Car Cost Index 2022
Despite rising energy prices, EVs are more cost competitive than ever
LeasePlan has just released the latest edition of its Car Cost Index, revealing that EVs in nearly every segment and European country are now the same price or cheaper on a TCO (total cost of ownership) basis than petrol or diesel cars, despite rising prices for fuel and electricity.
The annual Car Cost Index is a comprehensive analysis of the total cost of owning and operating a car in 22 European countries, ranging from the sub-compact segment to the executive market.
Key findings from this year’s Index:
- Fuel costs
Despite energy price inflation, fuel costs remain significantly lower for electric cars than petrol and diesel cars: fuel costs represent 15% of the total cost of ownership of an EV, while this is 23% and 28% for petrol and diesel drivers
- TCO
EVs in nearly every segment and European country are now the same price or cheaper on a TCO basis than petrol or diesel cars:
- Compact EVs are cost competitive in 18/22 European countries
- Standard mid-size EVs are cost competitive in 19/22 European countries
- Premium mid-size EVs are cost competitive 18/22 European countries
- Monthly cost
The average monthly cost of driving a car varies hugely across Europe – from CHF 894 a month in Greece to CHF 1,297 in Switzerland
- EV models
There are more EV models on the market than ever before. The first Car Cost Index surveyed only 11 EVs, while this year’s edition includes 33 countries
EVs are the best way to protect drivers from skyrocketing fuels costs. Unfortunately, governments are pulling the plug far too early on EV incentives, even in countries with ambitious zero-emission targets. This ‘ban without a plan’ attitude will have disastrous consequences for the fight against climate change. We need consistent, long-term policies that will ensure going EV is the common sense choice for all drivers.
In Switzerland, the difference in total cost of ownership (TCO) is even more evident. While we lead the current Car Cost Index for petrol and diesel engines, we are competitive in a European comparison for EV’s. This is an important indication of our policy to support this positive trend and to promote alternative drive powertrains This is in line with the Confederation's long-term Climate Strategy 2050 as well as a partial success of our own Climate Group initiative “EV100”.
About LeasePlan
LeasePlan is a global leader in Car-as-a-Service, with approximately 1.9 million vehicles under management in 29 countries. LeasePlan purchases, funds and manages new vehicles for its customers, providing a complete end-to-end service for a typical contract duration of three to four years. LeasePlan is committed to taking a leadership role in the transition to zero-emission mobility and has set itself the ambitious goal of achieving net zero tailpipe emissions from its funded fleet by 2030. With over 50 years’ experience, LeasePlan's mission is to provide what’s next in sustainable mobility so our customers can focus on what's next for them.
