The True Cost of Owning an Electric SUV vs a Petrol One True Cost

We have chosen the Hyundai IONIQ 5 and the Kia Sportage deliberately. They are not natural rivals in a showroom — one is electric, one is petrol — but they are exactly the kind of cars a family SUV buyer considers when weighing up the switch to electric. Both seat five, both carry a family's worth of luggage, and both sit in a similar used price bracket once depreciation has done its work.

Hyundai IONIQ 5 (2022, 58kWh SE Connect): The benchmark mid-range electric family SUV. WLTP range of 238 miles on the 58kWh version, rising to 315 miles on the 77.4kWh. Up to 220kW rapid charging on the larger battery. Used prices from around £13,000.

Kia Sportage (2022, 1.6 GDi petrol): One of the UK's best-selling family SUVs. Proven 1.6-litre petrol engine, comfortable ride, strong reliability record. Used prices from around £9,500–£10,000 for 2021–22 cars.

The Kia Sportage has a clear advantage on purchase price. A 2022 petrol Sportage can be found from around £9,500–£10,000 with reasonable mileage. A 2022 IONIQ 5 starts from around £13,000 for the 58kWh version — a gap of roughly £3,000–£3,500.

That gap is the electric premium: the price you pay for a newer powertrain technology, a still-developing used market, and, frankly, a car that cost considerably more new. The IONIQ 5 listed from £36,995 new in 2022; the Sportage from around £26,000. The used market has compressed that gap substantially, but it hasn't eliminated it.

Over a three-year ownership period, you need the EV's running cost advantages to recover that initial outlay. Whether they do depends almost entirely on how you charge.

This is where the electric SUV makes its case most forcefully — and where the numbers are most sensitive to your circumstances.

Scenario A: Home charging A typical home electricity tariff in the UK runs at around 24–28p per kWh in 2026. The IONIQ 5's 58kWh battery costs roughly £14–16 to charge from empty. At an average of 3.8 miles per kWh real-world, that works out at approximately 6–7p per mile.

The Sportage's 1.6 petrol returns around 35–38mpg in mixed driving. At current fuel prices of approximately 140p per litre, that's around 16–17p per mile.

Over 10,000 miles per year, the IONIQ 5 saves roughly £900–£1,000 annually on fuel alone — around £2,700–£3,000 over three years. That more than recovers the purchase price gap.

Scenario B: Public rapid charging only Many public rapid chargers now price at 65–85p per kWh. At that rate, the IONIQ 5's cost per mile rises to 17–22p — matching or exceeding petrol. The financial case evaporates. For drivers without home charging who rely entirely on public networks, the Sportage wins on running costs.

The honest answer: home charging is not just convenient, it is the financial foundation on which the EV ownership argument is built.

This one is straightforward. Electric motors have far fewer moving parts than petrol engines — no oil, no spark plugs, no timing belt, no exhaust system. The IONIQ 5's annual service involves checking brake fluid, cabin air filter, tyres, and safety systems. Expect to pay £150–200 per year at a franchised dealer, less at an independent specialist.

The Sportage's 1.6 petrol requires oil and filter changes, spark plugs, air filter replacements, and the full suite of wear items. Budget £250–350 per year.

Over three years, that's a servicing saving of roughly £300–£450 in the IONIQ 5's favour. Brake wear is also lower on EVs thanks to regenerative braking doing most of the work — tyres, however, wear faster due to the additional weight and instant torque delivery. Factor in a tyre replacement or two over three years for both cars.

Insurance is the cost that catches most new EV owners off guard. The IONIQ 5 sits in a significantly higher insurance group than the Sportage. Battery replacement risk, specialist repair costs, and the car's higher purchase value all push premiums up.

A 2022 IONIQ 5 typically costs £900–£1,400 per year to insure for a typical UK driver, depending on postcode, age, and driving history. The Sportage runs closer to £600–£900 in the same categories.

Over three years, that difference compounds to £900–£1,500 — a meaningful figure that erodes some of the fuel saving. Shopping around and using telematics policies can reduce EV insurance costs, but the gap with petrol rarely closes entirely.

For a deeper look at why EV insurance costs more and what to do about it, see our guide to electric car insurance costs.

From April 2025, electric vehicles are no longer exempt from Vehicle Excise Duty (VED). New EVs registered after April 2017 pay the standard rate — currently £195 per year — the same as most petrol cars. This is a change from previous years when EVs attracted zero VED.

However, EVs registered before April 2017 still pay zero. For 2022 cars — which is what both our comparison vehicles are — both pay similar road tax. This was once a significant EV advantage; it is now largely neutral for newer vehicles.

The IONIQ 5 does avoid the expensive car supplement (£620 per year for five years on cars over £40,000 new) on used examples purchased below that threshold, which is increasingly common as values have fallen.

Depreciation is where EV ownership has historically looked most frightening — early Nissan Leafs lost value at an alarming rate. The IONIQ 5 tells a different story. Strong demand, a class-leading charging spec, and genuine desirability have kept residual values healthier than most EVs.

A 2022 IONIQ 5 bought for £13,000 today is likely to be worth £8,000–£10,000 in three years — a depreciation of roughly £3,000–£5,000 depending on mileage and spec.

The Sportage is one of the more predictable depreciators in its class. A 2022 petrol example at £10,000 today will likely hold around £6,000–£7,500 in three years — a similar £2,500–£4,000 depreciation curve.

Broadly neutral. Neither car has a dramatic advantage here, though the IONIQ 5's stronger residuals are encouraging for a segment that was once marked by steep EV depreciation. See our full guide to electric car depreciation for more detail.

Over three years, with home charging, the Hyundai IONIQ 5 edges it. The fuel savings of roughly £2,700–£3,000 over three years comfortably absorb the higher purchase price and elevated insurance costs, leaving the IONIQ 5 marginally cheaper to own in total — and considerably more pleasant to live with on a day-to-day basis.

Without home charging, the maths flips. Public rapid charging costs bring the IONIQ 5's three-year total cost £3,000–£5,000 higher than the Sportage. At that point, the petrol car is simply the more economical choice.

The decision, then, comes down to a single question: do you have, or can you get, a home charger? If yes, the electric SUV wins over time. If no, the petrol car remains the more cost-effective choice for now.

For help deciding which electric SUV best suits your needs, see our full best electric SUVs in the UK guide. Or if you want to understand the day-to-day running cost picture in more detail, our guide to whether it is cheaper to run an electric car breaks it down further.

• Understand every EV running cost in detail: is it cheaper to run an electric car than a petrol car?
• Find out what you will actually pay to service an EV: electric car maintenance costs
• Learn why EV insurance costs more and how to reduce it: electric car insurance costs
• See how EVs lose value over time: electric car depreciation explained
• Understand your charging costs: public vs home charging costs in 2026
• Ready to choose your electric SUV? Best electric SUVs in the UK 2026