MG4 EV review: running costs & insurance

While new electric car prices have been rapidly increasing in recent months, 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 several thousand pounds less than you’d have to pay for the equivalent VW ID.3 or Cupra Born.

Of course, like all electric cars, you pay zero road tax for the time being, company-car tax is much lower than any petrol or hybrid alternative and even servicing should be relatively inexpensive as well. Simply put, the MG4 will be one of cheapest-to-run family cars you can buy – electric or otherwise.

MG4 EV insurance group

The MG4 falls into insurance group 27 to 29 depending on which drivetrain and trim you go for. That's certainly higher than your average VW Golf, but the MG attracts similar ratings to rivals like the VW ID.3 (18-26), Cupra Born (25-28) and Renault Megane E-TECH Electric (26-27). Insurance groups are yet to be announced for both the new Extended Range and XPower variants of the MG4, but expect the latter to be (relatively) expensive to cover given its incredible performance.

Warranty

MG’s impressive seven-year/80,000-mile warranty for its electric cars is among the best in the business,  providing coverage for the car and its batteries. Those offered by Kia, Hyundai or Toyota do have longer coverage periods and mileage limits, 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. It offers service plans on its electric cars from as little as £6 per month, with repayments spread over two to five years. The service plans cover periodic maintenance, safety inspections and 12 months' AA roadside assistance. Although, exact service intervals have yet to be confirmed, either.

Road tax

As with all electric cars, the MG4 currently doesn't attract any road tax, but that will come to an end in 2025. The same goes for EVs’ exemption from the London Congestion Charge, but you don’t have to worry about either for now, and you enjoy only 2% Benefit-in-Kind (BiK) company-car tax for the next few years.

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, the MG4 is expected to retain anything between 53-56% of its initial value over three years and 36,000 miles of ownership. Higher-spec models tend to fare better in this regard - MG reckons the XPower will retain 59% of its value over the same period - although all MG4s will hold their money better than something like a Nissan Leaf, or even a MINI Electric.