1. Energy: charging vs fuel
At a German average of €0.34/kWh and €1.75/L petrol, a typical EV costs around €6–7 per 100 km on home electricity. A comparable petrol hatchback runs €11–14 per 100 km. Drive 15,000 km/year and that's roughly €750–1,000 in your pocket. But DC fast-charging on motorways (€0.55–0.79/kWh) flips the comparison — frequent road-trippers may pay more than for petrol.
2. Depreciation: the silent killer
This is where the EV story has cracked. Used Tesla Model 3 and EV prices fell 20–30% in 2023–2024 across most EU markets. A 3-year-old EV often retains 45–55% of its price; a 3-year-old Toyota or Skoda petrol retains 60–70%. Depreciation is the biggest cost of owning any car — and right now it favours petrol.
3. Insurance
EVs are typically 10–25% more expensive to insure in Europe because of higher repair costs (battery packs, advanced sensors) and fewer specialist repair shops. The gap is closing as insurers gather data, but budget for it.
4. Maintenance
No oil changes, no spark plugs, no timing belts, regenerative braking that spares the brake pads. EVs save €200–500/year on routine maintenance. Battery degradation is real but slow — most modern packs lose 5–10% capacity over 8 years.
5. Road tax & incentives
Norway, Netherlands, Germany, France and Portugal still offer meaningful EV incentives or zero road tax for BEVs. The UK and several others have started charging EVs equivalent VED. Always check your country before assuming.
The 5-year bottom line
For a high-mileage commuter with home charging, an EV usually wins by €2,000–€5,000 over 5 years. For a low-mileage driver who buys used and parks on the street, a modern petrol hybrid usually wins. There is no universal answer — the only way to know for your situation is to run both cars through a real cost calculator.