A few years ago, I was convinced that switching to an electric car would save me a fortune. With petrol prices soaring and EVs promising lower running costs, it seemed like a no-brainer. But after crunching the numbers and experiencing both first-hand, I’ve realised the answer isn’t as straightforward as I once thought.
Upfront Costs and Depreciation
Buying an electric vehicle (EV) is typically more expensive than a petrol car. Even with government incentives, EVs often carry a hefty price tag. On the flip side, they tend to depreciate slower than petrol cars—especially as demand for second-hand EVs grows.
Charging vs Fuel Costs
This is where things get interesting. Charging an EV at home on an off-peak tariff can cost as little as £5 for 200 miles, while petrol would set you back £30 or more for the same distance. But if you rely on rapid chargers, costs quickly add up, making the savings less predictable.
Insurance and Maintenance
EVs generally cost more to insure, largely due to expensive battery repairs. However, they require less maintenance than petrol cars—no oil changes, fewer moving parts, and lower servicing costs in the long run.
Final Verdict: Which is Cheaper?
If you can charge at home and plan to keep the car long-term, an EV can be the more economical choice. But if you rely on public chargers or switch cars frequently, a petrol vehicle might still make financial sense.
Would I Switch Again?
Honestly, yes—but with a solid charging plan in place. Running costs are lower, and the driving experience is smooth. That said, petrol cars still have their place, especially for those who cover long distances with limited charging access.
If you’re thinking about making the switch, weigh up your driving habits, budget, and charging options. The ‘cheaper’ option depends on your lifestyle.
