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MerchWhat does rising fuel costs mean for electric cars in Ireland?
Rising fuel costs
It’s been no secret that since the global pandemic restrictions have eased, fuel prices have been gradually on the increase. With one of the largest shifts on record during the spring of 2022. The UK is currently the 11th most expensive country in the world to buy fuel with Ireland closely behind in 15th position*.
The most expensive place to purchase fuel is currently Hong Kong, with an average cost per litre of €2.87, the UK is current averaging €2.20 and Ireland €2.16. This means it is costing on average between €90-€110 to fill an average petrol or diesel vehicle in Ireland currently.
So is electric now the most cost effective option?
*figures correct as of July 2022.
How much does it cost to buy an electric car?
It is typically a few thousand more euros to buy an electric version of the petrol or diesel counterpart. But when taking into account PCP deals and other ownership schemes, these few thousand can be easily broken down into just a few extra euros a month across the length of your ownership. The most interesting part of this is, how much does it cost to charge an electric car?
The cost of running an electric car isn’t quite as black and white as a petrol or diesel where a very quick calculation of average MPG and cost of fuel is involved. For the cost of charging an electric car this is much more complex. This calculation takes into account the following:
- Make and model
- Size of battery
- Type of charger
- Place of charging
- Time of charging
- The climate
However, based on rough averages, electric cars cost around 4-6p per mile to run, which is considerably less than the average 22-26p per mile for petrol and diesel vehicles.
What are the benefits of owning an electric car?
Eco-friendly
There are an array of benefits that come with the ownership of an electric car, the most obvious of these being that they are better for the environment by producing zero emissions. Most buyers who are looking to switch to electric cars are those with an eco-conscious background and are looking for a more green option to help the planet.
Cost savings
When it comes to those who are making a purchase decision based on cost electric vehicles have no road tax which in some circumstances can save you up to €1,117 a year just on this expense. The annual flat rate on a new combustion engine vehicle is €180, so at a minimum, by owning an electric vehicle you are saving on this.
Less maintenance
With an electric vehicle, you do not need to worry about regular oil changes or periodically changing incidental parts such as fan belts, gaskets and radiator hoses. Some electric car owners have even reported driving their vehicles 70,000 miles or more on original brake pads.
Is an electric car cheaper?
For this calculation we have focused on one very popular electric car in Ireland; the Mini!
The 3-door Mini Electric, retails at €38,075 in Ireland which is €7,710 more than the petrol equivalent.
The 3-door Mini Electric will on average cost €566 a year to fill with charge*, compared to €1,430 to fill the petrol version.
Meaning the difference in cost would be made up in just over seven years, falling to just over six years once road tax is taken into account.
However, if the electric car is purchased on a PCP deal these costs are usually soaked up in the deal, and even better if the car can be charged for free with a solar EV charger.
*based on average journey times.
What does rising fuel costs mean for electric cars?
Electric vehicle production in the UK and Ireland is forecast to skyrocket!
According to the RAC, 48% of UK car owners are concerned about rising fuel costs which could force them to make a switch to electric cars sooner than they previously might have done.
The sale for electric cars has already hit a record high in 2022, the ability to charge your electric car with solar is possibly the only solution for both rising fuel and rising electric costs.
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