How much does it cost to run an electric car?
Electric cars are a great option if you want to save on running costs or go greener. And you’ll be ahead of the game before the planned 2035 ban on the sale of new petrol and diesel cars. But how much do they cost to run?
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How much can I save if I drive electric?
Cost of running an electric car is cheaper than you think. Switching to an electric car isn’t just kinder to the environment, it’s easier on your pocket, too. For tax, maintenance and charging, the electric car wins every time, especially if you can charge at home. What’s more, leasing an electric car can save you money in the long run, as it does away with depreciation. Of course, you’ll need to choose a car that’s right for you and suits your monthly budget.
Charging costs
If you fill up a 50mpg petrol car at £1.60 a litre, that works out at roughly 15p for every mile you drive.
A family car like the electric Hyundai KONA can do about 3.8 miles p/kWh, so charging is much cheaper. And with thousands of public charging points spread across the country, charging while out and about is now easier than ever.
- Charging at home (using an EV friendly off-peak rate of 12p/kWh) = 3p* a mile
- Charging at home (using a standard day rate of 44p/kWh) = 11p* a mile
*Based on 4 miles per kWh and rounded to the nearest 1p.
Prices correct as at December 2023
What about car maintenance costs?
- Like most new cars, electric cars rarely break down. And because of regenerative braking, you won’t wear down brake pads as quickly as you would with a petrol or diesel car
- Tyre wear is slightly higher than it is with petrol or diesel cars
- Service costs are often cheaper for electric cars because they have fewer moving parts
And because there aren’t any emissions from a tailpipe, car tax (or vehicle excise duty) on electric cars is currently zero until 2025. However, this will be changing from April 2025, following the announcement in the Government’s Autumn Statement.
To find your dream electric car to lease, see our range of models – some available in as little as 30 days.
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