The Cost of Electric Cars: Electric vs. Petrol Cars

As more and more people make the switch to an electric vehicle, many of us are wondering how much electric cars cost. From the initial purchase price to running costs, this guide will cover everything you need to know before you get behind the wheel of an EV.

How much does an electric car cost?

You may have heard that electric cars cost more than a traditional petrol or diesel car to buy outright. This is largely true. Generally speaking, a new electric car costs more than traditionally fuelled alternatives, due to the advanced technology required to power them.

However, it’s unwise to make a decision on whether or not an electric car is right for you based purely on the price of the car itself. There are multiple factors to take into consideration, such as the reduced running costs, tax and insurance that most EVs offer.

On average, an electric car costs around £44,000 in the UK. However, this is an average, so you can expect to pay more or less than that depending on the model you choose.

The table below gives you an idea of how much a new Vauxhall electric or hybrid car costs:

Vauxhall electric cars: example costs

Are electric cars cheaper to run?

When shopping for an electric car, your budget should cover the initial purchase cost of the vehicle, along with how much it costs to run an electric car, from insurance to fuel and road tax.

Below, we give you a better idea of the running costs of an electric car:

Fuel

With fuel prices rising, electric cars continue to be the cheaper option when it comes to running costs.

To see how much you could stand to save by opting for electric over petrol and diesel models, take a look at our Cost Calculator Tool. We’ve highlighted the savings for some of our most popular models below:

Energy Costs: Vauxhall Corsa vs. Vauxhall Corsa-E*

*Based on travelling 10,000 miles over 12 months. Models based on the Corsa 1.2 Turbo Design 5dr Petrol and the Corsa-e 100kW GS Line 50kWh 5dr Auto [11kWCh] Electric.

Energy Costs: Vauxhall Mokka vs. Vauxhall Mokka-E**

*Based on travelling 10,000 miles over 12 months. Models based on the New Mokka 1.2 Turbo 100 Design 5dr Petrol and the New Mokka-e 100kW GS Line 50kWh 5dr Auto Electric.

As you can see, switching to an electric car could bag you some considerable savings both on a monthly basis and over the course of a year. For more information about the price of charging an electric car, take a look at our guide on how much it costs to charge an electric car.[AWR1]

Insurance

Whether you opt for petrol, diesel, hybrid or electric, car insurance is essential. So how much does it cost to insure an electric car?

Electric cars aren’t necessarily more expensive to insure

As you’ll know from driving a petrol or diesel car, the amount you’ll pay to insure your car is dependent on a number of factors, ranging from annual mileage and voluntary excess to how long you’ve been driving and your occupation.

The cost to insure an electric car will vary from person to person. However, according to a study by Comparethemarket, as reported by Which?, electric vehicles were found to be £45 cheaper to insure than traditional ICE vehicles in early 2021.

Vehicle Excise Duty (Car Tax)

Vehicle Excise Duty, also known as car tax or road tax, is payable on petrol and diesel vehicles. How do electric vehicles compare?

Electric cars are 100% cheaper to tax

Because electric cars emit zero emissions, they are exempt from car tax. Over the lifespan of your vehicle, this can mount up to be a considerable saving compared to taxing a petrol or diesel car.

Using our models from earlier as examples, opting for a Corsa-e or Mokka-e over a petrol edition of either car will save £180 in car tax each year.

Servicing & Maintenance

Regular servicing and maintenance helps you get the best out of your electric vehicle, but will it cost more than servicing a traditionally fuelled car?

Are electric cars more expensive to service?

With so much technology on board, you’d be forgiven for thinking an electric car will be more expensive to service and maintain. However, in reality, they can actually be cheaper to service and require fewer repairs.

An EV has fewer moving parts, so they are less likely to wear and tear over time. Plus, because electric cars simply don’t have the same parts a traditional car does, such as fuel pipes, you’re less likely to face an expensive bill for a replacement part.

That said, should a problem arise, replacement parts for an electric car can be more expensive to purchase.

Before you buy any vehicle, it’s always wise to weigh up not only the initial purchase price but the insurance, tax and general running costs too. That way, you can be completely sure that your chosen vehicle is affordable and right for you.

While many people believe electric cars are significantly more expensive than traditionally fuelled vehicles, in most instances, the higher purchase price of an EV is offset by the savings you make through reduced running costs and road tax.

In the market for an EV? Discover the range of electric vehicles here at Vauxhall. To experience driving electric for yourself, book a test drive at your local Vauxhall dealership today.