MG5 EV review: running costs & insurance
Low purchase price and company car BiK rates, zero road tax and a long warranty, all mean the MG5 should be pretty cheap to run
| Insurance group | Warranty | Service interval | Annual company-car tax cost (20%/40%) |
|---|---|---|---|
| 30-31 | 7yrs/80,000 miles | 1yr/15,000 miles | From £124/£248 |
The MG5’s running costs really hammer home the benefit of electric cars, and MG throws in a few sweeteners of its own in the form of one of the longest warranties in the industry, generous service intervals and comprehensive service packages. Whether buying privately or for business, running costs should be low, thanks to zero CO2 emissions and the lowest 2% company-car tax rate.
MG5 EV insurance group
The pre-facelift MG5 fell into insurance group 27 regardless of the specification, however, the updated electric estate lands in group 30 if you go for the base SE model and group 31 in Trophy trim. That means it will now be slightly more expensive to insure than a Kia Niro EV (groups 28-29), MG ZS EV (27-28) or MG4 EV (27-29).
Warranty
Short of Kia's policy, the MG5’s seven-year/80,000-mile warranty is the longest in the industry, and a huge reassurance for anyone concerned about the longevity of electric cars. Kia’s warranty goes 20,000 miles further over those seven years, but 80,000 miles really isn’t to be sniffed at, particularly as it fully covers the battery pack, too.
Servicing
We’ve got used to seeing some fairly broad service intervals on electric cars, and the MG5 is no different. While MG still recommends the car comes in for a checkup each year, you can do up to 15,000 miles before it needs a service – a benefit of not requiring oil and filter changes like a combustion-engined model. MG also offers service plans for the MG5, priced from as little as £6 per month over two to five years. 12 months' AA roadside assistance is also included.
Road tax
With zero CO2 tailpipe emissions, you don’t have to pay any road tax (VED) when the MG5 is first registered – or any year thereafter, for that matter. However, electric cars’ exemption both from road tax and the London Congestion Charge will come to an end in 2025.
It’ll cost very little for business users to run the MG5, as Benefit-in-Kind (BiK) is just 2% until the 2024/2025 financial year, which effectively means you'll be spending less on a year’s BiK than most people will spend on two or three tanks of petrol for a conventional car.
