stations, the ID3 driver would still enjoy £255.39 in savings at the end of the same period, it added.

Paul Gilshan, CEO of Tusker, said: “Our survey has shown that our drivers value the cheaper running costs of EVs, and that value for money is a priority for many.

“These latest calculations show just how advantageous EVs can be when compared to petrol or diesel cars, and that is before the savings available through salary sacrifice have been considered.”

He continued: “While petrol prices have risen throughout the year, the ongoing decline in electricity costs has benefitted our drivers financially, and this looks set to continue.

“At the same time, the ongoing rapid expansion of the UK’s public charging network means that not only is it now cheaper to charge an electric car, it has also never been easier.”