How Much Does It Cost to Run an Electric Car?

Electric vehicles can offer many benefits, including having much less impact on the environment than petrol or diesel cars. However, there is a question about how much it costs to run an electric car, and if the running costs are cheaper than petrol or diesel vehicles. Below, we look into the running costs for an electric car to see if they really are the cheaper option.

How much does it cost to buy an electric car?

The initial cost of an electric car is often higher than many petrol or diesel vehicles, due to the manufacturing costs involved with the battery and the engine. Some of the cheapest electric cars start at £7,600, and the price can increase up to £150,000 for luxury electric vehicles.

On average, a new electric car will cost around £30,000 to £50,000. Used electric cars will cost around £5,000 to £10,000, making it a more affordable option. Buying an electric vehicle on car finance can be a great way of making the initial cost more manageable by splitting it into monthly payments. With car finance, buying an electric vehicle can cost on average £170 to £350 per month.

How much does it cost to charge an electric car?

It’s estimated that refuelling your electric car is around 55% cheaper than a petrol car. It typically costs between 7.5p to 11p per mile to refuel an electric vehicle – to refuel a petrol car will cost around 14p to 19p.

Electric car chargers are becoming more and more prominent, with public chargers now available at many garages, supermarkets, and other places of interest. You can also easily charge your electric vehicle at home, although both options will have different costs.

Charging an electric car at home

Installing an electric car charger in your home can cost around £1,000 on average, but can range depending on the model you get and the features it offers. Some more expensive models have smart capabilities, allowing you to create charging schedules and remotely lock it.

Charging your electric car will depend on the vehicle model and how far you regularly drive, as well as your energy tariff. On average, the range of an electric vehicle is 226 miles on a full charge. So, typically, to charge an electric vehicle fully at home will cost around £24. The average driver will travel around 6,800 miles per year, so the cost of charging your car at home will be around £748.

Charging an electric car at public stations

There used to be an abundance of free public electric vehicle charging stations, but as electric cars have become more popular, more stations have become paid for. Public charging stations are often much more expensive than charging at home and will come with a one-off usage fee or a subscription fee on top of the cost of the vehicle charge itself. A

Charging an electric vehicle to full on a public station will cost between £65 and £30, depending on the size of your vehicle’s battery. A subscription fee for electric charging stations can cost around £100 per year but can give you access to fast charging stations.

Over the course of a year, using only public charging stations to charge your vehicle can cost over £1,000, making it much more expensive than charging at home.

How much does it cost to tax an electric car?

Currently, electric vehicles are exempt from road tax, which can be a huge benefit for electric car users. However, the exemption is set to end in 2025, when there will be new legislation to tax electric vehicles.

New electric vehicles registered after 1 April 2025 will be liable to pay the lowest rate of road tax for the first year, which is currently £10. After that, they will raise to the standard rates. Electric vehicles registered between 1 April 2017 and 31 March 2025 will also be liable to pay the standard rate, Currently, this is £165 per year.

How much does it cost to insure an electric car?

Insuring an electric car is often more expensive than insuring a petrol or diesel vehicle. This is partly due to how expensive it can be to replace parts. Typically, the cost of insuring an electric vehicle can range between £382 per year up to £1,190 per year.

The cost will depend on the model of the car as well as the driver’s situation. Electric Mazda and Mini cars are some of the cheapest options to insure. At the other end of the scale, Porsche and Tesla are usually more expensive.

How much does it cost to service an electric car?

Electric vehicles have fewer moving parts than petrol or diesel cars, so their maintenance costs can be less. It’s advised that electric cars get serviced every 12 months or every 10,000 miles, whichever comes first. Electric vehicles also have to get an annual MOT starting three years after they’re first registered, in the same way as petrol or diesel cars.

The cost of an MOT for electric vehicles will be similar to petrol or diesel, and the maximum a garage can charge for an MOT is £54.85. You may find yourself restricted to which garages you can use, as the technicians will need to be trained to deal with the high voltage electric system. However, as electric vehicles are becoming more common, more smaller garages are introducing electric vehicle servicing and MOTs.

Are electric cars cheaper to run than petrol or diesel vehicles?

Electric vehicles have long been advertised as being cheaper to run than petrol or diesel engines. However, with rising energy costs and the incoming taxation, this may now be up for debate.

The initial cost for an electric vehicle may be more expensive than a petrol car, but going for a used vehicle could reduce the difference here. Fueling costs for an electric vehicle will likely be cheaper than petrol or diesel, but if you often drive long distances, you may not find that this is the case.

Insurance will typically be more expensive than a petrol or diesel car, but servicing and maintenance will be cheaper. Replacing parts will be more expensive than in a petrol car but with fewer moving parts in an electric vehicle, you may find that these costs happen less often.

You should consider your driving habits to decide whether an electric vehicle will be cheaper to run than a petrol or diesel car. If you often stick with city driving, you could see huge savings with an electric car.

GetCarFinanceHere can find you the best car finance for your electric vehicle, including finance for Tesla cars. You can apply for car finance online today to see how much you could borrow.