There are lots of variables that affect a car’s price but, as a general rule, petrol cars are currently cheaper to buy than electric vehicles. This is because the cost of the batteries used in EVs push their purchase price up substantially compared with an equivalent petrol-powered car.
If you ignore purchase price and solely look at running costs, however, the pendulum swings back in favour of EVs – assuming you can charge at home. Estimates vary wildly but usually place EVs between 30% and 50% cheaper to run than a petrol car. The exact percentage depends on the current cost of fuel and electricity which, as we’re all too familiar, has been extremely volatile.
It’s worth considering how long you’re planning on owning and running your car if you want to know which is the cheaper option. Buying a petrol car will be the most affordable up-front option but, if you keep your EV for several years, the reduced running costs will eventually make up for the higher purchase price.