Jaguar I-Pace running costs
|Insurance group||Warranty||Service intervals||2020/21 company-car tax cost (20%/40%)|
|49-50||3yrs / unlimited miles||2yrs / 21,000 miles||£0|
Running an electric car isn’t free, of course. Having a home charging point installed will cost around £300 (after a £500 government grant) for a start and, as a rough estimate, a full charge at home for the I-Pace will cost some £13 (based on the average price of 14p per kWh) in electricity.
Bear in mind that the tariff and provider you use, and what time of day you're charging, will all affect this, but the I-Pace has a smart charging function that means home charging can be pre-set to coincide with when electricity is cheapest on your tariff.
You also have to pay to use public rapid chargers, and thankfully many of them accept contactless payments these days, albeit signing up for an account often bring slightly cheaper charge rates.
As a rough guide, adding 100 miles of range to the I-Pace from a typical motorway public rapid charger will cost about £12. There are free charging points widely available, although they’re normally much slower chargers that are often found in shopping centre car parks and urban areas.
Taking all of that into account, it's fair to say that the I-Pace will cost well under half what it would cost to fuel an equivalent performance diesel SUV, even if you use public rapid chargers regularly.
Zero CO2 emissions mean the I-Pace is in the lowest (0%) Benefit-in-Kind bracket for company-car tax, so is literally a free car to employees since there's no BiK tax cost for 2020/21. Rates rise to 1% the year after (£258 per year for 40% taxpayers), and 2% the year after that (£516 a year for a 40% taxpayer).
However, you need to have a very generous company to be able to access the Jaguar I-Pace on a company car scheme, since leasing or purchase costs are very high. This is still a £65,000 car, so it'll be mostly directors and company owners who benefit from the BiK savings.
If you regularly drive the electric Jaguar in central London, you won’t have to pay the Congestion Charge, either. With many major towns and cities in the UK and Europe set to introduce emissions-based restrictions and charges over the coming years, that’s not a perk to take lightly.
Jaguar I-Pace insurance group
The only sting in the tail is the high cost of insurance. The I-Pace is rated in groups 49 and 50 – the latter the same as the Tesla Model X and the highest possible insurance group, so be sure to get a quote before buying the car.
An eight-year/100,000-mile warranty applies to the I-Pace’s battery, while Jaguar’s standard three-year/unlimited-mileage warranty covers every other aspect of the car.
Electric motors have vastly fewer moving parts than petrol or diesel engines – we’re talking thousands fewer – so they don’t need maintenance as regularly. This is why the I-Pace only needs servicing every two years or 21,000 miles, but it’s not cheap despite the long intervals; a one-off up-front payment of around £1,000 will cover servicing for the first three years, or you can spread the cost into monthly instalments.
As with all electric cars, you don’t pay basic road tax on an I-Pace thanks to its zero-emissions status.
The I-Pace is brand new from the ground up, so it’s difficult to judge how quickly it’ll lose value. However, residual forecasting – dark art as it is – suggests that the I-Pace will hold onto circa 55 to 60% of its value after three years.