Despite the UK's introduction of a 3p per mile pay-per-mile tax, a recent analysis shows that second-hand electric vehicles (EVs) are still much cheaper to operate than similar petrol cars. The Energy & Climate Intelligence Unit (ECIU) estimates that, even with the new tax, drivers of second-hand EVs could save about £1,450 each year.
The analysis highlights several key points:
- Lower running costs: The primary source of savings comes from the lower cost of electricity for charging compared to petrol, especially for those who can charge their EVs at home using off-peak electricity rates.
- Reduced tax burden: The 3p per mile tax on EVs, set to begin in 2028, is about half the fuel duty rate paid by petrol car owners. For someone driving 8,000 miles annually, this tax would add approximately £240 per year.
- Price parity: The study also found that second-hand EVs have reached price parity with their petrol counterparts in the used car market.
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