Driving battery electric vehicles can save cash for more than 80% of drivers, a new independent report has found.

The study revealed an average £5,850 saving over a typical ownership

The study, carried out by New AutoMotive and published by industry body Electric Vehicles UK (EVUK), assessed some 480 scenarios and revealed an average £5,850 saving over a typical ownership.

The Cost of Driving Electric (CODE) research was conducted to provide a “definitive, data-driven” analysis of the total cost of battery EV ownership.

It considers all associated costs, not just purchase price and charging, but also servicing, insurance, taxation and depreciation.

It also covers the entire market, spanning both new and used vehicles, various charging scenarios and the models that consumers purchase to help the industry and end-users alike to understand the cost of driving electric.

Key highlights include that the fast-growing used battery EV market now offers significant savings – the average battery EV is £2,781 cheaper than combustion equivalents and offers significant running cost savings to drivers.

But it also reveal that drivers without home charging are less likely to save, and says government action is necessary to cut VAT on public charging so all drivers can benefit from the EV switch.

The research was commissioned to “present the whole picture of the realities of driving electric”, according to Electric Vehicles UK CEO, Dan Caesar.

In recent years, the costs of driving electric vehicles, like many aspects of the market, the technology, and related policy, have been clouded by misunderstanding and misinformation. Past estimates of battery EV costs and savings have often relied on small sample sizes or narrowly focused on individual market segments.

Caesar said: “It is our mission to present the whole picture and not just present a partial – or even partisan – picture, of the realities of driving electric.

“EVUK was launched to bring the EV industry together, as one, and better educate mainstream drivers around common uncertainties and explain the many benefits of battery EVs, to accelerate uptake in the UK. The ‘Cost of Driving Electric’ is the first of many initiatives that Electric Vehicles UK will deliver for drivers and its members. More information on everything electric can be found at www.ElectricVehicles.Expert.”

The full Cost of Driving Electric report is online here.