MG4 EV: running costs & insurance

While more recent arrivals such as the Dacia Spring and Citroen e-C3 are doing their part to drive electric car prices downwards, the MG4 remains one of the cheapest electric cars you can buy, starting at just under £27,000. Upgrading to the Long Range model only costs an extra £2,500, which is still thousands less than you’d have to pay for the equivalent Volkswagen ID.3 or Cupra Born.

Of course, like all electric cars, the MG4 qualifies for zero VED road tax until April 2025, and the Benefit-in-Kind company car tax rate sits at just 2%. This is much lower than any petrol or hybrid alternative, and even servicing should be relatively inexpensive as well. Simply put, the MG4 will be very cheap to run for a family car - electric or otherwise.

MG4 EV insurance group

The MG4 line-up ranges from insurance group 27 to 40 depending on which drivetrain and trim you go for. Both the regular and Long Range models venture no higher than group 29, but the Extended range pushes the MG4 up to group 33. Unsurprisingly, it’s the hot XPower that commands the most cash, as this resides in group 40.

That's certainly higher than your average VW Golf, but the MG attracts similar ratings to rivals like the Volkswagen ID.3 (24-34), Cupra Born (25-34) and Renault Megane E-Tech (25-27). 

Warranty

MG’s impressive seven-year/80,000-mile warranty for its electric cars is among the best in the business, and it provides coverage for both the car and its batteries. Some plans offered by rivals like Kia and Toyota do have longer coverage periods and mileage limits, though. We don’t expect many people who get an MG4 on a three or even four-year finance deal will come close to exceeding that 80,000 limit, but it undoubtedly provides peace of mind.

Servicing

MG says all its models should be serviced once a year or every 15,000 miles, whichever comes first. The brand offers service plans on its electric cars with repayments spread over two to five years. These service plans cover periodic maintenance, safety inspections and include 12 months' AA roadside assistance. 

Road tax

As with all electric cars, the MG4 currently doesn't attract any VED road tax, but that will come to an end in April 2025. 

Depreciation

While the MG4’s reasonable starting price means depreciation isn’t quite as crucial a factor as it is in other EVs, it’s worth considering nonetheless. According to the latest industry figures, every version of the MG4 should retain around 44% of its initial value over three years and 36,000 miles of ownership.