Running Costs: What to Expect

This is often the first question buyers ask when switching to electric, and the honest answer is that both hybrid electric powertrains and fully electric vehicles offer meaningful savings over a traditional combustion-engined car, but in different ways and to different extents.
Luxury electric cars typically offer the lowest day-to-day running costs of any powertrain. Charging at home overnight, especially on an off-peak electricity tariff, costs a fraction of the equivalent petrol price. Servicing is still required but has been significantly reduced, with no oil changes, fewer brake replacements thanks to regenerative braking, and many other components that aren’t needed for electric vehicles.
Luxury hybrid cars, particularly plug-in hybrids, can deliver similarly low running costs for buyers who charge regularly, with most daily commutes completable on electric power alone. Over longer distances, where the petrol engine takes over, the price of fuel will, of course, be the same as a conventional combustion engine; however, you’ll need to fill up considerably less.
For company car drivers, both powertrains attract significantly lower Benefit-in-Kind tax rates than traditional petrol or diesel equivalents, with fully electric vehicles currently attracting the lowest BIK rates of all. For a detailed breakdown of current BIK rates, home charging costs, and long-term cost-of-ownership comparisons, visit the Dick Lovett Electric Hub.