UK Tesla Model 3 & Other EV 3-Year Total Cost of Ownership Analysis Shows EVs Much Cheaper than Fossil Competitors

We’ve published numerous analyses of our own on the total cost of ownership of the Tesla Model 3 and Volkswagen ID.3 compared to top gasoline competitors. However, if you don’t trust research from CleanTechnica, perhaps you’ll find the work of a major international financial firm more palatable. A recently published report from Bank of America Merrill Lynch (BAML) dove into this topic for the UK. The results are not surprising (to regular CleanTechnica readers like me), but are dramatic, especially when considering coming incentive changes in the country.

A few quick notes before diving in here: Average miles driven in this analysis are lower than for most of CleanTechnica‘s because the analysis is for the UK and people drive considerably less in the UK than the US. Additionally, the analyses are for 3 years, whereas CleanTechnica‘s were for 5 years, and since EVs save consumers money when it comes to operations and maintenance, that means the savings should be higher if you extend the UK comparisons out to 5 years. The UK’s coming incentive change for EVs is one of the most interesting and important parts of the analyses, but as you’ll see, EVs are already winning even without the incentives. That said, to compel change (which humans tend to be naturally averse to), bigger savings and the limited availability of subsidies are very important

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