Owning an Electric Vehicle: Does it Mean you Save Money?
The idea of switching to an electric car is often sold on one big promise - lower running costs. However, with electricity prices, charging networks, insurance changes, and new taxes all evolving, many UK drivers are now asking the real question of, do you actually save money with an EV, or is it more complicated than that?
The answer is yes, you can save money - but it depends heavily on how you charge and how you drive.
The Biggest Saving: Fuel Costs
The clearest advantage of an electric car is how cheap it can be to run compared to petrol or diesel.
Recent UK data shows that:
- Charging at home can cost around 5p-8p per mile
- Petrol cars typically cost around 14p-18p per mile
That means in the right conditions, an EV can be almost half the cost per mile to run. Drivers who charge overnight on cheaper electricity tariffs can reduce costs even further, with some real-world examples showing annual savings of £800-1,800 compared to petrol cars. So, if you do a high mileage and mostly charge at home, the savings can be significant.
Home Charging vs Public Charging Changes Everything
This is where the EV money saving argument becomes a little less straightforward.
- Home charging (cheapest option): Consistent and low cost
- Public rapid charging: Can be much more expensive, sometimes close to petrol prices
In fact, drivers who rely heavily on public chargers can see their per-mile costs rise so much that the savings nearly disappear. This is one of the biggest factors affecting whether an EV actually saves you money in real life.
Put simply:
- If you can charge at home or work, EVs are usually cheaper
- If you rely on public charging, the gap shrinks dramatically
Maintenance Savings (The Hidden Advantage)
Electric cars also tend to cost less to maintain.
Because they have fewer moving parts, EVs avoid many traditional costs such as:
- Oil changes
- Timing belts
- Exhaust systems
- Clutches
This typically leads to lower servicing costs over time and fewer unexpected repairs. Many drivers see this as a steady, long-term saving that builds up over ownership.
The Costs that Reduce Your Savings
It’s not all savings, though. Several factors can eat into the financial advantage:
Higher upfront cost - EVs are often more expensive to buy than equivalent petrol cars.
Insurance - Insurance can be higher for some electric models due to repair costs and technology complexity.
Road tax changes - EVs are no longer complexity tax-free in the UK, which reduces some of the historic advantage.
Depreciation - Some EVs can lose value faster than petrol equivalents, depending on brand and demand.
Do You Actually Save Money with an EV?
In simple terms:
You WILL likely save money if:
- You charge at home regularly
- You do moderate to high mileage
- You keep the car for several years
You may NOT save much if:
- You rely on public rapid charging
- You do very low mileage
- You choose a higher-cost premium EV without incentives
Final Verdict on Saving Money with Electric Vehicles
Electric cars in the UK can absolutely save you money, but they are not automatically cheaper for everyone. The biggest deciding factor isn’t the car itself - it’s how and where you charge it.
For many drivers, EVs deliver:
- Lower “fuel” costs
- Reduced maintenance
- More predictable running expenses
But for others, especially those without home charging access, the savings can be smaller than expected. In short, an EV isn’t just a financial decision anymore - it’s a lifestyle and infrastructure decision.
Browse our stock of EVs
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£8,200
11.9%APR£158/Month2021 Renault Zoe
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- 2021
- HV21UHF
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- Automatic
- 39,912 Miles
- Red
- 238 Miles Range
Motor Match Stoke - Go to PEUGEOT e-2008 50kWh Allure Premium Auto 5dr
£10,950
12.6%APR£201/Month2021 PEUGEOT e-2008
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Swansway Chester PEUGEOT - Go to Vauxhall Mokka Electric 50kWh GS Line Auto 5dr
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Motor Match Stockport - Go to FIAT 500E C 42kWh Icon Auto 2dr
£13,490
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Motor Match Crewe
