The true cost of running an electric car

Just like traditional fuel engine vehicles, the cost of buying, running and maintaining an electric car (EV) will vary, depending on the make, model and specifics of the vehicle. That’s why a couple of categories below use the term ‘generally’. This is a general guide on how the cost of EVs stack up against traditional petrol or diesel vehicles, but it’s no substitute for your own research into specific EVs.

Buying an EV: generally higher
Presently, EVs generally have a higher recommended retail price than petrol or diesel cars because they are produced in smaller numbers and the materials and machinery required affect the speed of manufacturing, which impacts cost. For example, the manufacture of lithium-ion batteries takes 18 months in total. Supply chain and demand are also key factors. 

Fuelling an electric car: generally cheaper
The cost of recharging an EV depends on the size of its battery, and the cost of the electricity you’re putting in it. Capacity is normally measured in kilowatt-hours (or kWh), and they differ, just as the size of a fuel tank in a combustion-engine vehicle does. But the most important factor for most people is range – how far can you travel? A small battery, for example 35kWh, can provide about 130 miles of range but some of the latest releases offer a 107.8kWh battery – giving a possible 453 miles.

Of course, the bigger the tank, the bigger the cost to fill it with fuel. But you also need to consider vehicle size and aerodynamics, battery heating efficiency and outside temperature.

For the purposes of straightforward comparison, let’s assume you’re charging a 100kWh vehicle from 0-100% and getting 300 miles of range. At the time of writing, the average cost of using a rapid public charger is 73p/kwh** which means you would pay £73, or 24p a mile. The average domestic electricity cost is 33p a kWh meaning if you can charge at home, it will only cost you £33, or 11p a mile. This is still cheaper than traditional cars but the difference is not as big as it used to be, because of the increase in electricity prices.

However, the EVs do have an advantage when it comes to fuel – regenerative braking. This is the ability of the vehicle to ‘self charge’ when braking. If you are driving in stop start traffic for example, you could use minimal energy.

Other considerations
•    While home charging is much cheaper, you will need to invest in a charger as your car may not be suitable for charging from a 3-pin plug and even if it is, it is an incredibly long process.

Insuring an EV: generally more expensive
As EVs become more commonplace, more insurers are entering the market, but it is still generally more expensive to insure an EV. Although this will be dependent on a number of factors, the main one is that EVs are currently more expensive to buy than traditional cars, so replacement costs are higher for insurers. 

Other considerations:
•    According to WhatCar, EVs are typically less likely to be stolen and more likely to be recovered, due to their limited range and because charging them is relatively time-consuming and complex.

Maintaining an EV: cheaper

EVs have fewer moving parts meaning that they have less items to replace or repair, so servicing costs are generally lower. EDF energy estimate that an EV is at least 30% less to service and maintain than a traditional car, and MOT pass rates are higher.

Taxing an EV: cheaper
Electric cars are currently exempt from road tax, although from 2025 they will be charged the same £165 a year as petrol and diesel cars. 

Driving in congestion zones: cheaper
The government’s Net Zero Strategy sets out policies and proposals for decarbonising all sectors of the UK economy to meet an ambitious net-zero target by 2050. One of the main ways they plan to achieve this is through rolling out congestion charges in cities throughout the UK.
Currently, you need to pay congestion charges to maintain ‘clear air zones’ in London, Bath, Birmingham, Bradford, Bristol, Greater Manchester, Portsmouth, Sheffield, Newcastle and Gateshead but more cities will follow. With charges up to £15 a day at the time of writing, this could be a serious saving if you need to regularly travel within a city.

* Zap Map, the UK's leading app and digital platform for EV drivers
** According to Podpoint, (as of March 2023).