Electric cars are often seen as expensive vehicles to buy and maintain. So we’ve teamed up with Auto Trader to find out just how expensive the best vehicles are on the market.
In 2022, the best-selling electric vehicle in the UK was Tesla’s Model Y, according to the Society of Motor Manufacturers and Traders (SMMT), a trade body. These vehicles fetch between £45,000 and £60,000 in value, which is more than the average cost of a new car in the UK.
But you don’t necessarily need to buy one of these vehicles if you want to go green. Auto Trader, an online marketplace for cars, published a ranking of the best electric vehicles (EVs) around – and not a single Tesla model makes the list.
The vehicles selected range from family friendly SUVs to a sporty supercar to be released. So, we’ve teamed up with Auto Trader* to find out how expensive these cars are to run:
Read more: Can I save money with an electric car?
*This article contains affiliate links which earns us revenue
How much does an electric car cost?
The cost of running your electric vehicle depends on several factors. So below we’ve listed some of the most important areas you need to consider.
Financing the vehicle
Electric cars typically cost more than their petrol and diesel counterparts to buy outright.
NimbleFins, a personal finance researcher, said the average cost of a new electric car stands at £50,000, with prices generally ranging between £22,225 and £157,160.
By contrast, it put the average price of a new car in the UK at £19,000 to £32,000.
“Affordability remains one of the primary barriers to EV adoption,” said Erin Baker, Editorial Director at Auto Trader.
She further explained that unless affordability for new EVs improves, we could see EV adoption rates fall.
In addition, another problem is that consumers aren’t spoilt for choice. Auto Trader’s latest research shows there are only nine EV models where brand new cars that retail below £30,000. In comparison, there are 87 models under this price point for internal combustion engine (ICE) vehicles.
But this doesn’t mean the demand isn’t there. Ian Plummer, Commercial Director at Auto Trader said their data shows when the price is right, electric cars sell well. This is why there are currently several sellers offering some incentive, like a discount, for selling an EV.
“Our research shows over two thirds of new electric cars are enjoying some kind of offer,” he said.
Read more: ‘Buying a Tesla saved me £15,500 in tax’
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Charging the vehicle
While EV often work out to be more expensive than petrol or diesel cars to buy outright, they can work out cheaper to run.
Electricity is cheaper than fuel so charging your car often works out cheaper than fuelling an ICE vehicle, according to Auto Trader.
It says many cars cost less than £10 to be charged overnight, meaning some EVs have run on 2p a mile. Meanwhile, other combustion engines run on 30p per mile.
Insuring the vehicle
Given that electric cars come with expensive parts, some insurers see them as riskier vehicles to insure than internal combustion engine equivalents.
This belief is backed by research. According to the Association for British Insurers (ABI), EVs cost around 25% more to fix than petrol or diesel vehicles.
This increased risk results in higher premiums. Data from Confused.com found that the average electric vehicle costs £783 to insure, which is just over £225 more than a petrol or diesel equivalent.
Of course these are just averages, and your premium will depend on your vehicle and its insurance group.
In total, there are 50 groups which determine how risky your vehicle is to insure. More luxurious and expensive cars will likely fall into a higher insurance group, therefore attracting a higher premium.
On the list below we’ve included each car’s insurance group to give an understanding of what premiums you could expect.
Read more: Why are car insurance premiums going up?
The best electric cars of the year
Below are some of the best electric cars according to Auto Trader*. So we’ve looked at their price, battery, and insurance group to gauge their expected running costs. Please note all figures listed below are estimates, and more precise figures will depend on your own circumstances.
For the budget friendly
The Citroën e-C4 X comes with a small battery, which allows it to carry less weight and make it more cost effective. This doesn’t mean it’s a small vehicle, with Auto Trader classifying it as a mix between an SUV and crossover coupe, hatchback and saloon. It’s also the cheapest car to buy outright on this list.
| Car | New starting price | Insurance group | Range | Cost per mile | Cost to fully charge from home |
| Citroën e-C4 X | £31,995 | 22 | 222 miles | 6p | £14 |
For the family
From a motoring perspective, Auto Trader believes this is one of the best EVs on the market. It says it is stylish and comes with a range of modern tech. However, it is more expensive to run than some of the other cars on this list. It has a high insurance group, which will likely affect your premium, and is costly to fully charge when compared to other options.
| Car | New starting price | Insurance group | Range | Cost per mile | Cost to fully charge from home |
| BMW iX1 | £46,205 | 37 | 270 miles | 7p | £19 |
For a bigger budget
Hyundai’s newer electric car comes with a solar glass windscreen, matrix LED headlights, and a heat pump among other features. It’s more expensive than the Citroën e-C4 X, but it does boast a greater driving range and costs less to charge.
| Car | New starting price | Insurance group | Range | Cost per mile | Cost to fully charge from home |
| Hyundai Ioniq 6 | £47,040 | 22 | 320 miles | 6p | £21 |
The flashy, upcoming electric car
The Maserati Gran Turismo Folgore is yet to be released in the UK, so much of the calculations are based on its expected specs when it is released. It’s a luxurious vehicle which comes with a furious engine, reaching 60 miles in 2.7 seconds.
| Car | Expected new starting price | Insurance group | Expected range | Expected cost per mile | Cost to fully charge from home |
| Maserati Gran Turismo Folgore | £200,000 | 50 | 280 miles | 9p | £26 |
Important information
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