I did this little exercise the other night for someone who told me there were "no significant cost savings going for an EV over an ICE car in the real world" - and then was startled by just how much they actually were.
If you have an ICE car and pay Child Maintenance then the difference is actually enough to make you weep.
Even as a private owner, it surprised me - Yes I proved my own point, but I didn't expect to prove it so well...
So here goes:-
(Moderators - I have used actual cars to show I haven't made up the figures - if that's not acceptable or breaks any rules please amend / delete the post and accept my apologies).
So I wanted to compare the cost of the car someone was looking to buy with a similar EV. Personally speaking I think the best in terms of range vs cost is the E-Niro at the moment and not sure that too many would disagree with me so used that as a comparison.
So I have done a comparison E-Niro to A class. The E-Niro is better equipped, in 4+ spec, and a roomier car, but it's the closest I can get to compare.
The A-Class - the 200 model with an auto, slightly slower to 60, but the closest I can get - the 250 is a bit quicker than the Niro so I picked the cheaper & more economical car.
Then to match the spec of the E-Niro, I had to add Distronic + which meant adding Premium Plus pack as well (all the features of which the Kia has as Standard). The E-Niro also has Ventilated seats, Full leather, Heated steering wheel 360 camera, full panoramic roof and a fair bit more too - but again wanted to be comparing like with like and have based it on 12,000m per year which I think is sensible.....
So that made the A-Class £36,730 - the E-Niro is £36,395 - and bear in mind the Niro is better specified and has a 7 year warranty - but to counter that, the Merc feels the classier product n terms of fit and finish and "perceived" quality - I can only say my Kia Soul is faultless after 9mths and 8000m so I suppose that makes it a "quality" product too.....
The person had said that an electric car was £10,000 more than an ICE one - well I feel this showed that a similar sized, spec for spec car wasn't actually that dissimilar in price.....
Cost | A- Class A250 Auto + Distronic + and Premium Plus | E-Niro 4+ |
| Purchase Price New | £36,330 | £36,395 |
| Servicing | probably £750 over 3 years? | Free for 3 years (have to buy on a PCP but if you don't want finance you can pay that straight off without charge) |
| Annual Road tax | £145 | £0 |
Company Car Tax 40% taxpayer 2021-2022
2022-2023
2023-2024 | £4504 ( £ 375.41 per month)
not predicted to change, but if it does it will surely go up. | £145.58 ( £12.13 per month)
£291.16 ( £24.26 per month)
£291.16 (£24.26 per month) |
| Fuel benefit charge 2021 likely to increase slightly in 2022 and 2023 | £2952 (£246 per month) | £0 |
| Fuel Cost at £1.20 per litre at 12,000 per year | £1157.00
£1200 in year two assuming a small petrol price increase
£1300 in year three assuming a small further price increase | N/A |
| Electricity cost assuming low use of free public chargers and using Octopus GO to charge at home at 5p Per KW | | £157.89 Per Year - 12,000 miles at 3.8m per KWh (what I have averaged through last summer and this winter). |
| 3 public rapid charges when away from home | | £36 |
| Servicing over 3 years | £ 750 | Free - then estimated to be around £80 per year |
| Tyres | Much the same for both cars | |
| Depreciation (Estimate) | A200 AMG line at Bristol, 3 1/2 yrs old and 12,000m in total £17,250 - so assume a 3 year old with 36,000m - around £15,000
Depreciation - £21,330 | No 3 year old E-Niro's for sale - however a 2 year old E-Niro with 16,000 miles on is for sale for £28000 - was £33,000 when new, so £5000 depreciation in 2 years - so assume 3 years - depreciation of £7500 ?? |
| Total Costs as a Company Car Driver | | |
| As a company Car driver receiving all private fuel paid for by company over the three years | £ 22,368 | £ 727.90 |
| Important note - if you pay Child Maintenance as I do - you will also pay 16% on the "taxable benefit" - so also..... | 16% x £55920 = £8947.20 | 16% of £1819.75 = £291.16 |
| So, as a 40% taxpayer, paying Child Maintenance, total cost of the car to you ---- | £31315.20 or £869.87 per month | £ 1019.16 or £28.31 per month |
| Saving for the EV as a Company car if you do NOT pay Child Maintenance | | £21,640.10 over the three years. |
| Saving for the EV as a Company car if you pay Child Maintenance | | £30,296.16 over the three years |
| | |
| Total Costs as a Private Owner | | |
| Fuel + Road Tax + servicing | £3657 + £450 + £750
= £ 4857 | £ 474 + £0 + £0 |
| Insurance (varies from person to person - but I had a quote of £287 for the Soul I drive) - the Merc a bit less | £250 for 3 yr
£750 for 3 yr | £287 per yr -
£861 for 3 yr |
| Depreciation | £21,000 | £7500 Somewhat of a guess |
| Total Cost for 3 years | £26,607 | £8835 |
| Total Cost per Mile (36,000m in total) | £0.74 per mile | £0.24 per mile |
| Saving with the EV | | £17,772 over 3 years |
I really don't think even I realised how much going electric would save.
