Are EVs really cheaper to own?
The honest answer is: it depends on how you buy and how you charge. Up-front, a comparable EV typically costs £6,000 to £12,000 more than its petrol equivalent. That gap shrinks every year you own the car because EV running costs are dramatically lower. UK drivers covering 8,000 to 15,000 miles per year and charging mostly at home on an EV tariff usually reach a break-even point between year 2 and year 4 of ownership.
Is an EV cheaper than petrol? When you break even.
Break-even is the moment cumulative EV spend (purchase or finance, energy, insurance, servicing, VED) drops below the cumulative cost of running an equivalent petrol car. Before that point you are paying back the extra you spent on the EV. After it, every additional mile is a saving.
At UK averages in 2026 (petrol around £1.40/litre, an EV tariff around 8.5p/kWh, a 45 mpg petrol car versus a 4.0 mi/kWh EV) the EV is around 12p per mile cheaper to fuel. On top of that you typically save £200 to £350 per year on servicing. So the cash gap closes by roughly £1,200 per 10,000 miles driven, plus the servicing delta.
Worked example at 10,000 miles per year: if your EV costs £8,000 more up-front than the petrol equivalent, you would expect to recover that gap in roughly 5 to 6 years of driving once running-cost savings are layered on top, or sooner if you finance both cars on similar terms and the EV holds its residual.
Worked example at 15,000 miles per year: the same £8,000 gap closes much faster, typically in 3 to 4 years. This is why the break-even view above moves so sharply when you slide annual mileage up or down. High-mileage drivers reach break-even earliest; very low-mileage drivers (under 5,000 miles per year) may not break even within a typical ownership cycle at all.
After how many miles does an EV pay back vs petrol? For most mainstream EV versus petrol pairings at UK 2026 prices, break-even lands somewhere between 25,000 and 60,000 cumulative miles. The exact figure swings on three inputs: petrol pump price, your electricity tariff, and your annual mileage. The Break-even view above shows your specific number based on the inputs you set on the left.
The four big cost levers
Total cost of ownership has four components: purchase or finance, energy or fuel, fixed costs (insurance, VED, servicing), and depreciation. Energy is where EVs win biggest: a 7p to 8.5p EV tariff translates to roughly 2p per mile versus 14p per mile for a 45 mpg petrol car at £1.40/litre. Servicing is the next-largest gap. EVs have no engine oil, spark plugs, exhaust or clutch, so annual servicing typically runs £150 to £250 versus £350 to £550 for petrol.
VED and tax changes from April 2025
From 1 April 2025, EVs registered after that date pay the standard £195 annual VED rate, plus the Expensive Car Supplement (an extra £425 per year for years 2 to 6) if the list price exceeds £40,000. The default in our calculator reflects this. If you are buying second-hand or registered before April 2025, adjust the VED inputs accordingly.
Depreciation: the biggest hidden cost
For most owners, depreciation is the single largest cost of ownership. EV residual values stabilised through 2024 and 2025 after a volatile period, but they still depreciate slightly faster than equivalent petrol cars in the first 2 to 3 years. The calculator uses industry-average straight-line curves (18/32/43/52% over years 1 to 4 for EVs) and labels these clearly as estimates. For a specific model, check live used prices on Auto Trader or cap hpi.
Where the maths can shift against EVs
Three scenarios commonly tip the balance back toward petrol: very low mileage (under 5,000 miles/year), no access to a home charger forcing 100% public rapid charging, or a particularly cheap petrol car (£15,000 or less) compared with a £40,000+ EV. The calculator above lets you test each of these. If you do not yet have a home charger and want to lock in the savings shown, request free quotes from verified TrustWatt installers via the Get Quotes panel.
FAQs
How many miles before an EV is cheaper than petrol?
For most UK 2026 EV versus petrol pairings the cumulative break-even point lands between 25,000 and 60,000 miles, depending on the price gap at purchase, your electricity tariff and current pump prices. Switch to the Break-even view above to see your specific number.
When does an EV pay back vs a petrol car?
At 10,000 miles per year, typical pay-back is around 4 to 6 years. At 15,000 miles per year it usually drops to 3 to 4 years. Drivers on cheap overnight EV tariffs (7p to 8.5p/kWh) reach break-even one to two years earlier than drivers paying standard variable rates.
Is it worth buying an EV if I only do 5,000 miles a year?
Low-mileage drivers should be cautious. At 5,000 miles per year, fuel and servicing savings are roughly half those of an average UK driver, so the up-front EV premium may not pay back within a typical 3 to 4 year ownership cycle. EVs can still make sense for comfort, smoothness and zero tailpipe emissions, but the pure financial case is weaker. A used EV often shifts the maths back in your favour.