The average annual cost of driving an electric car is £1,264 compared to £1,834 for a petrol car.
Operating costs for both models are much higher than they were a year ago.
Gasoline prices hit an all-time high in March and fell only marginally this month, while a new price cap on household electricity bills introduced on April 1 means higher electricity bills.
Petrol cars have seen the biggest increase in costs, up more than £300 from £1,530, while owning an electric car costs £137 more than in 2021. The change means the cost advantage for electric cars has increased from £403 to £570.
The figures take into account the average cost of insurance, MOT and fuel, as well as the £165 vehicle excise duty on petrol cars, with electric cars exempt.
The study is based on a driver who drives 6,700 miles a year paying £1.62 per litre for petrol or 28p per kWh for electricity.
Drivers with special Electric Vehicle tariffs on energy pay much less, so the savings are even greater.
Alex Hasty, director of Compare the Market, said: “Despite rising energy bills, drivers switching vehicles will be delighted to see that electric vehicles are much cheaper to run than petrol alternatives.
“As well as helping the environment, these drivers benefit from savings in fuel, insurance, and tax.”
Rising gasoline and diesel prices have made electric vehicles an attractive option for many motorists, and sales are booming. Industry figures show UK drivers made more purchases in March than in all of 2019.
However, they are not everyone’s options. “The high upfront cost of buying an Electric Vehicle and installing a home charging station will make it unaffordable for many drivers,” Hasty said.
Meanwhile in other news;
Lucid Air electric saloon set for European launch in June.
The U.S. company is selling luxury electric cars in Germany from June; right-hand-drive and even faster models are on the horizon.
Lucid has confirmed plans to start expanding into Europe this summer, and insiders say the right-hand-drive market will follow.
Lucid hasn’t specifically confirmed which markets it will export to first, but in a previous interview, an employee reportedly confirmed that Germany would be its first port of call.
Once established, it will be sold in Austria, Belgium, Denmark, Finland, Iceland, Italy, Monaco, the Netherlands, Spain, Sweden, Switzerland and importantly Norway, where electric vehicles are dominant.
The UK market has yet to be confirmed, but an insider who works closely with Lucid has made it clear that right-hand drive is always the plan for the Air.
In addition to the massive expansion, Lucid also confirmed that they are working on a more powerful version of the Air that will contain not just one, but two drive units with the Air’s rear subframe.
There’s no official confirmation on how much power the three-motor Super Air will produce, but it’s a safe bet that it will make more than 1,600 horsepower. That should easily match or beat the Tesla Model S Plaid’s claimed 0-60 mph sprint time of 1.9 seconds.
The new rear axle is also set to be used in the upcoming Gravity SUV to which Lucid engineers are putting the finishing touches ahead of its debut in early 2024.
Other new developments on the existing Air include a pair of adjustable aero-style rear seats for improved comfort.
Any complaints about ride comfort will also be addressed with a new air suspension option that will close the gap between the Air and its existing rivals.
Last month, Lucid announced it was raising its production target to around 12,000 to 14,000 units from 20,000 in 2021.
Back in March, it announced to investors that it had produced 400 Airs so far and shipped more than 300 to customers, with an existing order base of more than 25,000.
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