Is it cheaper to own an electric SUV than a petrol one over three years?

With home charging, yes — typically by £1,000–£2,000 over three years once you account for fuel savings, lower servicing costs, and comparable depreciation. Without home charging and relying on public rapid chargers, the petrol SUV is usually cheaper overall.

How much does it cost to charge a Hyundai IONIQ 5 at home?

A full charge of the 58kWh battery costs around £14–16 at a standard home tariff of 24–28p per kWh. The 77.4kWh version costs around £18–22 for a full charge. On a cheaper overnight EV tariff, those figures fall to £10–15.

Why is electric car insurance more expensive?

EV insurance costs more primarily because of battery replacement risk, the specialist skills required to repair EV bodywork and electrical systems safely, and the higher purchase value of the vehicle. Insurance groups for popular EVs like the IONIQ 5 are significantly higher than comparable petrol cars.

Do electric SUVs depreciate faster than petrol ones?

Early EVs like the Nissan Leaf did depreciate sharply. More recent models such as the Hyundai IONIQ 5 and Kia EV6 have held their value considerably better, with depreciation curves now broadly comparable to popular petrol SUVs like the Sportage.

What is the biggest hidden cost of owning an electric SUV?

Insurance is the cost that most frequently surprises new EV owners. Tyre wear is another — EVs are heavier and deliver instant torque, which wears tyres faster than most petrol equivalents. Budget for one additional tyre replacement per axle over a three-year ownership period.

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

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

We compare every ownership cost of the Hyundai IONIQ 5 against the Kia Sportage over three years.

The true cost of owning an electric SUV is one of the most argued questions in motoring right now. Ask a committed EV owner and they will tell you it is dramatically cheaper. Ask a sceptic and they will point to higher purchase prices, expensive insurance, and public charging costs that rival petrol. Both sides have a point.

To settle it properly, we have run the numbers on two family SUVs that sit in the same market segment and serve the same buyers: the Hyundai IONIQ 5 and the Kia Sportage. Same footprint, different powertrains. Three years of ownership costs, itemised in full.

Key Takeaways

What to Remember

Here are the most important points to remember.

Purchase price

Used IONIQ 5 from around £13,000. Used Kia Sportage petrol from around £9,500. The EV costs more to buy.

Fuel vs charging

Home charging works out at roughly £3–4 per 100 miles. Petrol costs £14–16 per 100 miles. Electric wins clearly — if you can charge at home.

Servicing

IONIQ 5 annual service runs £150–200. Sportage £250–350. Fewer moving parts means lower servicing bills for the EV.

Insurance

The IONIQ 5 typically costs 20–30% more to insure than an equivalent petrol SUV. This is one area where petrol holds a clear advantage.

Depreciation

The IONIQ 5 has held its value better than most EVs. The Sportage depreciates predictably. Broadly comparable over three years.

Three-year verdict

With home charging, the IONIQ 5 is cheaper to own overall. Without it, the Sportage wins on total cost.

The contenders

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.

Purchase price: petrol wins upfront

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.

Fuel vs charging: the headline battleground

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.

Servicing: electric wins

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: petrol wins

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.

Road tax: electric wins clearly

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: broadly neutral

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.

Comparison

Spec	Hyundai IONIQ 5 58kWh (2022)(2022)	Kia Sportage 1.6 GDi (2022)(2022)
Price	£13,000	£9,500
Annual Road Tax	~£195	~£195
Annual Insurance	~£900–1,400	~£600–900
Annual Servicing	~£150–200	~£250–350
3-Year Depreciation	~£3,000–5,000	~£2,500–4,000
Purchase Price (used)	~£13,000	~£9,500
Annual Fuel/Charging (home)	~£600–700	-
3-Year Total (home charging)	~£18,000–20,000	-
Annual Fuel/Charging (public)	~£1,700–2,200	-
3-Year Total (public charging)	~£22,000–25,000	-
3-Year Total	-	~£18,500–21,000
3-Year Total (alt)	-	~£18,500–21,000
Annual Fuel (petrol)	-	~£1,600–1,700
Annual Fuel (petrol alt)	-	~£1,600–1,700
Pros	Much cheaper to fuel with home charging Lower servicing costs Better retained value than most EVs Zero tailpipe emissions	Lower purchase price Cheaper to insure Predictable running costs Large dealer and parts network
Cons	Higher purchase price More expensive to insure Public charging costs rival petrol Faster tyre wear	Far higher fuel costs than home-charged EV Higher servicing costs Petrol engine complexity Fuel prices subject to market volatility

The verdict: it depends on your driveway

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.