The Cost of Owning an Electric Vehicle

Owning an electric vehicle (EV) is not as expensive as you might think. In fact, electric vehicles can cost less to own and run than their combustion-engine counterparts. However, the initial purchase price of electric cars is still a significant investment for most – electric vehicle prices start at around £30,000 in the UK. The good news is that the cost of electric car ownership quickly pays off in the long-term, even before considering how much money you’ll save on fuel costs. 

Here are three reasons why electric cars are cheaper to own: 


A government grant is available to put towards your EVs purchase price. But even after this offer, they are still much more expensive than the petrol or diesel alternatives.  

For example, a Volkswagen’s ID.3 costs around 16% more than the comparable Golf, while a Kia E-Niro will cost over 20% more than its hybrid option. However, a Tesla Model 3 is 10% cheaper than the equivalent BMW 330e PHEV and around the same as a 320d, while Audi’s E-Tron represents a saving of nearly 10% over a comparable Q7.[1] 




The UK government want more people to make the switch to electric and are supporting people to make it affordable. A recent government announcement stated that electric charge points must be installed in each new build home and there will be a vast expansion of public chargers for when you are out on the road.[2] 




Electric vehicles are much cheaper to run compared to ICEs (Internal combustion engines). On average the UK electricity price sits at around 17.2p per kWh and if you assume an electric vehicle will travel 3.5 miles per kWh on average, a 100-mile journey would cost around £5 or 4.91p per mile. However, an ICE vehicle would cost around £12 or 12p per mile if fuel cost £1.34 per litre, and on average you can achieve around 49.2 miles-per-gallon from petrol vehicles.  

So, if you have a cheaper fixed tariff, then it’s likely the cost to charge your electric vehicle will be cheaper, and with the recent bump in petrol and diesel prices which are currently at an all-time high, your savings are ever-more apparent. 

*The above is only an indication and prices, and tariffs may vary depending on where you live. The prices you pay for both electricity and fuel and the vehicle you own can increase or decrease these savings*. 




There are 3 main areas to back up that EV maintenance is much simpler and cheaper than its traditional counterparts. Electric vehicles have fewer parts and use a different braking method, meaning there is less that could need to be worked on.  

A standard car contains hundreds of individual working parts, which means there is a higher possibility that something could go wrong, and more parts could need replacing over time. An electric vehicle, in contrast, has a lot less to damage or wear, so maintenance costs can be as much as 50% less.[3] 


Regenerative Braking 


Most electric vehicles contain some form of regenerative braking – This uses the electric motor to slow the vehicle whilst re-supplying electricity back into the battery. Because of this, braking becomes much more efficient, placing less wear and tear on the brake discs. Brake discs and pads still need maintaining but this needs to be done less often, saving money in the long-term. 




Research shows that electric vehicles cost at least 30% less to service and maintain than traditional vehicles (depending on the model). One thing that is still comparable between ICE and electric vehicles, is tyre wear. Vehicles used around city centres tend to wear out tyres and brakes much faster than those who spend more time on motorways due to more regular acceleration and the fact that they are more likely to encounter a greater number of potholes. 


If you have recently bought an electric vehicle or are looking at purchasing one in the next 4 months, check out our wide range of electric vehicle chargers and book in your installation.