Running petrol vs electric cars – Which is cheaper?

As electric cars start to become more and more popular with buyers, it’s natural to wonder why this might be the case.

If you are currently driving a petrol vehicle, and are familiar and comfortable with this type of car, then electric vehicle ownership may seem like quite a radical step. But there are reasons why people are converting to electric in their droves. And these reasons are why you may well want to consider making such a transition yourself, particularly if you feel the time is right for an upgrade on your current vehicle.

In this blog, we take a look at five elements regarding petrol and electric vehicle ownership, and review which one is likely to cost you more over the course of time. This will help you get a clear idea of the running costs for electric vehicles compared to petrol vehicles, and thereby inform any decision you may be making about vehicle ownership in the future.

Charging vs filling your tank

Obviously, the most noticeable difference between these two types of vehicles is the way in which they are powered. The difference between petrol and electricity is quite substantial, and the cost of running a vehicle in this manner also differs significantly.

The best way to calculate this is to compare the cost per mile of electric vs petrol. According to Octopus Energy, the cost per mile for a petrol car is currently between 19p and 21p.

When it comes to electric charging, using a rapid public charging station will cost around 18p per mile. Using a lamppost charger will cost around 14p per mile, but home charging can see the costs plummet, with it being possible to charge your electric car at home for around 3p per mile at off peak times.

This obviously represents a significant difference between electric cars and petrol or diesel cars, and one that should be factored into your car ownership decision.

It is important to bear in mind that the lowest costs for charging electric cars are dependent on using off peak rates. However the cost of electric car charging generally is lower than petrol or diesel fuelling.

Vehicle Maintenance

Something car owners will be well aware of is how much cars can set you back when it comes to maintenance and looking after your vehicle.

This is always something to factor in, as a vehicle that will need a lot of maintenance is not an ideal purchase.

Some people may have concerns about electric vehicles and their maintenance, but electric vehicles are mechanically quite simple. They have fewer moving parts, and require no oil changes for example. They also have fewer fluids and less brake wear due to regenerative braking. This generally means that electric vehicles are a cheaper option in terms of maintenance than petrol or diesel vehicles.

One factor to bear in mind however is battery longevity. Once the battery on an electric vehicle runs out, the cost to replace can be substantial, going into the thousands of pounds.

Depreciation and Resale Value

If you are not sold on the idea of electric vehicles, it may be because you have heard that these vehicles depreciate quickly. Depreciation, in a nutshell, is when a vehicle loses value over time, meaning it can only be sold on to a new owner for a lower price.

The truth of the matter here is that while electric vehicles generally do depreciate quicker than petrol or diesel vehicles, the difference is relatively minimal.

Therefore this shouldn’t be too much of a concern in our opinion when it comes to making a decision as to what type of car you buy.

Insurance

Generally speaking, insurance can cost more for an electric vehicle than for a petrol or diesel vehicle.

However, it is important to note that the cost of insurance for EVs is steadily coming down, as insurers become more familiar with insuring them and the specifications of electric models.

Additionally, many EVs come with advanced safety features that can help contribute to lower insurance costs.

Environmental Considerations

One of the major differentiating factors between driving an electric car and a petrol car is the environmental aspect.

But this can also make a difference in terms of cost of ownership. Tax credits, rebates, and other government incentives are in place to support electric vehicle ownership, and these could help you to reduce the amount you spend on your vehicle over time.

It is also worth bearing in mind that as we move forwards, there will be less infrastructure and support for petrol and diesel vehicles, as the market and society moves more towards an electric future. This could well result in increased costs for petrol and diesel car owners, while electric vehicle owners may see lower costs over time.

The Thurlow Nunn Survey

We hope this blog has helped shed some light on some petrol vs electric costs and what you can expect from owning a vehicle of either type moving forwards.

Here at Thurlow Nunn, we have a broad range of both electric and petrol cars available for you to test drive and buy.

But we are also keen to learn more about the types of buyer out there, particularly people actively looking for an electric car or those drivers for whom electric car ownership may suit well.

This is why we have launched our new survey, which we would be most grateful if you were able to complete. This covers your current vehicle, and also your conceptions around electric vehicles. This is a great opportunity for anybody interested in electric cars but is yet to take the step of buying one to share their thoughts and support the industry’s growth.

You can complete the survey here.