Car Cost Index LeasePlan Corporation N.V. - Consultancy Services May 2018
The Car Cost Index LeasePlan s Car Cost Index is a comprehensive analysis of the costs of owning and operating a small to medium-size car in 21 European countries. It factors in all the various costs that motorists must pay in each country, including fuel, depreciation, taxes, insurance and maintenance. All costs are averaged over the first three years of ownership and assume 20,000 km of driving a year. The models of car included in this analysis are: BMW i3, Ford Focus/Focus Electric, Hyundai Ioniq, Nissan Leaf, Opel/Vauxhall Corsa, Renault Clio, Renault Zoe, Smart Fortwo, VW Golf/e-Golf and VW Polo. The following information in this report is subject to certain conditions and disclaimers (see page 11), continuing to read this report indicates your acceptance of these conditions and disclaimers. 2
Key findings The average cost of owning a car varies hugely across Europe, from 448 a month in Poland to 761 a month in Italy. Romania is the cheapest place to drive a petrol car. Weighted for GDP, drivers in Italy, Finland and Belgium have the highest total cost of ownership, while drivers in Poland, Ireland and Switzerland have the lowest. Electric cars are increasingly cost competitive in northern European countries such as the Netherlands Norway is the most expensive place to drive a petrol or diesel car. It s also the only country where electric cars are, on average, cheaper than petrol or diesel ones. Depreciation is the biggest cost facing motorists and it s particularly high for electric cars. 3
Italy Finland Norway Belgium Denmark Netherlands Sweden Spain Switzerland Slovakia Germany Ireland Austria UK France Greece Czech Rep. Turkey Hungary Romania Poland Average monthly total cost of ownership (all fuel types) 800 700 600 500 400 300 761 741 708 696 691 665 643 638 630 618 618 611 608 598 594 564 529 507 479 476 448 Average 616 200 100 0 4
TCO per month (all fuel types) Wealthier countries tend to have higher costs 800 750 700 650 600 550 500 450 RO GR TK HU PL SK CZ ES IT UK DE FR FI BE NL AT SE DK IE NO CH 400 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 GDP per capita 5
EVs can be competitive compared to ICEs Petrol Diesel Electric 1,000 958 954 984 900 800 700 785 861 829 780 688 857 600 500 400 468 465 561 We compared the same model across all three fuel types based on 48 months and 30,000km 300 200 100 0 Norway Netherlands United Kingdom Belgium 6
Average monthly split of ownership costs (all countries) Petrol Diesel Electric 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Depreciation Road tax + VAT Fuel Insurance & Accident Management Repair, maintenance & tyres Interest 7
Norway Italy Denmark Sweden Finland Netherlands Belgium Switzerland Austria UK Germany Ireland Turkey Spain France Greece 445 442 416 393 Poland Slovakia Czech Rep. Hungary Romania Average monthly total cost of ownership 800 Petrol 731 700 667 642 631 630 604 Depreciation Fuel Repair, maintenance & tyres Road tax & VAT Insurance & accident management Interest 600 590 557 538 538 500 515 506 492 477 472 468 400 353 300 200 100 0 8
Norway Netherlands Finland Italy Denmark Sweden Belgium UK Turkey Switzerland Austria Germany Spain France Ireland Greece Czech Rep. Slovakia Hungary Romania Poland Average monthly total cost of ownership 800 Diesel 722 700 686 Depreciation Fuel Repair, maintenance & tyres 637 628 607 568 561 Road tax & VAT Insurance & accident management Interest 600 535 519 516 497 489 476 475 474 500 400 427 425 416 405 363 359 300 200 100 0 9
Italy Slovakia Finland Greece Spain Denmark Belgium Romania Ireland France Switzerland Czech Rep. Austria Germany Sweden UK Netherlands Norway Poland Hungary Average monthly total cost of ownership Electric 1,000 900 800 700 600 500 400 300 200 100 0 Depreciation Road tax & VAT Fuel Insurance & accident management 986 Repair, maintenance & tyres Interest 955 955 953 952 914 898 890 852 836 800 800 788 788 770 719 705 670 634 597 10
Disclaimer This material has been approved solely by, and is the responsibility of LeasePlan Corporation N.V. ( LPC ) on the basis of the sources as listed herein and information provided by LPC. LPC makes no representation or warranty (express or implied) of any nature, nor does it accept any responsibility or liability of any kind, with respect to the accuracy or completeness of any of the information or opinions in this material. The information contained in this document is derived from sources that have not been independently verified. LPC gives no undertaking and is under no obligation to provide the recipient with access to any additional information or to update this document or to correct any inaccuracies in it which may become apparent, and it reserves the right, without giving reasons, at any time and in any respect to amend or terminate the information described herein. Except in the case of fraudulent misrepresentation, neither LPC nor any of its affiliates, advisers or representatives shall have any liability for any direct, indirect, consequential or other losses or damages including loss of profits incurred by you or any third party that may arise from any reliance on (1) this document or for the reliability, accuracy, completeness or timeliness thereof or (2) for any other written or oral information made available by LPC in connection herewith or (3) any data which any such information generates. 11
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