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Along with the environmental benefits, one of the main advantages of owning an electric vehicle (EV) is their relatively low running costs.
Charging a battery is much more affordable than filling a tank, and EVs are often more reliable than petrol and diesel cars since they have fewer moving parts that can fail.
However, a single tank of fuel will take you much further than even the most efficient EV battery. Add to that the jump in electricity prices that took place in 2022, and you may need to consider the cost of owning an EV more carefully.
How much does it cost to charge an EV?
The price of charging an EV depends on where you do it.
At home
Charging an EV at home is usually the most cost effective option. You can charge the car using a domestic three-pin socket, but installing a dedicated EV charger will deliver power much more quickly.
Installing an at-home EV charging point typically costs around £1,000.
With the 1 April. 2024 price cap limiting the cost of electricity to 24.5 pence per KWh (until 30 June 2024), fully charging an EV at home will cost:
- £7.91 to fully charge a small EV (VW e-Up!)
- £9.80 to fully charge a medium sized EV (Nissan Leaf)
- £23.28 to fully charge a large EV (Audi e-tron)
Assuming a range of about 200 miles on a full charge, this works out to between four pence and 12 pence per mile.
Driving 7,400 miles per year — the UK average according to the Department for Transport — would set you back between £296 and £888 depending on your car.
At a public charging station
During longer journeys you may need to stop off at a charging station. In February 2024, there were more than 57,000 public charging points around the UK, according to Zapmap.
The UK government aims to install an additional 300,000 chargers by 2030 to keep up with the growing number of EVs on the road.
However, some commentators think this target is insufficient. Jonny Berry, head of decarbonisation at Novuna Vehicle Solutions, comments: “We expect to see the ratio of cars to chargers increase from 15:1 to 54:1, and that’s going to mean a lot more competition for charger provision; competition which is already being felt today in many parts of the country.”
The UK’s largest EV charging networks include BP Pulse, Pod Point, Instavolt and the Tesla-only Supercharger network.
At a BP Pulse charging station, you’ll pay between 63 pence and 85 pence pence per KWh, depending on the type of charging point. This means it would cost between £20.35 and £80.75 to fully charge your vehicle, depending on the type of charger and your vehicle’s battery capacity.
Depending on your usage, it may be more cost-effective to subscribe to a charging service rather than purchase power on a pay-as-you-go basis.
In exchange for a flat fee, you’ll receive discounted prices and free charging at selected points.
The BP Pulse subscription costs £7.85 per month, for example, and reduces your charging costs to 44 pence per KWh.
Are EV charging costs cheaper than fuel?
Soaring fuel prices may be a key motivation when it comes to purchasing an electric vehicle.
However, as electricity costs fluctuate, so does the price difference.
According to RAC data, the average cost of unleaded petrol was 146.70 pence per litre as of 2 April 2024.
At this price, filling up a petrol car will cost approximately:
- £58.68 for a small vehicle with a 40 litre tank
- £73.35 for a medium vehicle with a 50 litre tank
- £95.36 for a large vehicle with a 65 litre tank
Assuming a full tank of petrol will take you 500 miles, this works out to between 12 pence and 19 pence per mile.
Driving 7,400 miles per year would cost you between £888 and £1,406 per year.
The price of a full tank of diesel is a little higher. As of April 2024, RAC data recorded the average price of diesel at 155.6 pence per litre.
This means it would cost:
- £62.24 to fill a small vehicle with a 40 litre tank
- £77.80 to fill medium vehicle with a 50 litre tank
- £101.14 to fill large vehicle with a 65 litre tank
If a full tank of diesel takes you 750 miles, this works out to between eight pence and 14 pence per mile.
Assuming you travel 7,400 miles each year, your annual fuel cost would land between £592 and £1,036.
EV repair costs
Getting an EV repaired typically costs more than repairing a petrol or diesel car. There are a few reasons for the difference.
- Availability of mechanics
Because EVs are less common than petrol and diesel cars, fewer mechanics are qualified to repair them. This can make repairs more expensive.
- Cost of spare parts
EV components – particularly batteries – are expensive to replace.
The amount you’ll pay for repairs varies significantly depending on the mechanic and the amount of work required.
Some common repairs include:
- Batteries — As the power-source of an EV, the battery is perhaps its most important component. Replacing an old EV battery with a new one costs around £5,600.
- Tyres — Like any vehicle, you’ll need to change the tyres on your EV every few years – roughly when you’ve done 20,000 miles. A new set of EV tyres will set you back about £350. They’re typically a little more expensive than other kinds of tyre, since they must withstand the heavier weight of EVs.
- Brakes — Brakes wear out on an EV just as they would on a petrol or diesel car. Repair prices vary depending on the nature of the issue.
- Suspension — An EV’s suspension system can also go wrong on occasion. Repair prices vary depending on the issue.
- Bulbs — You will occasionally need to replace a headlight, brake, reversing light, or indicator bulb. Installing a new headlight bulb costs around £35.
- Non-essential repairs — Air conditioning systems, heated seats, and other electronics may also malfunction. Fixing an air conditioning unit will usually set you back between £50 and £200, depending on the nature of the repairs.
Although these repairs can be pricey, EVs are generally very reliable. A survey by What Car? gave the popular Nissan Leaf (2011 – 2018) a reliability score of 98.9%, and the MG ZS EV a score of 95.5%.
EVs don’t have a gearbox, clutch, or oil filter — components that are prone to failure as petrol and diesel cars age.
However, the non-essential tech installed in many EVs — such as infotainment screens and reversing cameras — may experience glitches.
EV servicing costs
Because EVs are reliable, they may need to be serviced less frequently than their petrol and diesel counterparts.
For instance, Renault recommends the Zoe is serviced every 18,000 miles. By comparison, the manufacturer advises its petrol cars should be serviced every 9,000 miles.
Nissan also recommends its Leaf be serviced every 18,000 miles.
The cost of servicing an EV is similar to the price you’d pay for a petrol or diesel car. To service a Nissan Leaf, for example, you can expect to pay between £150 and £200.
EV MOT costs
Once your EV is more than three years old, you’ll need to book an annual MOT.
As of April 2024, MOT test centres can legally charge up to £54.85 to test your vehicle — regardless of whether it’s petrol, diesel, hybrid or fully electric.
What other costs should I consider?
Although charging an EV may be more cost-effective than purchasing a tank of fuel, other costs could make a petrol or diesel car the cheaper option.
EVs are relatively expensive to purchase. The Volkswagen e-Up! starts at around £24,000 new — more than £10,000 higher than its petrol equivalent.
The mid-sized Nissan Leaf starts at around £28,500, while a similar mid-size petrol car, the Toyota Auris, starts at around £15,000.
If you want a large EV, the Audi e-Tron starts at £61,275. A similarly sized ICE SUV, the Audi Q2, starts at a comparatively low £27,135
On top of these costs, you’ll need to factor in having an EV charging point installed at your home.
Insuring an EV is also more expensive than insuring an equivalent petrol, diesel or hybrid vehicle. A few factors are at play in this price difference, including a lack of data on EV repair costs, lower availability of mechanics, and the fact that EVs accelerate from a standing start very quickly, which makes pedestrian-related accidents more likely.
As providers gather more data about EVs in the coming years, these premiums are likely to decline.
Higher insurance costs may also be balanced out by savings elsewhere. If you own an EV, you could be exempt from paying road tax.
By contrast, taxing a 2020 Volkswagen Golf – a diesel vehicle – will add an extra £270 to the annual cost of car ownership.
However, the government has announced that from 1 April 2025 EVs will not longer be exempt from road tax. Zero emission vehicles registered on or after 1 April 2025 will pay £10 a year for the first 12 months. From the second year of registration onwards, they will move to the standard rate, currently £180 a year.
All EVs bought from 2017 onwards will be liable for this tax.
Drivers considering an EV will need to factor in this additional cost as they work out whether an EV or ICE is the most cost effective option for their lifestyle.
