TCO Comparison of three best-selling ICE vehicles in Spain with BEV equivalents

Following up on our comparative TCO analysis between BEVs & ICE vehicles (Jan. 2022), based on the 41 best-selling ICE vehicles in Spain from 2021, against 25 of the most popular BEVs presently available on the market, we’ve updated our current TCO (Total Cost of Ownership) values (June 2022) factoring in recent increases in energy prices.

This month we’re looking at the top three best-selling vehicles in Spain in 2021, pitched against three comparable BEV models from A & C segments.

The 3 best sellers in Spain last year (2021) were the Seat Arona (segment B), the Dacia Sandero (segment B) and the Hyundai Tuscon (segment C). The Arona & Tuscon are SUVs, the Sandero, a subcompact.

The BEV challengers are the Dacia Spring (segment A), the Kia e-Niro (segment C) and the MG ZS EV (segment C), all SUVs.

Although the average ICE vehicle list price works out at almost 45% cheaper than the BEV (20,675€ compared with 29.945€ for the average BEV), as can be seen below, the considerable TCO savings more than compensate for the initial cost of acquiring a BEV.

In all cases, we’ve applied a general vehicle depreciation of 90.20%, over a 13-year vehicle lifespan, which is the average vehicle lifespan in Spain, according to the Asociación Española de Fabricantes de Automóviles y Camiones (ANFAC).

The data is based on an average daily commute of 41 kms (total 15.000 km/year).

Main Takeaways

1. All three BEVs have a lower TCO than any of the three ICE vehicles.

2. The average TCO of the three ICE vehicles is 46.10% higher than the three BEVs over a 13-year vehicle lifespan.

Average TCO for BEVs: 38,548.79€. Average TCO for ICE vehicles: 56,322.85€

3. The most popular car in Spain, the Seat Arona, costs around the same price as the Dacia Spring BEV yet works out at 85.6% more to own.

4. As things stand (June 2022), if your ICE vehicle of choice is a Seat Arona, with current fuel prices, you can now expect to spend 25,350€ on petrol during the vehicle’s lifespan, approximately 4,350€ more than the vehicle list price.

5. Average overall Running costs for ICE vehicles is 150% more. BEVs cost 15,038.40€ over a 13-year period, compared with 37,674€ for ICE vehicles.

6. Average Energy cost for ICE vehicles is 354% higher over 13-year period. In other words, using electric energy costs only 22% of using petrol. BEVs: 5.577€, ICE vehicles: 25,350€.