Your EV Savings Calculator
Adjust any figure to match your situation
Payback period on the EV price premium
Should You Switch to an EV in 2026?
Electric vehicles now account for around 20% of new UK car registrations. But the decision to switch is more nuanced than the headline savings suggest. Here is what you need to know before committing.
Reasons to go electric
- Fuel costs typically 60-70% lower per mile than petrol
- Lower servicing costs - no oil changes, fewer moving parts
- Exempt from London ULEZ and Clean Air Zones
- Smoother, quieter driving experience
- Home charging is convenient overnight
- Company car tax benefits for business drivers
- No road tax for most EVs registered before April 2025
Reasons to wait or stick with petrol
- Higher purchase price vs equivalent petrol car
- Public rapid charging can cost up to 85p/kWh
- Range anxiety on longer journeys
- Charging infrastructure still patchy outside cities
- Longer charging times vs a 5-minute fuel stop
- Difficult if you park on the street without a driveway
- Depreciation on older EV models still uncertain
Public Charging vs Home Charging
The calculator above uses home charging costs. Public rapid charging at motorway services can cost 75-85p/kWh - more than three times the home rate, and in some cases more expensive than petrol per mile. If you rely heavily on public charging, your real savings will be lower than the calculator suggests.
The Payback Period Matters
The calculator shows how long it takes to recover the EV price premium through fuel savings. If the payback period is under the time you plan to keep the car, switching makes strong financial sense. If it is longer, the financial case weakens - though lifestyle factors like quieter driving and home charging convenience may still tip the balance.
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