Credit: LeasePlan

The Car Cost Index 2021, which has just been published by LeasePlan, reveals that compact and mid-size electric vehicles (EVs) are now perfectly competitive in terms of total costs of ownership compared to petrol and diesel cars in the majority of European countries.

In the few countries where EVs are not yet competitive, the price differential between EVs and diesel / petrol cars has narrowed significantly. If the trend continues, EVs are likely to be more competitive in use than internal combustion engine (ICE) vehicles in all of the countries analysed in this survey, including Eastern European markets like Romania and Poland, to the mid-2020s.

LeasePlan's annual Car Cost Index, now in its sixth edition, is a comprehensive analysis of the European market that determines the Total Cost of Ownership (TCO) of a car by taking into account the cost of ownership. fuel / energy, depreciation, taxes, insurance and maintenance in 22 European countries.

Tex Gunning, CEO of LeasePlan, explained “This report is a wake-up call for policymakers: electric cars have finally crossed the affordability threshold and are now competitive across Europe. But government action in the area of ​​infrastructure remains largely insufficient. As COP26 approaches, we call on policymakers to finally take the lead and invest in charging infrastructure that matches their ambitions of achieving zero net emissions. Until charging points are as widespread as gas stations on the streets of Glasgow, Europe has no hope of achieving net zero CO2 emissions."

Sandra Roling, Head of Transport at The Climate Group, observed “LeasePlan's latest Car Cost Index shows that the business case for switching corporate fleets to electric has never been stronger. Clean road transport is one of the greatest opportunities, both for businesses and for our climate. As part of the EV100 program, we are working with companies like LeasePlan to make electric vehicles the new normal by 2030. So it's great to see that we've already passed the economic tipping point in most of the world. Europe today. All businesses can and should start converting their fleets to electric. With COP26 on the horizon, we must continue to insist that zero emission vehicles are the future. ”

The latest findings from LeasePlan's 2021 Car Cost Index:

• The average monthly cost of using a car varies widely across Europe, from €743 per month in Greece to €1,138 in Switzerland.
• Relative to GDP, the total cost of ownership (TCO) is highest for Swiss and Portuguese drivers, while it is lowest for Danish and German drivers.
• Poland is the least expensive country to drive a petrol car, while Greece is the cheapest country to drive a diesel car.
• Electric vehicles in the mid-size premium segment (D2) are competitive on all comparison criteria compared to thermal vehicles (i.e. internal combustion engine) in 17 countries, namely: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Slovakia, Spain, Sweden, Switzerland and the United Kingdom.
• Electric vehicles in the compact vehicle segment (C1) are also competitive on all comparison criteria compared to combustion vehicles in 14 countries: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Sweden, Switzerland and the United Kingdom. 

Luxembourg

The cost of leasing cars in Luxembourg was reported as follows:

- Diesel: €916
- Petrol: €928
- Hybrid: €1,100
- Electric: €1,018