When thinking about switching to an electric vehicle, many drivers focus on the upfront price.
While EVs can sometimes cost more to buy than petrol or diesel cars, the story doesn’t end there. The real cost of driving electric comes down to everyday running expenses, maintenance, tax, and finance options, and in most cases, the long-term savings are significant.
Fuel vs Electricity
Charging an EV at home is considerably cheaper than filling up at the pumps. On a standard tariff, you could expect to pay around 2 to 8 pence per mile of driving. In comparison, a typical petrol or diesel car often costs 15 to 20 pence per mile. Those on off-peak or dedicated EV tariffs save even more.
Public rapid charging does cost more, but even then, the price per mile usually comes out lower than fuel, and many EV drivers find that 80 to 90% of their charging is done at home.
Take the OMODA E5 as an example. With a range of up to 257 miles, a full charge at home could cost as little as £5, depending on your tariff. Covering the same distance in a petrol car would cost a lot more.
Compare how much you'd save switching to an EV using Regit's fuel saver tool.
Lower Maintenance Bills
EVs are mechanically simpler than combustion cars. They have fewer moving parts, no oil to change, no exhaust system, and far less strain on brakes thanks to regenerative braking.
The result is fewer trips to the garage and lower servicing costs.
Industry data shows that servicing bills for EVs can be up to 30% cheaper than for petrol and diesel cars over their lifetime.
Tax and Incentives
The UK Electric Car Grant, relaunched in July 2025 with £650m funding, gives buyers up to £3,750 off new EVs priced under £37,000. It uses a two-tier system (£3,750 or £1,500) based on manufacturers meeting sustainability criteria, with the discount applied directly to the vehicle’s list price.
Road tax (VED) for zero-emission vehicles is also lower, and company car drivers enjoy very low Benefit-in-Kind (BiK) rates, saving thousands each year. Local authorities also offer benefits such as free or discounted parking, access to bus lanes, or exemptions from clean air zone charges.
Finance and Affordability
Manufacturers are making EV ownership more accessible through finance offers. The OMODA E5, for instance, has been launched with zero per cent finance deals, removing one of the biggest barriers to entry. Combined with the savings on fuel and servicing, finance packages like this mean the monthly cost of running an EV can be lower than many combustion alternatives.
The Bottom Line
The true cost of driving electric is about more than the sticker price. Cheaper running costs, lower servicing bills, tax breaks, and attractive finance options mean EV ownership can be surprisingly affordable. For many motorists, the overall spend across three to five years is less than owning a petrol or diesel equivalent.
With brands like OMODA focusing on competitive finance and efficiency, the switch to electric isn’t just a greener choice, it’s often the smarter one for your wallet too.
