Falling prices and cheaper operation make electric cars a more sensible investment for more car owners. New analysis shows savings compared to 2023.
The price of owning an electric car dropped significantly in 2024. According to a new analysis from Bilbasen and Spar Nord, the total cost of ownership (TCO) for new electric cars has dropped by 13 percent compared to 2023.
Overall car costs have also been reduced, making electric cars more attractive to more car owners.
This development is due to several factors. Lower prices from car manufacturers, cheaper charging power and favorable financing options have made electric cars more economical.
At the same time, the interest rate level and inflation development have had a positive effect on the market.
For the first time ever, electric cars made up the majority of newly registered cars in Denmark. They accounted for around 60 percent of all new car purchases in 2024.
In the used car market, electric cars have also set a record. 100,000 used electric cars were traded, a significant increase from the previous year.
The average cost per kilometer of owning a new car fell from 3.01 kroner in 2023 to 2.70 kroner in 2024. For electric cars, the decrease has been even more significant, with the price per kilometer now being 2.44 kroner compared to 2.81 kroner the year before.
In the used car market, the TCO for electric cars has fallen from 2.23 kroner to 1.85 kroner per kilometer.
According to Bilbasen's market analyst Jan Lang, the increasing interest in used electric cars is due to the fact that more newer models are being imported to Denmark.
At the same time, the price of used electric cars has fallen, making them more accessible to a wider segment of the population. Improved charging infrastructure and lower maintenance costs also play a role.
Forecasts indicate that the dominance of electric cars will continue. Up to 80 percent of new cars in 2025 are expected to be electric.
Many households are now choosing an electric car as their preferred mode of transportation, especially as more families drive fewer kilometers but still need the flexibility of a car.
Fuel prices and electricity consumption are central factors in the analysis. The gasoline price was calculated at an average of 13.20 kroner per liter, while the electricity price was set at 1.20 kroner per kWh.
The consumption for electric cars was calculated at 20 kWh per 100 kilometers. The calculations are based on the 10 most sold new and used cars in Denmark in 2024.
However, it is worth noting that the resale value of electric cars is highly volatile at the moment. So this is also an important factor to consider if you are considering buying a new electric car in 2025.
