Yet another reason to switch to electric cars has emerged: according to a study done by finance company LeasePlan, they’re largely cheaper to own than regular fossil fuel cars. 

The study was done with data from 18 European countries and drew multiple conclusions that all pointed towards one fact: in most countries, it’s cheaper to own a mid-sized electric car over petrol or diesel, based on averages drawn from car prices, fuel and charging costs. 

The actual information drawn by the study was that a mid-size EV costs £70 less per month to run than a petrol car and £130 less than diesel. It was also more viable in the long-term, as EV’s tend to have a greater range and last longer overall. Combined with the fact that the second-hand EV market is developing fast, and owning electric is becoming more common and less difficult for the majority of people.

Mid-ranged EVs aren’t just a viable option in many countries: they’re the better option, both environmentally and financially. (Source: LeasePlan)

That being said, not all the news was good. The study also suggested that most governments were failing to provide infrastructure and charging stations to meet the market demand. That’s certainly a problem: people aren’t going to be electric cars if they suspect there’s going to be nowhere to charge them, especially in more rural areas outside of major cities where charging stations are often few and far between. And of course, the fact that EVs are still fairly new tech means that they often cost more (though the second-hand market is definitely helping with this).

The big takeaway from the study is that EVs look more plausible as the vehicles of the future than ever, but that can’t happen until governments provide systems to support them, and until the initial cost of EVs drops enough to stop scaring away new customers. Elon is working on the latter – albeit without as much expediency as anybody would like – but many nations are still failing to meet demand and make EVs as useful as they should be. Still, affordability is a huge part (perhaps the biggest part) of accessibility, and the downwards-trending cost of EVs can only be good for everybody.