EV vs petrol running cost calculator
See the true five-year cost of owning an electric vehicle versus an equivalent petrol car. Enter purchase prices, fuel and electricity costs, insurance estimates, servicing and depreciation — and see which comes out cheaper and when the crossover happens.
The biggest variable in the EV vs petrol comparison is how much of your charging you do at home. Home charging at the domestic rate costs roughly 6–7p per mile. Public rapid charging at 60–70p/kWh costs 15–18p per mile — comparable to petrol. If you live in a flat without home charging or do mostly short journeys that require regular public top-ups, the running cost advantage of an EV shrinks significantly. The calculator above lets you adjust the home vs public charging split to see how much this matters for your situation.
EV road tax from 2025
From April 2025, EVs are no longer exempt from Vehicle Excise Duty. New EVs registered from April 2025 pay the standard rate (£190 in 2025/26). EVs registered between April 2017 and March 2025 pay £10 in their first year of taxation. Adjust the EV VED field above to reflect your specific vehicle.
Depreciation is the wild card
EV depreciation varies significantly by brand and model. Some EVs hold their value well; others depreciate faster than equivalent petrol cars as the market evolves. Battery technology improvements mean older EVs can lose value quickly when newer longer-range models launch. Adjust the depreciation inputs to match the specific vehicles you are comparing.
Salary sacrifice
EV salary sacrifice schemes let employees pay for an EV lease from their gross salary before tax and National Insurance. For a 40% taxpayer this can reduce the effective cost of an EV lease by 40 to 60%. Many employers now offer this. It is one of the most tax-efficient ways to access an EV and is not modelled in this calculator.
Real-world efficiency
EV efficiency drops in cold weather (typically 20 to 30% less range in winter) and at motorway speeds. The manufacturer's official WLTP range is measured under test conditions. For annual cost calculations, use the real-world efficiency figure rather than the WLTP number. Typically budget for 10 to 20% below the quoted range in typical use.
Please note: All calculations are illustrative estimates based on the inputs provided. Fuel and electricity prices fluctuate. Depreciation figures are estimated and vary significantly by vehicle model, condition and market. Insurance and servicing costs are estimates and depend on your driver profile, location and specific vehicle. This calculator is for guidance only. This is not financial advice. Always obtain specific quotes before making a purchase decision.
What does the EV vs petrol calculator do?
The EV vs petrol calculator compares the total annual running costs of an electric vehicle against a petrol equivalent, accounting for differences in fuel costs, servicing, road tax, and purchase price. It shows the annual savings (or additional costs) of the EV and the number of years before the EV’s lower running costs offset the higher purchase price.
How to use this calculator
Purchase price difference: If the EV costs more than the petrol equivalent, enter the price difference. This is the amount the running cost savings need to recover.
Annual mileage: How many miles do you drive per year?
Petrol cost per mile: Based on your typical fuel consumption (mpg) and the current petrol price per litre.
Electricity cost per mile: Based on your vehicle’s efficiency (miles per kWh) and your home electricity rate. Home charging is significantly cheaper than public rapid charging – if you primarily charge at home, use your home rate.
Annual servicing difference: EVs typically cost less to service (no oil changes, fewer brake replacements due to regenerative braking) – enter the estimated annual saving.
Road tax difference: EVs pay no road tax currently (though this is scheduled to change from April 2025).
Reading the result: The calculator shows annual running cost for each option, the annual saving from the EV, and the break-even period – how many years of lower running costs it takes to recover the higher purchase price.
Frequently asked questions
What is the real cost of home charging versus public charging? Home charging using a dedicated wallbox typically costs 7 to 25p per kWh, depending on your tariff and time of charging (overnight rates are cheaper on time-of-use tariffs). Public rapid charging (50 to 150kW) currently costs 40 to 85p per kWh. If you rely heavily on public charging, the running cost advantage of an EV is significantly reduced. The calculator allows you to enter your actual blended charging cost.
Does the EV salary sacrifice scheme change the calculation? An EV on salary sacrifice is taxed at the benefit-in-kind rate (currently 2% of the list price) rather than at the cost of the lease, potentially making it significantly cheaper than personal leasing or purchase. If you are considering salary sacrifice, model the net monthly cost separately and compare it to the calculator’s purchase scenario.
The information on this site is for educational and informational purposes only. Nothing on Be More Peter constitutes financial advice, and nothing should be treated as such. The calculators, articles and tools on this site are designed to help you understand financial concepts and run indicative numbers - they are not a substitute for professional advice tailored to your specific circumstances. Before making any financial decision - including decisions about mortgages, pensions, investments, savings or insurance — you should seek independent financial advice from a qualified adviser who is authorised and regulated by the Financial Conduct Authority (FCA). Calculator results are estimates based on the information you enter and the assumptions built into the tool. They are illustrative only and should not be relied upon as accurate projections. Rates, thresholds and rules change regularly - always verify figures with an appropriate professional or official source before acting on them. Be More Peter is not authorised or regulated by the FCA. The content on this site does not constitute a financial promotion.
Related tools and posts
- Car ownership cost calculator — full cost of car ownership
- Monthly budget calculator — include transport costs in your budget
- Salary sacrifice explained — EV salary sacrifice