Jaguar I-Pace running costs
The I-Pace is pricey to buy, but promises running costs that'll be very cheap compared to diesel or petrol alternatives, and competitive with electric rivals like the Tesla Model X.
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 £9 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 increasingly have to pay to use public chargers, usually by signing up for an account and downloading an associated app. As a rough guide, 30 minutes of charging at a 50kW rapid charging point will likely cost around £6.50 and get you some 80 miles of range in the I-Pace. Of course, many charging-point providers require you to sign up and pay an annual fee on top of that, the costs of which vary, but around £5-£10 per month isn’t unusual. There are still free charging points widely available, although they’re rarely rapid chargers and are more often found in urban areas.
Taking all of that into account (except the subscription), a 500-mile journey will cost you roughly £28.50 in electricity if you pay to use a 50kW motorway service station fast charger. For context, a diesel car doing 45mpg (assuming 2018 fuel prices of around £1.31 per litre) will do the same distance for around £72.
Zero CO2 exhaust emissions means the I-Pace is in the lowest (13%) Benefit-in-Kind bracket for company-car tax, making it an attractive proposition if the car’s high price isn’t an obstacle to getting one through your company.
Mind you, that high price still has an impact – a 40% taxpayer will pay £275 a month until April 2019 for an entry-level I-Pace S, and after that it rises to £338. Tax changes see the monthly tax bill drop drastically to £42 for the tax year 2020/21.
For context, a Tesla Model X 75D will cost £343 a month for this year, or around £2,000 more than the I-Pace over three years of tax payments. A Volvo XC60 T8 Twin Engine plug-in hybrid isn’t much more expensive on company-car tax payments than the I-Pace for the next two years, but the Volvo looks comparably expensive when new rules kick in from April 2020, which leave the XC60 costing £312 a month compared to the Jag’s miniscule £42 a month.
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 group 50 – the same as the Tesla Model X – which is 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.
You don’t pay for road tax with an I-Pace thanks to its zero emissions status, but all cars that cost over £40,000 (the I-Pace included) incur a £310 surcharge for years two to six of ownership.
The Jaguar 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.