With petrol at 143p per litre and electricity prices finally stabilising, how do the running costs of electric and petrol cars actually compare in 2026? We've done the maths so you don't have to.
The Cost Per Mile Comparison
Let's compare two similar family cars: a petrol hatchback averaging 45 mpg, and an electric equivalent averaging 3.5 miles per kWh.
Petrol Car
Electric Car
At these rates, the electric car costs less than half as much per mile to run. But the story gets more nuanced when you can't always charge at home.
The Charging Cost Variable
The EV running cost advantage depends heavily on how you charge:
- Home charging (off-peak) – 7-10p per kWh on the right tariff = ~2.5p per mile
- Home charging (standard) – 24p per kWh = ~6.9p per mile
- Workplace/destination charging – Often free or cheap
- Public fast charging – 60-80p per kWh = 17-23p per mile
Key Insight
If you rely entirely on public rapid charging, an EV can actually cost more per mile than a petrol car. Home charging is essential for the cost savings.
Annual Running Costs: 10,000 Miles
Let's look at total annual fuel/energy costs for someone driving 10,000 miles per year:
| Scenario | Cost/Mile | Annual Cost |
|---|---|---|
| Petrol (45 mpg @ 143p/L) | 14.4p | £1,440 |
| EV (public charging only) | 20p | £2,000 |
| EV (50/50 home/public) | 13.5p | £1,350 |
| EV (home charging standard) | 6.9p | £690 |
| EV (home charging off-peak) | 2.5p | £250 |
Beyond Fuel: Other Running Costs
Fuel is just one part of the equation. EVs have additional advantages:
- Road tax – EVs are currently exempt (until 2025 for new EVs)
- Servicing – EVs have fewer moving parts, typically 30% cheaper to maintain
- Congestion charge – EVs exempt in London (saving £15/day)
- Company car tax – EVs have much lower BIK rates
The Break-Even Point
EVs cost more upfront, so when do the running cost savings pay off? Assuming a £10,000 price difference between equivalent petrol and electric models:
- Home charging (off-peak) – Break even in ~8-9 years at 10k miles/year
- Home charging (standard) – Break even in ~13-14 years
- Public charging only – Never breaks even on fuel costs alone
However, if you factor in tax savings, cheaper servicing, and potential grants, the break-even point comes much sooner – often 4-5 years for the right buyer.
Who Should Stick with Petrol?
Despite the potential savings, an EV isn't right for everyone in 2026:
- You can't charge at home (no driveway, shared parking)
- You regularly drive 300+ miles in a day
- You buy second-hand and want the lowest purchase price
- You tow heavy loads frequently
The Bottom Line
If you can charge at home, an EV will almost certainly save you money on running costs – potentially £1,000+ per year. But if you'd rely on public charging, a fuel-efficient petrol or diesel car might still be the more economical choice.
For now, use Fuelwise to minimise your petrol costs while you weigh up whether your next car should be electric.