How much is an electric car? Electric car prices and running costs
Find out how much an electric car costs to buy and run, as well as some of the cheapest electric cars on the market
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The cost of an electric car
The cost of an electric car is one of the main concerns that many motorists have when making the switch.
This includes both how much it is to buy an electric vehicle (EV) and the running costs over time.
Many motorists are experiencing EVs for the first time as they prepare for restrictions on petrol and diesel car sales.
Thankfully, the switch doesn’t need to be expensive. EVs are now widely available on the used car market and are very reasonable to run and maintain.
Electric car prices
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The cost of buying an electric car will, of course, depend on the model you choose. Go for a new SUV, and you could be paying over £60,000, but go for a used hatchback, and that could be under £20,000.
Some of the hottest electric cars on cinch include the MINI Electric, Tesla Model 3, Volkswagen ID.3, Kia e-Niro and Nissan LEAF.
What are the running costs of an electric car?
Once you’ve bought a car, the costs don’t stop after purchasing, and you’ll be committed to the running and maintenance of your vehicle for as long as you own it.
The running costs that come with an electric car are usually cheaper than those that come with Internal Combustion Engine (ICE) vehicles.
Electric car tax
Electric cars no longer get free road tax - as of April 2025.
EVs registered on or after 1 April 2017 will pay £10 in the first year, and £195 every year after that
Those EVs also have to pay a luxury car supplement of £425 if they cost over £40,000 when they were new*, but only for five years
EVs registered between 1 March 2001 and 30 March 2017 will pay £20 per year (but no £425 'luxury car tax')
*Most EVs registered after 1 April 2025 will only need to pay the 'luxury car tax' if they cost over £50,000 (not £40,000), with the change set to come into effect from 1 April 2026
Remember that the Government is also running a consultation on pay-per-mile fees for electric vehicles, anticipated to be 3p/mile. This means owners driving 10,000 miles per year will pay £300 – on top of the usual tax.
Electric car insurance
Car insurance for EVs can sometimes be higher based on the fact they can have much quicker acceleration than ICE vehicles, and they may be more expensive to repair.
This isn't always the case, so we recommend running quotes for electric and petrol/diesel cars to compare. You may also be able to offset any higher insurance premiums against cheaper running costs, so look at the whole picture, not just insurance in isolation.
Choosing a cheaper EV that’s not particularly performance-focused and is more for everyday use can keep the costs down.
Electric car maintenance
The maintenance of electric cars is usually cheaper than the upkeep of ICE models.
This is because EVs have fewer hot and oily engine parts that need maintaining and that could go wrong.
Considering that your EV will have no oil to change, no spark plugs to replace, and no exhausts to keep an eye on, there’s much less work that will go into maintaining an EV.
You might be concerned about the need to replace the EV’s battery, but the short answer is you’ll likely never have to do this.
It’s been proven by the large range of EVs on the used market with high mileage racked up that these batteries can withstand the test of time.
Most manufacturers will also cover batteries separately from the standard (often shorter) car warranty. The industry standard is eight years/100,000 miles of protection.
You might find that battery health can decline over time, but it shouldn’t ever be at a rate that causes any major issues. We're talking the loss of a few miles over a few years – nothing you might worry about.
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How much does it cost to charge an electric car?
The cost of charging an electric car will depend on how you choose to charge it.
The savviest EV drivers will have joined EV-dedicated electricity tariffs with cheaper overnight rates, or they might even have solar panels installed at home to harness the energy of the sun.
Some workplaces, public places or supermarkets may offer free or discounted charging, too.
On the flip side, rapid chargers tend to be more expensive. You pay for the convenience of a much quicker top-up, and also a convenient location (just like motorway services).
As a guide, the price per unit (kWh) might be 7p overnight, 30p in the day, 40p out and about, or 80p for a rapid connection. On the basis that you may have a pretty average 60kWh battery, it'll cost:
7p/kWh – £4.20
30p/kWh – £18
40p/kWh – £24
80p/kWh – £48
The benefits of an electric car
Switching to an EV definitely has its benefits, and we’ll inevitably have to do it sooner or later – so why not get ahead of the curve?
Reduced running costs from less maintenance and cheaper charging
Cheap tax in the first year, and a higher 'luxury car tax' threshold than combustion models
Charge for free in some locations – it’s unlikely we’ll be getting free petrol anytime soon!
Better for the environment thanks to lower emissions
There are government grants on offer to help cover the costs (here's every car eligible for the UK's Electric Car Grant, worth £1,500-£3,750)