A lot can change in a year, with the blog post we penned back in 2023 comparing the cost of vehicle ownership between vehicle types now in desperate need of an update! Comparing the cost of owning an electric, petrol or diesel powered model remains an important consideration. So, are things looking brighter or a little worse for these vehicle types?

Fuel costs are about to creep up

After months of stabilising fuel prices, the autumn budget (due at the end of October 2024) could mean a return to price hikes. A proposed increase to the fuel tax rate could see average prices jump up to 58p per litre, making it more expensive to own and run a petrol or diesel vehicle. The end of the fuel duty freeze could be another reason to go electric for people in the market for a new vehicle.

The cost of charging an electric car however is also on the rise. The average cost of charging an electric car on a public network is now between 17 and 24p per mile.

Repair and servicing fees have risen

The cost of living has impacted all areas of our lives, including vehicle maintenance. The cost of repairs and servicing – including the supply of spare parts – increased by a whopping 31% from 2020 to 2024 according to the latest data, making it one of the biggest areas of expenditure for vehicle owners.

When comparing petrol, diesel and electric vehicles for servicing affordability, the latter always comes out on top. With fewer moving parts and consumables needed to run an EV, electric car servicing tends to be less expensive.

Car insurance saw the biggest hike

The vehicle running cost that saw the largest jump in price was car insurance, with a 63% change reported between 2020 and 2024. As in 2023, insuring electric cars was generally more costly than insuring petrol or diesel varieties, with some insurers not offering coverage for EVs at all.

Road tax also increased during 2024 in line with inflation. As of 1^st April, all vehicles faced a £10 increase in the yearly flat rate. Vehicles costing more than £40,000 are liable for an extra annual tax surcharge too.

Expect great prices for car storage

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