Introduction
As fuel prices continue to fluctuate and more drivers make the switch to electric vehicles, one question remains at the forefront of many purchasing decisions: How much does it actually cost to drive an electric car compared to a petrol or diesel vehicle? While there are many factors to consider when choosing a vehicle, the cost per mile is one of the clearest ways to compare running costs. In most cases, electric vehicles (EVs) offer significantly lower costs per mile, leading to considerable financial savings for drivers.
Understanding Cost Per Mile
Cost per mile measures how much it costs to travel one mile in a vehicle based on energy or fuel consumption.
For electric vehicles, this depends on:
- Electricity price per kWh
- Vehicle efficiency (miles per kWh)
- Charging location (home, workplace or public charging)
For petrol and diesel vehicles, it depends on:
- Fuel price per litre
- Vehicle fuel economy (MPG)
Average Cost Per Mile Comparison
Using typical UK energy and fuel prices in 2026, here’s how the figures compare:
Electric vehicle (home charging) – approximately 4-8p per mile
Electric vehicle (public charging) – approximately 10-18p per mile
Combustion engine – approximately 12-20p per mile
Hybrid vehicle – approximately 8-14p per mile
Annual Savings
Compared with a typical combustion engine vehicle, an EV driver could save approximately:
- £1,100 per year
- £5,500 over five years
- £11,000 over ten years
If we include vehicle finance in the calculation, the picture becomes even more interesting. Based on a typical PCP agreement of £400 per month over three years and an annual mileage of 10,000 miles, the finance cost alone works out at approximately 48p per mile. When fuel or charging costs are added, an electric vehicle could cost around 54p per mile to drive, compared with approximately 65p per mile for a combustion engine car.
Why Electric Vehicles Are Cheaper to Run
Lower Energy Costs
Electricity is generally cheaper than petrol or diesel on an equivalent per-mile basis.
Modern EVs convert a much higher percentage of their energy into movement, making them considerably more efficient than internal combustion engine vehicles.
Regenerative Braking
Most EVs use regenerative braking technology, which helps recover energy while slowing down and reduces wear on brake components.
This can help lower maintenance costs even further.
Greater Efficiency
Traditional petrol and diesel engines lose a significant amount of energy through heat and mechanical processes.
Electric motors are far more efficient, converting more of their stored energy into actual movement.
Beyond Fuel Savings
Running costs aren’t the only area where electric vehicles can save money.
Many EV owners also benefit from:
- Lower servicing costs
- Fewer moving parts
- Reduced brake wear
- Lower vehicle emissions
- A quieter driving experience
- Access to workplace and destination charging
As charging infrastructure continues to expand across the UK, owning and operating an electric vehicle is becoming increasingly convenient.
A Note on These Figures
The costs shown in this article are broad estimates intended to provide a general comparison between vehicle types. Actual running costs will vary depending on factors such as fuel prices, electricity tariffs, vehicle efficiency, driving style, annual mileage, weather conditions and charging habits.
Is an Electric Vehicle Right for You?
For many UK drivers, electric vehicles now offer the lowest cost per mile and the greatest potential savings over time.
While hybrids can reduce fuel consumption and diesel vehicles remain efficient for long-distance driving, fully electric vehicles are often the most cost-effective option when it comes to everyday running costs.
As charging technology continues to improve and public charging networks expand, switching to an EV is becoming an increasingly attractive choice for drivers looking to reduce both their motoring costs and environmental impact.
