EV vs petrol: true cost of ownership over 5 years

QUICK ANSWER

An EV usually costs more to buy but less to run, because electricity is often cheaper per kilometre than petrol and EVs need less maintenance. Whether it works out cheaper over five years depends on the price gap, how far you drive, how you charge, and local taxes and incentives. The more you drive and charge at home, the better the EV case.

The costs to compare

CostEVPetrol car
Purchase priceOften higherOften lower
EnergyElectricity, cheapest when charging at homePetrol, sensitive to fuel price swings
MaintenanceFewer moving parts, no oil changesOil, filters, more wear parts
BrakesOften last longer thanks to regenerative brakingNormal wear
InsuranceCan be higher in some marketsVaries
Tax and incentivesOften lower tax or subsidies, depending on countryStandard
Resale valueDepends on battery health and market demandWell understood

How to work it out for your situation

  • Estimate your yearly distance.
  • Multiply by energy use (kWh per 100 km for EVs, litres per 100 km for petrol) and your local prices.
  • Add expected maintenance, insurance and tax over five years.
  • Subtract the likely resale value at the end.
  • Compare the totals.

What tips the balance

Long daily drives and cheap home charging favour EVs. Low mileage, expensive public charging or a large price gap favour petrol. Incentives change often, so check what applies where you live right now.

Frequently asked questions

Do EV batteries need replacing?

Most last many years, and makers usually offer long battery warranties. Capacity slowly falls over time.

Is public fast charging expensive?

It usually costs more than home charging and can narrow the running-cost advantage.

What about hybrids?

Hybrids sit in between: lower fuel use than petrol, no need to plug in for regular hybrids.

Sources