The potential average fuel cost savings of running an electric vehicle (EV) compared to a petrol or diesel alternative have reached £960 in April.

It marks the highest level recorded since tracking began in November 2023, according to new analysis from charging data platform Zapmap.

Despite the Iran conflict driving up fuel prices in the UK, diesel and petrol prices have risen further and faster than electricity prices.

Voltage value

The new figures highlight the widening cost gap between electric cars and petrol- or diesel-powered vehicles, as motorists continue to face fluctuating pump prices amid recent global supply pressures.

Analysts say volatility in fuel markets, including weeks of instability linked to geopolitical tensions, has contributed to the record savings.

Zapmap’s calculations are based on a typical 80/20 split between home and public charging, reflecting common usage patterns among EV drivers.

In this scenario, the cost of charging an electric car, compared with fuelling an equivalent petrol or diesel vehicle, produced the largest recorded saving since the data series began.

Melanie Shufflebotham, co-founder and chief operating officer at Zapmap, said: “This shows that the vast majority of drivers choosing electric will enjoy total cost of ownership savings, even more so as the cost of new EVs continues to fall.

“We’re now seeing that for EV drivers with a typical 80/20 split between home and public charging, the cost saving of charging their EV compared to fuelling a petrol or diesel car is at the highest level since we began tracking.”

Industry observers say the figures reinforce the financial case for switching, particularly for drivers with access to home charging. While public rapid charging can be more expensive, home electricity rates, especially under off-peak tariffs, continue to provide significant per-mile savings compared with petrol and diesel.

Broader developments

The latest cost data comes alongside new updates from the industry campaign “Electric Cars: The Facts”, supported by organisations including Autotrader, ChargeUK and the Society of Motor Manufacturers and Traders (SMMT).

The initiative aims to address misinformation about electric vehicles and provide up-to-date consumer information.

Recent campaign updates show that the average range of a new EV now exceeds 300 miles, up from 290 miles in January.

Some newer models can travel up to 500 miles on a single charge, reflecting continued improvements in battery technology and efficiency.

The campaign has also adjusted its used-vehicle messaging, highlighting a growing second-hand market by using £15,000 as a headline price point for used EVs, replacing the previous £20,000 benchmark.

Supportive  adoption

Vehicle leasing company Lex Autolease has joined a group of organisations backing the campaign, alongside the AA, the Institute of the Motor Industry, Zapmap, the National Franchise Dealer Association (NFDA), the British Vehicle Rental and Leasing Association (BVRLA), Cox Automotive Europe and EVA England.

Paul Hyne, commercial director at Lex Autolease, said: “The EV conversation has moved on. Choices have broadened, technology has matured, and more drivers are experiencing electric vehicles as part of everyday life.

“From our perspective, financing one-in-eight electric vehicles on UK roads gives us a front-row view of that progress. Supporting the Facts is about helping that momentum continue, by sharing clear, up-to-date information that reflects how electric vehicles are actually being used today.”

Marc Palmer, head of strategy and insights at Autotrader, added: “Now more than ever, it’s vital consumers understand the potential benefits of electric driving, with average running cost savings so high and upfront price reducing, it’s a great time to consider.

“We’re determined to ensure drivers have the right information to make informed choices that best suit their needs.”

Advantageous shift

With record fuel savings, expanding model choice, and increasing used-EV availability, industry data suggests the financial case for electric vehicles is strengthening for many drivers, particularly those able to charge at home.

While analysts note that EVs may not yet suit every buyer, the latest figures indicate that for a growing number of motorists, the running cost difference between electric and petrol or diesel vehicles has reached its highest level to date.

With a rapidly improving charging network and lower servicing costs for EVs, alongside fuel savings, it is perhaps no surprise that EV sales, both new and second-hand, have hit new highs in recent months.

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