SMR and running costs of EVs
What the LEXperts say
With significantly fewer components than petrol and diesel vehicles, EVs provide a streamlined SMR (service, maintenance and repair) solution for fleets. Regular advances in battery technology also mean today’s EVs are more affordable to produce and cost efficient to run.
Mechanical advantages of an EV
EVs offer greater operational efficiency due to their extended lifespan and lower maintenance needs. Their regenerative braking system captures energy typically lost during braking, improving battery efficiency and reducing wear on brake components. Combined with a simplified powertrain and 90% fewer moving parts than petrol and diesel vehicles, this ensures reduced servicing costs and long-term reliability for fleet managers.
As batteries are typically sealed units, their temperature management systems require minimal maintenance, ensuring reliability and reducing servicing needs for fleet operators. For example, Tesla claims their systems never need fluid changes. Fleet managers should check if firmware upgrades are delivered wirelessly or if manual attention is needed.
Reduced running costs
By year three of fleet ownership, the average SMR costs of Battery Electric Vehicles (BEVs) are significantly lower than those of petrol vehicles. Looking at Lex Autolease car models leased over 3 and 4 years the maintenance budgets are between 27% and 37% cheaper for an EV compared to petrol and diesel equivalents.
Over a typical four-year lease, this can amount to savings of up to £1,400 per vehicle, depending on mileage and model. With fewer moving parts and extended servicing intervals, EVs require less routine maintenance, reducing both costs and vehicle downtime – critical advantages for fleet managers focused on efficiency and cost control.
When assessing fleet costs, fuel expenditure is a key factor. Table 1 provides a direct comparison of fuel costs across EVs, petrol, and diesel vehicles, demonstrating the potential savings available when transitioning to an EV fleet.
Table 1: Fuel cost comparison
|
Fuel type |
Average efficiency |
Cost per mile |
Annual cost (16,000 miles) |
Annual savings with EV |
|---|---|---|---|---|
|
Fuel type EV |
Average efficiency 3.5 m/kWh |
Cost per mile 6p |
Annual cost (16,000 miles) £918.86 |
Annual savings with EV N/A |
|
Fuel type Petrol |
Average efficiency 36 MPG |
Cost per mile 17.2p |
Annual cost (16,000 miles) £2,752.48 |
Annual savings with EV £1,833.62 |
|
Fuel type Diesel |
Average efficiency 43 MPG |
Cost per mile 15.1p |
Annual cost (16,000 miles) £2,410.30 |
Annual savings with EV £1,491.44 |
Fuel prices taken from UK government data.
EV costs taken from Zap-Map, based on 80% home, 10% fast, 10% rapid charging. Average price/kWh – home EV tariff 8p, fast 57p, rapid 80p.
Efficiency data taken from Nimblefins.
When we look at the cost per mile, EV’s deliver notable cost savings when compared to petrol and diesel on an annual basis. This is an important consideration for fleet managers aiming to reduce expenses.
Also, when considering the Whole Life Cost (WLC) of a vehicle – not just the upfront price but the total expense over its leasing term – EVs offer a clear financial advantage. WLC accounts for fuel, maintenance, national insurance contributions, and other expenses. One corporate fleet using this metric saved over £90,000 annually by making the switch. Read the E.On case study here (PDF, 290KB)
For companies focused on long-term cost control, EVs represent a future-proof fleet solution. By lowering maintenance and fuel costs, EVs deliver significant savings while supporting environmental goals – a win-win for businesses today and in the years ahead.
Article published February 2025