Electric cars are becoming a normal choice for more UK drivers.
That does not mean petrol cars are finished. For many people, a petrol car still makes sense. But used electric cars are now much more affordable than they used to be, and that has made the decision more interesting.
If you are comparing a used EV with a petrol car, the monthly finance payment is only one part of the story.
You also need to think about charging, fuel, servicing, insurance, road tax, range and how you actually use the car.
So, which is cheaper?
The honest answer is: it depends on your driving.
Comparing the finance cost
The first thing most buyers look at is the monthly payment.
Used petrol cars are often cheaper to buy than similar electric cars, especially in older age brackets. But that gap is not always as big as it once was. More used EVs are coming onto the market, which means buyers now have more choice at more realistic prices.
A used EV may cost more to finance each month than a similar petrol car. But that does not automatically mean it is more expensive overall.
You need to compare:
- Monthly payment
- Deposit
- APR
- Agreement length
- Total amount payable
- Expected running costs
- Expected resale value
A car with a slightly higher monthly payment could still be cheaper to run if charging costs are low and servicing costs are reduced.
Charging vs petrol costs
This is where EVs can be attractive.
If you can charge at home, especially on a suitable overnight tariff, an electric car can be much cheaper to “fuel” than a petrol car.
But if you rely mainly on public rapid chargers, the savings can be smaller.
With petrol, the cost is more familiar. You fill up, pay the pump price and drive away. Prices move up and down, but most people understand the pattern.
With EV charging, the cost depends on where and how you charge:
- Home charging is usually cheapest
- Workplace charging can be convenient if available
- Public slow or fast charging varies by network
- Rapid charging is usually more expensive
- Motorway charging can cost more than local charging
Before choosing an EV, ask yourself one simple question: where would I charge most of the time?
If the answer is “at home overnight”, an EV may work well. If the answer is “public rapid chargers every few days”, you need to run the numbers carefully.
Servicing and maintenance
Electric cars have fewer moving parts than petrol cars.
There is no engine oil to change, no exhaust system and no clutch on most EVs. That can mean lower routine servicing costs.
Petrol cars are more familiar to many garages, and there is usually a wide choice of parts and servicing options. That can help keep costs predictable, especially on popular models.
With EVs, servicing can be simple, but you still need to think about:
- Tyres
- Brakes
- Battery health
- Software updates
- Charging equipment
- Manufacturer warranty
- Specialist knowledge if something does go wrong
EVs are not maintenance-free. They are just different.
Insurance costs
Insurance can change the picture.
Some EVs can be more expensive to insure than petrol cars. This can be due to repair costs, parts prices, battery-related repairs or the type of vehicle.
That does not mean every EV is expensive to insure. It means you should check before you commit.
Get insurance quotes for both cars before choosing. It is one of the easiest ways to avoid a nasty surprise.
Road tax and other running costs
Vehicle tax rules can change, and the cost will depend on the car, its emissions, age and value.
For petrol cars, road tax is usually based on the vehicle’s emissions and registration date.
For EVs, the tax position has been changing as electric cars become more mainstream. This is worth checking before you buy, especially if you are comparing cars based on monthly budget.
You should also consider:
- Tyres
- MOT
- Servicing
- Warranty
- Breakdown cover
- Home charger installation, if needed
- Charging cables and accessories
The cheapest car is not always the one with the lowest finance payment. It is the one that fits your total monthly cost.
Range and convenience
Cost matters, but convenience matters too.
A petrol car is easy to refuel almost anywhere. That makes it simple for long journeys, unexpected trips and drivers without off-street parking.
An EV can be very convenient if you charge at home. You can start each day with enough range without visiting a petrol station.
But if you cannot charge easily, an EV can become frustrating.
Before financing a used EV, think about:
- Your daily mileage
- Your longest regular journey
- Local charging options
- Whether you have off-street parking
- Whether you can install a charger
- How often you do motorway trips
- Whether the car’s real-world range suits your life
A used EV is a great fit for some drivers. It is not perfect for everyone.
Battery health
Battery condition is one of the big things to check when buying a used EV.
Most EV batteries are designed to last, and many come with long battery warranties. But age, mileage, charging habits and previous usage can still affect battery health.
Before financing a used EV, check:
- Remaining battery warranty
- Service history
- Mileage
- Charging history, if available
- Battery health report, if available
- Any charging faults or warning lights
This does not need to scare you off. It just needs to be part of the buying process.
So, which is cheaper?
A used EV may be cheaper if:
- You can charge at home
- You do mainly local or predictable journeys
- The insurance cost is sensible
- The battery warranty gives you confidence
- You want lower fuel and servicing costs
A petrol car may be cheaper if:
- You do lots of long journeys
- You cannot charge at home
- Public charging would be your main option
- You want a lower purchase price
- You prefer simple refuelling
The best choice is the one that matches your driving, not just the one that looks cheaper on paper.
Final thoughts
Used EVs are becoming a much stronger option for UK drivers.
But they need to be judged properly. Do not compare only the finance payment. Compare the total cost of ownership.
That means finance, charging, fuel, insurance, servicing, tax, range and convenience.
At Low Rate Car Finance, we can help you look at finance options for a wide range of used cars, including petrol, hybrid and electric models. The right car is not always the cheapest one upfront. It is the one that works for your budget and your life.
Credit is subject to status. Terms and conditions apply. Low Rate Car Finance acts as a credit broker, not a lender.