Car Cost Index 2022: Greece, the cheapest country to drive a car
In 2022, Greece was the country with the lowest cost of using a car, according to the latest edition of the Car Cost Index, which analyzes the total cost of driving and operating a car in 22 European countries, from the sub-compact class to the executive class.
More specifically, the average monthly cost of using a car – taking into account energy/fuel costs, depreciation, taxes, insurance coverage and maintenance costs – ranges from €905 per month in Greece to €1,313 per month in Switzerland. The country's "first place" in the 2022 index also concerns electric cars, which are cheaper to drive in Greece, in the vast majority of categories.
The new edition of the index also reveals that in almost every category and in all European countries – including Greece - electric cars now have the same cost or are cheaper in terms of Total Cost of Ownership (TCO) than petrol cars or diesel cars, despite increases in the value of fuel and electricity. In Greece, electric cars have a competitive cost in all vehicle categories. In fact, for the compact, standard mid-size and premium mid-size segments, purely electric vehicles (BEVs) are the most advantageous choice in terms of usage and operating costs compared to hybrid, diesel and petrol vehicles. Indicatively, the Total Cost of Ownership (TCO) for a standard medium-sized BEV amounts to €844, when the corresponding cost for a vehicle of the same type amounts to €934 if it runs on diesel and €1,018 if it runs on petrol.
Other key findings of the 2022 Index include:
- Despite inflation in energy prices, fuel costs remain significantly lower for electric cars than for petrol and diesel cars. More specifically, the cost of fuel corresponds to 15% of the TCO of an electric car, while for drivers of gasoline and diesel vehicles this percentage amounts to 23% and 28%, respectively.
- In almost all car categories and European countries, electric cars now cost the same or are cheaper in terms of TCO than petrol or diesel cars. Electric cars:
-of the compact category are cost competitive in 18 out of 22 European countries -of the standard mid-size class are cost competitive in 19 out of 22 European countries -the premium mid-size segment is cost competitive in 18 out of 22 European countries
- There are more EV models on the market than ever before. In the first Car Cost Index, only 11 electric car models were included, while the 2022 edition includes 33.
Konstantinos Petroutsos, CEO of LeasePlan Hellas, commented: "The 2022 Car Cost Index showed that electric cars are not only the most environmentally friendly, but also the most economically advantageous option for Greek drivers. Especially today, with the energy crisis strongly affecting fuel prices, electrification may be the answer. At LeasePlan, as part of our strategic goal to achieve net zero emissions from our fleet by 2030, we work to support our customers in their transition to electrification, helping them discover its multiple benefits. Furthermore, the strengthening of charging infrastructures, as well as the planning and implementation of long-term policy at national and regional level, will play a decisive role in the decisive penetration of electric mobility".
LeasePlan's 2022 Car Cost Index is available to download below.
