With the 2030 petrol and diesel vehicle ban fast approaching, those looking to upgrade their motor now are certain to have a few questions on their lips.

Whether buying new or second hand, deciding between an electric, petrol or diesel powered model will be a vital consideration. Initial purchase price aside, it is the running costs that should be scrutinised when making this all-important decision.  Here we compare the running costs of modern electric, petrol and diesel vehicles.

Fuel

With high fuel costs still dominating the headlines, it’s safe to say that filling up your vehicle with traditional fuel types - like petrol and diesel - is much more expensive than it was. Energy prices have also been on the rise in recent months, but how does filling up at the pump compare with charging an electric car?

When charging an electric car, you generally have three options. You can choose to charge your vehicle at home slowly, at home using rapid charging, or away from home via a public charging network. Charging at home on a standard tariff is the most economical option while charging in public is the most expensive, particularly if you choose to use a rapid or ultra-rapid charger.

Whether petrol/diesel or electric is the cheapest depends on the make and model of vehicle you select. An electric vehicle (EV) costs between 10p and 21p per mile to charge, while a petrol car will cost 18p per mile.

Maintenance

Typical annual maintenance costs vary based on the condition of the vehicle. Despite an electric vehicle’s use of cutting-edge tech, they are around 70% more economical to take care of over the course of their lifetimes when compared with the average petrol or diesel vehicle.

Tax and insurance

The cost of tax is another category where electric vehicles come out on top. Owners of EVs priced below £40,000 will have no vehicle tax to pay at all. Petrol and diesel vehicle owners on the other hand will pay £180 per year on average from April 2023.

Electric vehicles however are costlier to insure, with premiums 14% higher than petrol or diesel models.

Other charges

If you regularly travel in, out and around Congestion Charge zones, additional charges will apply if you own a petrol or diesel vehicle. In comparison, electric car owners are exempt from paying the charge.

Weighing up the costs detailed above is the key to making your upcoming vehicle purchase with complete confidence and clarity.