The economics of owning an EV

In 2022 we moved to our new home, away from Dublin, and from our new address we could no longer get away with relying solely on public transport.
We made the decision to buy an EV, even if that meant that we ended up spending a bit more than what we initially wanted. At the time there were no real options in the used market for a full EV with anything like a 400km range. Not that we needed the 400km range, but the idea was to buy something with enough range that, even in a few years time, with degradation etc, the battery will still give us enough range to fulfil our every need. We test drove a few models and we opted for a Kia EV6 with a 77kWh battery. EVs are comfortable, fun to drive¹, and packed with assists that make them safer than most of the base petrol models.
And, if you ask me, the EV6 is a beautiful car!

We have had no issues whatsoever with the car, and our plan is to keep it and drive it for the next 10 years. We are hoping that the included 7 year warranty and the fact that EVs are mechanically simpler than internal combustion cars will keep it running without any nasty or expensive surprises.
Cars are depreciating assets, and I certainly don’t think that it makes any economic sense to keep trading them in for the “new thing”.

Running costs

To date we have done a total of just under 50,000 km in it. The running costs have been pleasantly low:

Costs	€
4x new tyres at 42k km	760.00
Year 2 Service	204.97
Year 1 Service	163.67
Public Charging	566.28
Home Charging	744.40
Total Charging Cost	1310.68

Since June 2022, we have charged at home at an average cost of around 0.083 €/kWh (VAT inclusive), using a EV night rate plan². The actual EV rate is lower than this, but on some very rare occasions we have had to top up during the day, at a higher standard rate. This still keeps the running cost extremely low, despite Ireland having some of the highest electricity prices in the whole EU. The original set of tyres were replaced at around 42,000 km. A new set of tyres costed me more than what I have spent charging the car at home to this day!

Cost Comparison Insight over 50,000 km

Electricity cost: 2.64 €/100km
Equivalent petrol cost for a 5L/100km vehicle³: 8.75 €/100km

Savings: over 3000€ difference in fuel costs alone!

Public charging strategies

We’ve travelled throughout Ireland, and even have even took a ferry to Spain and drove all the way through to Portugal. Public charging infrastructure is already decent enough, at least when it comes to fast-charging. We’ve always been able to find working chargers everywhere, and I don’t think we have ever had to wait more than 5 minutes to get a charger slot. It works, it’s quick, and it is easy to use. However, it is incredibly expensive⁴. It is very rare that we that we actually need to use it, but we have done a few longer road trips where we had to, and they significantly impact the costs. We do over 90% of our charging at home, but that 10% of public charging costed 40% of our total spend. There are a number of charging cards and plans that will make it cheaper, sometimes by half as much. If you need public charging, you definitely need to look into those, as sometimes they offer savings of over 50% vs the standard prices. They may have a monthly fee, but often the difference in prices will cover the fee in a single charge, or less.

Near future: a second car?

Between the push to return to office and our daughter starting creche and eventually pre-school, we are in a position where we will eventually need a 2nd car. I think we are finally getting to the point where we are starting to see some smaller EV hatchbacks. In my opinion this is the range that has the potential to really increase EV adoption. Not everyone can afford a big expensive EV. And they shouldn’t have to. A small hatchback is the best car for most people. The only reason we didn’t buy one in 2022 was that none existed (yet).
We are happy with our EV, and will most likely get another EV as our 2nd car, likely in the next 6 months.
The new Renault 5 EV is looking class… Watch this space.

September 2025 Update

We did get a new car. However, instead of the Renault 5, we decided to order a Hyundai Inster instead. The price difference was over 10,000 € between the two, with the Renault 5 being much more expensive while offering very little extra. In fact, the only real advantage was looks - it’s a much better looking car, but that is a very poor reason to spend such a large amount of money. The Hyundai Inster is a small and compact EV, with 350 to 400km range, and, on the spec we purchased, it offers almost every assist that our much more expensive Kia EV6 offers. It’s a real sensible choice, and while it doesn’t look exciting, unlike “cheap” cars of the past, the fact that it is an EV means there’s more than enough power for it to feel zippy, while being more than capable of doing 120kph on motorways.

Environmental and Economic Considerations

Beyond personal economics, our EV represents a meaningful step towards sustainable transportation (although, if you can cycle, take a bus, or train, you should).

• Reduced pollutant emissions:
  • No particulate matter being spewed out while you’re stuck in traffic in the city.
• Lower dependency on fossil fuels:
  • The lower priced night rate corresponds to a period with lower consumption overall, and in Ireland it also matches the time of day where the share of wind generated electricity is higher.
• Technological innovation supporting climate goals.

Key Takeaways

• EV running costs are extremely low if you are able to charge at Home, rather than using public charging. This is true even in Ireland, which has some of the highest electricity prices in the EU.
• The lowest priced time-period for charging overnight lasts for 3-4 hours, depending on the operator. Charging at 7.5kW, that’s over 22kWh of top up per night. That is enough charge for over 120 km.
• Public charging is easy and convenient, there is no reason why you’ll ever be stranded without a charge. A 15 minute stop to fast-charge and take a toilet break is hardly going to be noticeable on your total trip time.
• Public charging is proportionally very expensive, and if you are reliant on it, you should do the maths and subscribe to a charging card.
• Long-term ownership can significantly improve the economic case for EVs, due to the lower cost per km.

Footnotes

1. The EV6 has 229 HP and it is RWD! ↩

2. Home Assistant’s Energy Dashboard, together with the Kia Connect and the Wallbox EV charger integration are incredibly useful to get this sort of long term statistics. ↩

3. A VW Golf with a petrol engine is advertised as 5.3L/100km. ↩

4. Even if you shop around. I keep 2 or 3 different charging cards from different operators to try and get a better price depending on the charger brand. ↩