How much does it cost to run an electric SUV in the UK in 2026?

Electric SUVs are now the most popular EV body style in the UK. Models like the Hyundai Ioniq 5, Kia EV6, Tesla Model Y and Volkswagen ID.4 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.

The MG4 is a hatchback rather than an SUV. It is included here because it often comes up alongside these models when people are shopping, and it shows how much efficiency a smaller body style buys you. MG's SUV equivalent is the ZS EV.

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 a litre, which costs around £1,950 per year in fuel, or a little under 20p per mile.

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, with the Tesla Model Y towards the top, the Hyundai Ioniq 5 in the middle and the MG range more competitive. Groups vary considerably by trim, battery size and model year, so check the specific car you are looking at rather than relying on a model-wide figure, and get a real quote before committing.

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 higher Hyundai Ioniq 5 trims, originally listed above £50,000 and may carry this supplement. It is worth checking the original list price of the specific car, not the price you are paying for it now.

Comparing total monthly costs: electric SUV vs petrol SUV

On monthly running costs alone, a typical electric SUV is roughly £45-£155 per month cheaper than a petrol SUV equivalent for a 10,000 miles per year driver with home charging. The spread is wide because the charging figure depends almost entirely on whether you are on an off-peak tariff. 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 saw significant depreciation across 2023-2025. The MG range in particular depreciated rapidly, losing 25-35% of 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. That can offset several years of running cost savings, which is why it is worth modelling explicitly rather than focusing only on fuel costs. The same pattern shows up across the used market generally, as covered in our guide on whether a used EV is worth buying.