The answer depends almost entirely on three things: how many miles you drive, whether you can charge at home, and how long you plan to keep the car. Get those three right and a used EV can save you a meaningful amount. Get them wrong and you can easily end up worse off.
This article runs through the actual numbers so you can work out which side of that line you fall on.
The running cost case for a used EV
The financial argument for EVs has always been about fuel. Petrol costs roughly 12-16p per mile in a typical car. An EV charged at home on an off-peak tariff like Octopus Go costs around 2-4p per mile. At 10,000 miles a year that gap is worth £800-£1,400 annually before you touch anything else.
Servicing costs are also lower. An EV has no oil changes, no timing belt, fewer brake jobs due to regenerative braking. Budget around £150-£250 a year for a used EV versus £400-£600 for a petrol car. That's another £200-£350 saved annually.
Road tax is now equal. EVs lost their free Vehicle Excise Duty exemption in April 2025 and both petrol and EV owners pay £200 a year for most vehicles registered after 2017.
| Cost | Typical petrol (10k miles/yr) | Typical used EV (home charging) |
|---|---|---|
| Fuel / charging | £1,400-£1,600/yr | £300-£500/yr |
| Servicing | £400-£600/yr | £150-£250/yr |
| Road tax | £200/yr | £200/yr |
| Insurance | £500-£800/yr | £600-£1,000/yr |
| Total approx. | £2,500-£3,200/yr | £1,250-£1,950/yr |
On running costs alone a used EV is typically £500-£1,500 cheaper per year depending on your mileage and tariff. Higher mileage and a good off-peak electricity tariff push that saving significantly higher.
The problem: depreciation and upfront cost
This is where the used EV case gets harder. The used EV market in the UK has seen steep depreciation since 2023 as supply increased and early buyer premiums unwound. Some models have lost 20-30% of their value in a single year.
This matters in two ways. First, if you are buying a used EV you are getting a good price for it which helps. Second, if you own it and sell it in a few years it may have lost more value than a comparable petrol car would have.
A £14,000 used EV depreciating at 18% a year loses around £7,300 in value over three years. A £10,000 petrol car depreciating at 10% a year loses around £2,700 over the same period. That £4,600 gap in depreciation can easily wipe out three years of running cost savings if you paid significantly more for the EV in the first place.
Home charging makes or breaks the numbers
The running cost figures above assume home charging. If you rely primarily on public rapid chargers the picture changes significantly. Public charging in the UK typically costs 45-70p per kWh, which works out at roughly 11-18p per mile - comparable to or worse than petrol.
If you cannot charge at home, the fuel saving largely disappears. The EV may still win on servicing costs and road tax but the margins become thin and the higher insurance and depreciation can tip the balance the other way.
The practical test: do you have a driveway or off-street parking where you could install a home charger? If yes, the numbers usually work. If no, model it carefully before committing.
What the break-even looks like in practice
A typical scenario for someone with home charging, an off-peak tariff, and 10,000 miles a year:
- Monthly running cost saving versus petrol: around £80-£120
- Upfront cost difference including charger installation: £1,000-£4,000 depending on the two cars
- Break-even point on running costs alone: 12-36 months
That break-even extends or disappears entirely once you factor in depreciation differences. Which is why the ownership period matters so much - the longer you keep the car, the more the running savings compound and the less the upfront cost matters per year.
Which used EVs make the most financial sense?
The models that tend to stack up best financially are those that have already taken most of their depreciation hit and have a proven reliability record. The Nissan Leaf is the most common used EV in the UK and prices have fallen significantly, making the entry cost low. The Renault Zoe is similar. Both are city and commuter cars with real-world ranges of 100-150 miles on older versions.
Larger models like the Hyundai Ioniq 5, Kia EV6 and Tesla Model 3 tend to hold value better and have longer ranges, but the higher purchase prices mean the upfront cost gap versus petrol widens. They make more sense for higher-mileage drivers where the fuel savings are larger.
The MG4 has been one of the more aggressively depreciated models, which makes used examples good value to buy, but it also means owning one for a short period can be costly in terms of paper losses.
Bottom line
A used EV is worth buying if you drive more than 8,000 miles a year, can charge at home, and plan to own the car for at least 3 years. Under those conditions the running cost savings are substantial and the break-even on any upfront premium is achievable within 2-3 years. Below that mileage or without home charging, run the numbers carefully for your specific situation before committing.
Enter your specific cars, mileage and electricity tariff to get an exact comparison.