Neither an electric car nor a petrol car is always cheaper to own. An EV can cost less over time when lower electricity and maintenance costs make up for any difference in purchase price, financing, insurance, home-charger installation and resale value. The answer depends on the specific cars, where you live, how far you drive and how you charge.
What “cheaper to own” means
The price on the windscreen is only one part of a car’s cost. To compare an EV with a petrol car fairly, add the costs you will incur over the same period, then account for what each car may be worth when you sell it if your comparison method supports resale value.
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A practical total-cost comparison includes:
- Purchase and financing: the price of each car, any incentives that apply to your purchase, and the cost of borrowing.
- Energy: petrol for the combustion car and electricity for the EV, based on your expected distance, local prices, vehicle efficiency and charging pattern.
- Maintenance: model-specific estimates over the ownership period.
- Insurance: a quote for you and each vehicle, since premiums vary by driver and car.
- Home charging setup: the charger and installation if you need to install one. Do not count a cost you will not incur, but do not omit it if installation is necessary.
- Resale: the expected value at the end of the comparison period, when your chosen method includes it.
The International Energy Agency’s total-cost-of-ownership comparison includes capital, financing, maintenance and fuel costs over five years. Its calculator also lets users set a country or region, year, annual driving distance, vehicle and fuel prices, and whether a home charger will be installed. Those are useful starting inputs, not a substitute for your own current quotes.
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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Think of the result as a comparison of two ownership scenarios, not a verdict on EVs or petrol cars in general. A difference in purchase price may be offset over time by different energy and maintenance costs, but it may also remain larger than those savings. Insurance, financing, charger setup and resale can move the total in either direction. The answer is therefore specific to the actual cars, buyer, location and time period.
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- Safe & Durable: Rely on this UL-certified EV charger for safe home charging. It can be installed indoors or outdoors by an electrician and includes a cold-resistant cable.
- Fast & Powerful: This EV charger charges 9× faster than a 120V outlet, delivering up to 45 mi/hr., dependent upon your vehicle. It features a J1772 connector for all non-Tesla EVs and requires a 20A or 80A circuit. For Tesla EVs, this will require an adapter.
It also helps to keep “running costs” separate from “total cost of ownership.” Running costs usually refer to items such as energy and maintenance. A statement about annual running-cost savings does not automatically account for buying the car, paying interest, insuring it, installing a charger or selling it later. When a headline figure sounds compelling, check which costs it includes before using it to choose a vehicle.
Why an EV’s lower running costs do not settle the question
Electricity can cost less per mile than petrol, and EVs may have lower maintenance costs. But those savings do not automatically make the EV cheaper overall: they must be large enough to offset any higher purchase or financing cost, insurance difference, home-charger installation and resale-value difference.
Charging access is especially important. Home charging on a low off-peak tariff can produce a different result from relying heavily on public chargers or paying a higher household electricity rate. The UK Government says charging at home on the cheapest tariffs can cost as little as 2p per mile. That is a UK-specific example, not a universal rate; the government’s estimate varies by supplier and charging time and excludes charger installation and related charges.
Do not assume every mile will be charged at the lowest home rate just because you can charge at home sometimes. If you expect to use more than one charging source, estimate the share of charging that will happen at home and the share that will happen in public, then apply the relevant price to each. The same principle applies if your home tariff changes by time of day: count an off-peak rate only for charging you can realistically schedule during that period.
Annual mileage matters too. A driver who covers more distance has more opportunity to benefit from a lower energy cost per mile, but the actual saving still depends on the vehicles’ efficiency and local energy prices. A low-mileage driver may take longer to recover a higher initial cost through running-cost savings.
More miles do not guarantee that an EV wins. The additional distance magnifies the difference between the cars’ energy costs, which could favour either option depending on local electricity and petrol prices and each vehicle’s efficiency. It also makes the distance assumption more consequential. Use a realistic annual figure based on your own expected driving rather than relying on a national example or a particularly busy year.
Time horizon matters as well. A buyer comparing two cars over several years should use that same period for energy, maintenance, financing and any resale estimate. A short ownership period may leave less time for running-cost differences to accumulate, while a longer period makes the assumptions about future costs and resale more important. No single period suits every buyer; consistency is the essential rule.
How to compare two cars for your circumstances
Use equivalent vehicles and the same ownership period. Comparing a small EV with a much larger petrol car, or comparing one car over three years and another over five, can make the result misleading.
- Choose the cars and time period. Select comparable models or vehicle classes and decide how many years you expect to keep them. Use the same period for both.
- Collect purchase and finance figures. Record each car’s price, any incentive for which you are eligible, and the total financing cost. Use your own loan terms rather than assuming that two cars will cost the same to finance.
- Estimate how far you will drive. Use your expected annual distance and the same distance assumption for both cars. If your driving varies, use a realistic average rather than an unusually high or low year.
- Work out energy costs using local prices. For the petrol car, use its fuel consumption and the petrol price where you live. For the EV, use its electricity consumption and the rates you expect to pay. Include off-peak charging only if you can actually access that tariff, and reflect how much charging will be at home versus in public.
- Get vehicle-specific maintenance and insurance estimates. Use estimates or quotes for the exact models and your circumstances; a general claim about one powertrain cannot establish your individual cost.
- Add home charging costs if needed. Check whether installation is feasible at your home, and include both equipment and installation charges when you need them. If you will not install a home charger, do not charge yourself for one.
- Include resale value where available. Compare expected sale values at the end of the same period. If you cannot get a credible estimate, show the comparison without it and make that limitation clear rather than inventing a figure.
- Compare totals, then test assumptions. Add the costs for each car over the chosen period, subtract resale value if included, and see whether a realistic change in mileage, energy prices or charging mix changes which option is cheaper.
The U.S. Department of Energy’s vehicle-cost calculator is another official tool that uses regional and driving inputs. Whichever calculator you use, enter current local prices and assumptions rather than treating a national or international example as your own forecast.
For a transparent comparison, write down the inputs beside the result. Include the location and year of the prices, the two models or vehicle classes, the ownership period, projected annual distance, petrol and electricity prices, financing terms, insurance quotes, maintenance estimates, charging mix and whether a home charger is already available or must be installed. This makes it easier to see why one total is lower and to update the calculation when one of the inputs changes.
Use the same assumptions for both cars wherever they should be the same. For example, compare the vehicles over the same years and distance. Use each car’s own energy consumption, insurance quote and maintenance estimate, rather than forcing those costs to be identical. If an incentive applies to only one vehicle, include it only if you are eligible and it applies to your purchase. Do not count an incentive simply because it appears in a general comparison.
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It can be useful to keep a simple table with one column for the EV and one for the petrol car, and rows for each cost category. Add the categories over the ownership period, then show any resale value separately as a deduction if you include it. Separating the rows prevents a low energy estimate from hiding a higher upfront or setup cost, and makes the comparison easier to revise than a single unexplained total.
A simple way to calculate energy cost
For either car, estimate the cost of energy over the ownership period from the amount of energy or fuel it uses and the price you pay. Then compare that result with the other ownership costs; energy alone is not total cost of ownership.
A practical sequence is to start with the distance you expect to drive in one year, extend it across the ownership period, and then estimate the fuel or electricity required for that distance from the vehicle’s efficiency. Multiply the expected fuel or electricity use by the local price you will pay. The resulting estimate is only as good as its inputs, so use the efficiency and prices for the cars and location you are actually considering.
For an EV, the calculation should reflect the electricity rate for each charging source you use. If you charge partly at home and partly in public, account for both rather than applying the cheapest home rate to every mile. For a petrol car, use its expected fuel consumption and a local petrol price. Both estimates should use the same projected distance and period.
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The UK Government’s “as little as 2p a mile” figure is an example of a low-cost home tariff, not a guaranteed saving against petrol. To calculate your own difference, compare the EV’s electricity cost with the petrol car’s fuel cost using your actual tariffs, local fuel price, expected driving and vehicle efficiencies.
That UK figure also does not include the cost of installing a home charger or related charges, which can vary. Treat it as an illustration of a possible energy cost under a particular kind of tariff, not as a complete estimate of what it will cost you to run an EV. Before relying on home charging in your calculation, confirm the tariff and consider whether equipment and installation are required at your property.
What official savings estimates can—and cannot—tell you
Government figures can show the scale of possible running-cost savings under stated conditions, but they are not a universal prediction of which car will cost less to own.
- United Kingdom: A March 2026 UK Parliamentary answer said new EV drivers could save as much as £1,400 a year in running and maintenance costs compared with petrol drivers if they charge at home on off-peak tariffs. This is a conditional estimate, not a guaranteed saving for every driver, and it does not by itself settle purchase, financing, insurance, charger or resale costs.
- Australia: An Australian Government page gives an illustrative annual fuel saving of $1,000 for an average car travelling around 13,400 km a year, or $2,000 if the EV can charge at an off-peak rate. These figures reflect the Australian context and stated assumptions, including the page’s use of 2025–26 energy statistics; they should not be transferred directly to another country or driving pattern.
Neither example establishes that one powertrain will be cheaper for every buyer. They illustrate how much the result can depend on location, distance and charging price.
Read the two examples in their own contexts. The UK estimate is an upper-end conditional figure tied to home charging on off-peak tariffs and covers running and maintenance costs. The Australian figure is an illustrative annual fuel saving for an average car travelling around 13,400 km a year, with a larger stated saving when off-peak charging is available. They are not directly interchangeable: they come from different countries and assumptions, and neither includes every item in a buyer’s total ownership-cost comparison.
These examples can help a reader identify which inputs deserve attention: charging tariff, distance and local energy costs. They cannot replace a comparison using the purchase prices, finance, insurance, charger setup and likely resale value of the actual vehicles. If you live outside the cited countries, do not convert either number into a personal forecast; enter your own local prices and circumstances instead.
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- Charge with Confidence: ChargePoint builds reliable, flexible EV charging stations for home, business, and fleets. Get 24/7 support and access to hundreds of thousands of North American charging locations
- Charge Smart: With the user-friendly ChargePoint Mobile App, you can control your electric car charger, manage reminders, connect to smart home devices, find stations, get data and charging info, and access the latest features
- Vast Network: Wherever you go, ChargePoint’s network includes 274k+ stations across North America and Europe and 565k+ roaming partner stations
- Safe & Durable: Rely on this UL-certified EV charger for safe home charging. It can be installed indoors or outdoors by an electrician and includes a cold-resistant cable
- Fast & Powerful: This EV charger charges 9× faster than a 120V outlet, delivering up to 45 mi/hr., dependent upon your vehicle. It features a J1772 connector for all non-Tesla EVs and plugs into a 240V outlet with a 14-50 receptacle, requiring a 40A or 50A circuit. For Tesla EVs, this will require an adapter
Common comparison mistakes
- Comparing the purchase prices alone: this ignores energy, maintenance, financing, insurance and any installation cost.
- Using a best-case electricity rate for every charge: a low home tariff is relevant only to charging that can actually use it. Include the rate for public charging where applicable.
- Ignoring charger installation: a home-charging estimate may exclude equipment and related installation charges. Check whether you need them and include them when you do.
- Using someone else’s mileage or prices: savings estimates are sensitive to annual distance, local petrol prices and electricity tariffs. Enter your own expected values.
- Comparing different periods or vehicle classes: align both the cars and the ownership horizon before drawing a conclusion.
- Treating an annual running-cost estimate as a full ownership-cost result: annual energy and maintenance savings do not alone include the purchase, financing, insurance, home setup or resale differences.
Another common error is counting a charger cost for someone who will not install a home unit, or forgetting the cost when the comparison depends on installing one. The right treatment depends on the buyer’s real setup. The IEA calculator asks whether a home charger will be installed, while UK Government guidance notes that its low home-charging example excludes installation and related charges. Keep the cost in the scenario where it applies, and leave it out where it does not.
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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteBe cautious with a result that looks exact despite uncertain inputs. If an insurance quote is not yet available, or resale value is difficult to estimate, label the missing item rather than silently treating it as zero. You can show a total without that estimate and explain that the result may change when you have a credible figure. The goal is a fair comparison, not false precision.
How to interpret the result
If one car’s total is lower only under an unusually cheap tariff, very high mileage or a particular resale assumption, treat the outcome as sensitive to that assumption. Run the comparison again with plausible alternatives, such as less annual driving, a higher public-charging share or a different energy price. If the result changes, there is no robust winner without knowing which scenario best matches your life.
The IEA’s five-year chart compares each country’s most popular internal-combustion model with a widely adopted battery-electric vehicle in an equivalent segment. The chart was last updated on 5 June 2026, but its numerical results are not available here, so no global winner or payback period can be stated from it. For a purchase decision, compare the specific equivalent cars you can buy using current local costs and your own financing, insurance and charging circumstances.
A useful final check is to identify the largest differences between the two columns in your cost table. If the EV’s projected advantage comes mainly from lower energy costs, test a higher electricity cost or a more public-heavy charging mix. If the petrol car appears cheaper because of an initial price difference, check whether the financing terms and ownership period are comparable. If resale value changes the result, treat that estimate as an important uncertainty rather than a settled fact.
Then ask whether the scenario behind the lower total matches your routine. Can you use the assumed tariff? Is the annual distance realistic? Is the home installation feasible, and have you included it if required? Are the cars genuinely comparable for your needs? A result that survives reasonable changes to these assumptions is more useful than one that depends on a single best-case input.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Frequently asked questions
Is an electric car cheaper than a petrol car?
Sometimes, but not in every case. An EV can be cheaper to own when its energy and maintenance savings outweigh differences in purchase price, financing, insurance, home-charger installation and resale value. The result depends on your specific cars, local prices, annual distance, charging access and ownership period.
How much does charging save compared with petrol?
There is no single saving that applies to all drivers. Compare the EV’s electricity cost with the petrol car’s fuel cost using both vehicles’ efficiency, your expected distance and the rates you will actually pay. The UK Government says the cheapest home tariffs can make charging as little as 2p per mile, but that is a UK example, varies by supplier and timing, and excludes charger installation. Public charging or other electricity rates can change the result.
Can I save £1,400 a year by switching to an EV?
A March 2026 UK Parliamentary answer said new EV drivers could save as much as £1,400 a year in running and maintenance costs compared with petrol drivers if they charge at home on off-peak tariffs. It is a conditional estimate, not a promise or a full ownership-cost comparison. Purchase, financing, insurance, charger setup and resale may affect your own total.
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How much can an Australian driver save on fuel?
An Australian Government page gives an illustrative annual fuel saving of $1,000 for an average car travelling around 13,400 km a year, or $2,000 if the EV can charge at an off-peak rate. Those amounts reflect Australian assumptions and should not be used as a forecast for a different country, distance or charging pattern.
Should I include the cost of a home EV charger?
Include the charger and installation when you need to install home equipment to make your charging scenario work. Do not add that cost if you will not incur it. Check whether installation is feasible and price equipment and installation together; a quoted home-charging cost may exclude setup and related charges.
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- [Smart WIFI APP, You can Set the Charging Period]: By APP, you can wirelessly check the charging cost, history, fully-charged notification, track the charging status, during off-peak period, etc. [Wi-Fi Reset/Factory Reset Function, Add New Device Quickly]: If you can't find your device or you have replaced a new phone, just pull out the charging latches, simultaneously long press the Ⓐ button and time adjustment button on the product screen until it shows "Factory Reset", then wait 3-5 seconds and re-start your device.
Which calculator should I use?
The IEA calculator lets users enter a country or region, year, annual driving distance, vehicle and fuel prices, and whether a home charger will be installed. The U.S. Department of Energy also offers a vehicle-cost calculator using regional and driving inputs. Treat either as a starting point and enter current local prices and your own assumptions.
How should I compare an EV and petrol car fairly?
Choose comparable vehicles and the same ownership period, then compare purchase and financing, energy, maintenance, insurance, any required home charging setup and resale value where you have a credible estimate. Use the same projected driving distance for both, apply local energy prices and test whether the result changes under realistic alternatives.
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Frequently Asked Questions
Is an electric car cheaper than a petrol car?
Sometimes, but not in every case. An EV can be cheaper to own when its energy and maintenance savings outweigh differences in purchase price, financing, insurance, home-charger installation and resale value. The result depends on your specific cars, local prices, annual distance, charging access and ownership period.
How much does charging save compared with petrol?
There is no single saving that applies to all drivers. Compare the EV’s electricity cost with the petrol car’s fuel cost using both vehicles’ efficiency, your expected distance and the rates you will actually pay. The UK Government says the cheapest home tariffs can make charging as little as 2p per mile, but that is a UK example, varies by supplier and timing, and excludes charger installation. Public charging or other electricity rates can change the result.
Can I save £1,400 a year by switching to an EV?
A March 2026 UK Parliamentary answer said new EV drivers could save as much as £1,400 a year in running and maintenance costs compared with petrol drivers if they charge at home on off-peak tariffs. It is a conditional estimate, not a promise or a full ownership-cost comparison.
How much can an Australian driver save on fuel?
An Australian Government page gives an illustrative annual fuel saving of $1,000 for an average car travelling around 13,400 km a year, or $2,000 if the EV can charge at an off-peak rate. Those amounts reflect Australian assumptions and should not be used as a forecast for a different country, distance or charging pattern.
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Should I include the cost of a home EV charger?
Include the charger and installation when you need to install home equipment to make your charging scenario work. Do not add that cost if you will not incur it. Check whether installation is feasible and price equipment and installation together; a quoted home-charging cost may exclude setup and related charges.
Which calculator should I use?
The IEA calculator lets users enter a country or region, year, annual driving distance, vehicle and fuel prices, and whether a home charger will be installed. The U.S. Department of Energy also offers a vehicle-cost calculator using regional and driving inputs. Treat either as a starting point and enter current local prices and your own assumptions.
How should I compare an EV and petrol car fairly?
Choose comparable vehicles and the same ownership period, then compare purchase and financing, energy, maintenance, insurance, any required home charging setup and resale value where you have a credible estimate. Use the same projected driving distance for both, apply local energy prices and test whether the result changes under realistic alternatives.
The Bottom Line
Neither powertrain is universally cheaper to own. Compare equivalent cars over the same period using your local purchase and financing costs, annual mileage, energy prices, charging mix, maintenance and insurance estimates, any home-charger installation cost, and resale value where you have a credible estimate. EV running-cost savings can be meaningful—especially with off-peak home charging—but they do not alone determine the total.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
