Electric SUVs are now the most popular EV body style in the UK. Models like the Hyundai Ioniq 5, Kia EV6, Tesla Model Y, Volkswagen ID.4 and MG4 make up a large share of used EV listings. But how much do they actually cost to run, and how do they compare to a petrol SUV on total costs?
This article breaks down all the running costs for a typical electric SUV in the UK - charging, insurance, servicing, road tax and depreciation - and compares them directly to a petrol SUV equivalent.
Charging costs for an electric SUV
Electric SUVs are heavier and less aerodynamic than hatchbacks, which means they use more energy per mile. A typical electric SUV achieves around 2.8-3.5 miles per kWh in real-world mixed driving, compared to 3.5-4.2 for a smaller EV hatchback.
| Model | Real-world efficiency | Cost per mile (7p/kWh off-peak) | Cost per mile (28p/kWh standard) |
|---|---|---|---|
| Hyundai Ioniq 5 | 3.4 miles/kWh | 2.1p | 8.2p |
| Kia EV6 | 3.3 miles/kWh | 2.1p | 8.5p |
| Tesla Model Y | 3.8 miles/kWh | 1.8p | 7.4p |
| Volkswagen ID.4 | 3.2 miles/kWh | 2.2p | 8.8p |
| MG4 (standard) | 3.5 miles/kWh | 2.0p | 8.0p |
| Typical petrol SUV | 35 MPG | - | 12-15p |
At 10,000 miles per year on a 7p/kWh overnight tariff, a typical electric SUV costs around £200-£220 per year to charge at home. At the standard rate of 28p/kWh that rises to £800-£880. Compare that to a petrol SUV averaging 35 MPG at £1.50/litre, which costs around £1,940 per year in fuel.
Insurance costs for electric SUVs
Electric SUVs tend to cost more to insure than their petrol equivalents. This is partly because repair costs are higher - specialist technicians, expensive battery components and longer repair times all push premiums up. Expect to pay £700-£1,200 per year for a typical used electric SUV depending on your age, location and driving history, versus £500-£900 for an equivalent petrol SUV.
Insurance groups for popular electric SUVs tend to sit in the mid-to-upper range. The Tesla Model Y is in group 40-47, the Hyundai Ioniq 5 in group 35-42, and the MG4 in group 22-30 which is more competitive.
Servicing costs
This is where electric SUVs have a clear advantage. Without an engine, gearbox, exhaust, oil or timing belt, the service schedule is much simpler. Annual costs typically run to £150-£300 including tyres, brake fluid, cabin filter and a health check. A petrol SUV equivalent typically costs £500-£800 per year including oil changes, filters, brake pads and general maintenance.
One caveat: tyres. Electric SUVs are heavier than petrol equivalents, which increases tyre wear. Budget slightly more for tyre replacement - roughly one extra set over a 5-year ownership period compared to a petrol car.
Road tax
Both petrol and electric vehicles registered after April 2017 now pay £200 per year. The EV exemption ended in April 2025. For cars with an original list price over £40,000 (petrol) or £50,000 (EV), a luxury supplement of £440 per year applies for up to 5 years from the second year of registration. Several electric SUVs - particularly the Tesla Model Y Long Range and Hyundai Ioniq 5 higher trims - originally listed above £50,000 and may carry this supplement.
Comparing total monthly costs: electric SUV vs petrol SUV
| Cost | Electric SUV (10k miles, home charging) | Petrol SUV (10k miles, 35 MPG) |
|---|---|---|
| Fuel / charging | £17-£75/mo | £155-£162/mo |
| Insurance | £58-£100/mo | £42-£75/mo |
| Servicing | £13-£25/mo | £42-£67/mo |
| Road tax | £17/mo | £17/mo |
| Total approx. | £105-£217/mo | £256-£321/mo |
On monthly running costs alone, a typical electric SUV is £50-£150 per month cheaper than a petrol SUV equivalent for a 10,000 miles per year driver with home charging. At higher mileages the gap widens further.
Depreciation - the biggest variable
Depreciation has the largest impact on total cost of ownership and is also the hardest to predict. Electric SUVs have seen significant depreciation in 2023-2025. The MG4 in particular has depreciated rapidly, losing 25-35% of its value per year in some cases. Korean and European models like the Ioniq 5 and ID.4 have held value somewhat better but still depreciate faster than equivalent petrol SUVs.
A used electric SUV bought today has already absorbed much of that initial depreciation hit, which makes the purchase price more competitive. But it also means the car may continue to depreciate faster than a petrol equivalent depending on how the used EV market develops.
When comparing total cost of ownership over 3-5 years, the depreciation difference between an electric SUV and a petrol SUV can easily be worth £2,000-£5,000 depending on the models. This can offset several years of running cost savings, which is why it is important to model it explicitly rather than focus only on fuel costs.
Bottom line
On monthly running costs, electric SUVs are meaningfully cheaper than petrol equivalents for drivers with home charging - typically £50-£150 per month less at 10,000 miles per year. Over 3-5 years the savings are substantial. The main risk is depreciation, which has been steep on some models. The best approach is to compare the specific cars you are considering using your actual mileage, tariff and ownership period rather than averages.
Enter your mileage, electricity tariff and car prices to get an exact monthly and total cost comparison.