Thinking of switching to electric? The environment (and your budget) will thank you. From manageable maintenance costs to cheap charging, we’ve put together some handy insights on the running cost of electric cars and the pros and cons of owning an electric vehicle in today's environment.
The running cost of electric cars varies depending on where you charge. Rapid charging is convenient but pricier, averaging 71.41p per kilowatt hour (kWh) according to the RAC. Charging at home is more economical, at around 32p per kWh. Despite fluctuating petrol prices, electric charging remains a more stable and often cheaper option, making it easier to manage your running costs.
According to the AA EV Recharge Report, one of Britain's ultra-rapid chargers at peak times has fallen to its lowest cost this year. Whereas petrol prices continue to fluctuate, more often than not increasing due to countless external factors such as global supply and geopolitical tensions.
Currently, electric cars are exempt from road tax in the UK, but this will change in April 2025 when EVs will start paying Band B VED charges. This change is part of the government’s broader effort to ensure EV drivers contribute to road maintenance, despite not paying for petrol.
Electric car insurance has seen a rise, with premiums up 72% over the past year according to The Guardian. However, this increase is reflective of broader trends in the insurance market, not just specific to EVs. Despite this, the overall running costs of electric cars still tend to be lower when compared to traditional vehicles.
Electric vehicles (EVs) often have lower maintenance costs compared to petrol cars. With fewer moving parts (18 in an EV vs 2,000 in a petrol engine), you can save up to 23% on maintenance over a three-year period according to Go Ultra Low. Regular servicing is still necessary, but overall, the maintenance cost of electric cars is much lower, contributing to their lower running costs.
Yes, electric cars require servicing just like any other vehicle. However, with fewer components, the frequency and cost of these services are often reduced. For example, Renault’s EVs require less frequent servicing compared to their combustion engine counterparts.
There are things you can keep an eye on before servicing and MOT, such as tire wear, the brake fluid and pads, your windscreen wipers, and your car's overall "health".
One of the more significant costs in owning an electric car is battery replacement. While the batteries are designed to last for many years, eventually they will need replacing, which can be costly. However, this cost is balanced by the overall lower running costs of electric vehicles compared to traditional petrol or diesel cars.
- Be wary of temperature: Avoid long journeys in blazing, direct sunlight, or freezing temperatures. An EV has an optimum battery temperature of around 20-40 degrees c.
- Keep your car in the shade when the weather is hot. This prevents overheating!
- Monitor your charging habits. Keep your charge anywhere between 20-80% for steady battery performance. Overcharging can impact the battery’s efficiency. As much as it can be economical to charge your EV overnight, make sure not to make it a regular habit!
- Mix up your charging routine. Sometimes, it’s best to opt for slower charges to prevent the battery from degrading. Too much rapid charging can deplete the battery life.
- Plan your journey. Many EVs will let you know what level your car is charged to; alongside navigation tools you can use to map out when you need to charge your car in advance.
- Don’t stay stuck on the driveway. Every so often, if you’re less on the go, get your car moving for a short run around to prevent wear and tear on your tyres.
It's usually much cheaper to keep an EV running than a petrol car, as electricity continues to be much more affordable than petrol or diesel overall. Electric car charging cost varies depending on the destination and time spent charging your vehicle. So, it’s worth considering how and where you upkeep your vehicle the most currently and how you plan to do so in the future.
As explained by Money Saving Expert, charging a Nissan Leaf from empty to full at home once a week for a whole year would help you travel 8,000 miles for around £600, unlike petrol, which would offer the same distance but for £1000+. A huge win for the running cost of electric cars.
Are hybrid cars the perfect balance of efficiency and environmentally friendly transport? As we creep towards 2035, we may see the end of new petrol, diesel and hybrid vehicle sales as part of a greener plan. However, a hybrid might be the option if you want a reliable car that uses less energy and doesn't break the bank in the meantime.
When searching for your next car, you must reflect on what kind of trips you do regularly. A plug-in hybrid vehicle might be the perfect solution before you move to fully electric. In contrast, a hybrid car is an ideal alternative to petrol or diesel to complete short trips comfortably. Although, electric vehicles can travel much longer distances than hybrid cars, even on a single charge. So, it’s worth diving into all the pros and cons to make the best decision.
See what car is the right fit for your lifestyle with our easy-to-use comparison tool.
Electric car insurance has faced recent scrutiny. As discussed in The Guardian, quoted figures show a rise in insurance premiums for electric vehicles is 72% higher than last year. However, the cost of car insurance on petrol and diesel cars also continues to rise alongside inflation.
Eager to go electric? Check out our latest leasing deals. For more on electric and hybrid vehicles check out our blog.
Originally posted: 6th November 2023
