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Motorists could save £41,000 on fuel over lifetime by switching to EV

Fri 21 June 2019 | Back to news list

Research by EDF Energy found that the average British motorist could save £41,000 over their lifetime if they switch to an electric vehicle rather than continuing to run a typical, conventional petrol vehicle. Over their lifetimes British motorists spend an average of over £56,000 on petrol, according to the study.

The research found that the cost to travel by car is a serious concern for the British public, with over two thirds (68 per cent) having travelled further than their nearest petrol station to find cheaper fuel. 

The study of 2,000 people said the cost of fuel was a barrier to them travelling. A quarter (24 per cent) said that fuel costs had prevented them from driving somewhere in the past and a fifth (21 per cent) said they have had to cut back on holiday road trips due to concerns over fuel prices.  

EDF says that "the findings suggest that the tipping point for the electric vehicle market might not be as distant as some predict. Two thirds (68 per cent) of Brits believe that they will own an electric car at some point in the future, with a quarter (24 per cent) of those predicting they will make the switch in the next five years".

Related LowCVP News: Recent opinion survey work by the LowCVP, working in association with the Finance & Leasing Associaton (FLA), found that the total cost of ownership (TCO) is a significant factor in car buyers' purchasing decisions. The survey found that TCO, ideally presented as a monthly cost when associated with car finance deals, would be a valuable addition to the information available to car buyers. It found that a colour-coded system for presenting such cost information could be an effective approach. For more information about this survey, please contact the LowCVP Secretariat.

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