New data shows EVs cut fleet service costs in half

Service, maintenance, and repair (SMR) costs for electric vehicles are nearly half of those for internal combustion engine (ICE) cars, according to new real-world data from Epyx.

Long-predicted EV savings are now becoming apparent.

The latest figures confirm the long-anticipated cost savings from Electric Vehicles (EVs) are indeed materializing. The data indicates a significant difference in both SMR spending and garage visits for EVs compared to ICE cars and hybrids, albeit to a lesser extent for the latter.

At the end of the first year of operation, the average SMR cost for an EV was £141, whereas hybrids stood at £195, and ICE vehicles at £199. Moving into the second year, these costs increased to £174 for EVs, £266 for hybrids, and £290 for ICE cars. Finally, by the third year, the numbers rose to £221 for EVs, £341 for hybrids, and a substantially higher £401 for ICE – demonstrating a 45% reduction in SMR costs for EVs compared to ICE.

Regarding visits to the garage, on average, EVs required 1.13 visits at the end of the first year, slightly less than hybrids at 1.17 and ICE cars at 1.21. By the end of the second year, the numbers shifted to 1.18 for EVs, 1.29 for hybrids, and 1.31 for ICE vehicles. The figures further widened by the end of the third year, with EVs needing 1.36 visits compared to 1.53 for both hybrids and ICE cars.

Epyx has emphasized that the average mileage for each fuel type in its data varied significantly, with hybrids topping the charts at 38,626 miles over three years, followed by EVs at 31,805 and ICE cars at 31,770.

The data, encompassing vehicles up to 3.5 years old, was sourced from the Epyx 1link Service Network. This network caters to fleets comprising over four million cars, vans, and trucks, aiding them in managing service, maintenance, and repair processes through collaboration with numerous franchise dealers, independent garages, and fast fits.

Epyx stated that the latest data offers a more definitive insight into the cost advantages of EVs. Previous figures were less conclusive due to the limited number of EVs in their database. With an expanded fleet of 409,560 EVs, a clearer and enhanced understanding has now been established.

“Essentially, we are observing significantly lower running costs and fewer garage visits for EVs in comparison to hybrids and ICE vehicles. By the end of the third year, the disparity is quite significant – with EV SMR costs barely surpassing half of what is seen for ICE vehicles,” highlighted Tim Meadows, Chief Commercial Officer at Epyx.

“For some time now, industry experts ranging from manufacturers to fleet managers have foreseen that EVs would boast substantially lower running costs than ICE vehicles, owing to the reduced number of moving parts and wear associated with the technology. It is likely, even probable, that these real-world figures are beginning to validate this expectation,” added Meadows.

However, Meadows cautioned that comparing hybrids to EVs is more complex due to the substantially higher mileage covered by the former in the sample.

“The additional average of around 7,000 miles covered by hybrids in our data set could easily explain the discrepancies in SMR costs and garage visits when compared to EVs, necessitating items like extra tyres or brake pads,” explained Meadows.