Smart EQ ForTwo Cabrio running costs

As with any small electric car, the Smart EQ ForTwo Cabrio will cost mere pennies to charge and run

It may not come as a surprise to learn that Smart charges more for the EQ ForTwo than it does the standard petrol-powered Cabrio. However, if its short range is sufficient for your daily commute – and you like the idea of zero-emissions driving with the wind in your hair – then it’ll save you money in the long run.

Prices may seem high – the Cabrio starts from around £23,000 for the basic EQ Prime Premium-spec car – but every model is eligible for the £3,500 Government Plug-in Car Grant (PICG), which slashes the list price to less than £20,000. Okay, that’s still a lot for a two-seat city car, but add in the fact it’s a convertible and it’s much harder to distinguish like-for-like rivals.

As an electric car, there's no road tax (Vehicle Excise Duty) to pay. The EQ ForTwo Cabrio falls into the very lowest company-car tax band, resulting in rock-bottom VED rates. If you live in or near London and regularly drive into the capital, you’ll be pleased to know it's exempt from the £11.50 daily London Congestion Charge.

Smart EQ ForTwo insurance groups

Insurance groups for the Smart EQ ForTwo Cabriolet are reasonable, but rivals will likely cost less to cover. Ratings start around group 12, and rise to group 15 for the better-equipped Nightsky cars.

Warranty

The Smart EQ ForTwo Cabriolet comes with a three-year/unlimited-mileage warranty. Once this expires, the battery is covered for a further five years (eight years in total). It shows the confidence that parent company Mercedes has in its electrified city car, as it’s the same warranty offered on the S-Class limousine. All Smart models also come with a 12-year anti-corrosion warranty.

Servicing

When your Smart EQ ForTwo Cabriolet needs servicing will depend on how old it is and how many miles you cover – as every version is subject to a flexible service schedule. Owners have the choice of paying for servicing outright, or monthly via Smart ServiceCare. Prices start from £20 per month.

Road tax

As the Smart EQ ForTwo Cabriolet is fully electric, it's exempt from road tax (VED).

Depreciation

Electric cars tend to perform quite poorly when it comes to depreciation, and the Cabriolet version of the Smart is even worse off than the fixed-roof Coupe on which it's based. While that car will retain between 34 and 37% of its value after three years and 36,000 miles, the Cabriolet holds on to just 33-35%. Ironically, the petrol-powered Cabrio is actually the most desirable Smart on the used market, retaining up to 46% of its list price after three years.