Fiat 500e tops Forbes Advisor’s Electrical Vehicle Affordability Index

• The Fiat 500e is named the best electric vehicle for affordability in 2023

• Forbes Advisor’s 2023 Electric Vehicle Affordability Index ranks the MG ZS EV and the Nissan Leaf in second and third places respectively

• The Index ranks the most popular EVs in the UK to find the most affordable electrical vehicles 

• The study analysed annual leasing costs, insurance expenses, charging costs and servicing expenses on new EVs in 2023

• The new car market grew 28.3% in July year-on-year, with 143,921 new vehicles registered

Forbes Advisor, the price comparison and financial guidance platform, has today launched its inaugural Electric Vehicle (EV) Affordability Index, ranking the top 10 cheapest EVs to run in the UK.

The index from the car insurance experts compares the UK’s most popular electric vehicles to identify the most affordable electric cars. The ranking takes into account annual leasing costs, insurance expenses, charging costs and servicing expenses. 

Topping the list is the Fiat 500e, with an average annual cost of £5,137. It boasts a relatively low annual leasing cost of £4,070 and insurance at £500. Charging costs and servicing are at £451 and £116 respectively. The Fiat 500e provides an excellent balance of affordability and eco-friendliness, making it an attractive choice for budget-conscious EV enthusiasts, claims Forbes Advisor. 

The MG ZS EV takes the second spot, with an annual cost of £5241. While its leasing costs are even lower than the Fiat 500e at £3,900, it ranks higher due to slightly higher insurance costs (£550), charging expenses (£592), and servicing charges (£199). Nonetheless, the MG ZS EV offers a compelling combination of affordability and features, making it a viable option for those seeking a practical EV SUV.

The Nissan Leaf secures the third position on the list, with an annual cost of around £6,074. While its leasing costs (£4,620) and insurance expenses (£525) are higher than the top two contenders, the Leaf is a well-established and reliable electric vehicle, known for its performance and eco-friendliness. For those willing to invest a bit more for a tried and tested EV, the Nissan Leaf remains an excellent choice.

Comments Kevin Pratt, car insurance spokesperson at Forbes Advisor:

“As electric cars continue to surge in popularity across the UK, informed decision-making about car insurance for these eco-friendly vehicles becomes paramount. From insurance premiums to repair costs, each aspect demands tailored attention.

“However, beyond mere affordability, prudent consideration must be given to other pivotal factors while selecting an electric car. For example, the vehicle’s range on a single charge is of immense importance.

“By thoughtfully evaluating all these vital factors, you can make a well-informed and sustainable choice when selecting your electric vehicle. It’s important to take the time to research, compare, and choose wisely, securing a greener and sustainable future on the roads.”

Please see the full Affordable EV Index here, which includes a detailed listicle on the top 10 cars, as well as guidance on the best EV’s to hold their value: https://www.forbes.com/uk/advisor/car-insurance/electric-vehicle-costs/ 

The 10 best electric vehicle for affordability for UK drivers

Source: Forbes Advisor 

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