Why buying an electric vehicle is a smart financial decision

Electric vehicle charging networks are expanding and battery efficiency is improving in the UAE. Chris Whiteoak / The National

Electric vehicles once represented an idea in the distant future. Today, they are taking hold and making car buyers ponder the question: how do they measure up when considering the full cost of ownership?

To begin with, it’s important to look at the issue through more than just the lens of innovation or sustainability. At the heart of it, it’s really about value - how that value holds up over time, and what it ultimately means to individuals and families trying to make smarter, long-term choices.

Upfront vs long-term costs

The conventional way to compare vehicles always started with the price tag. Although that number still matters, it doesn’t tell the whole story. EVs may carry a higher upfront cost in some cases, especially in premium segments, but they often flip the script on running costs.

Electric vehicles are fundamentally simpler machines. They don’t require oil changes, have fewer moving parts, and brake wear is reduced through regenerative systems. Add to that lower fuel bills, fewer service visits and, over time, especially for high-mileage users, the math becomes harder to ignore.

That said, there are a few areas where conventional cars could still give their electric counterparts a run for their money. Refuelling, for one. Pull into any petrol station, spend five minutes filling up, and you're back on the road. Compare this to 30 to 60-minute charging sessions for EVs.

Environmental benefits too aren't clear-cut. That “zero emissions” claim rings hollow when electricity comes from coal plants, and manufacturing those battery packs creates significant environmental impact, critics may point out.

However, when analysed over their full lifetime and with cleaner grids in place, EVs are without doubt far cleaner than petrol and diesel vehicles.

Watch: UAE-built electric vehicles on show at Make it in the Emirates 2025

UAE-built electric and autonomous vehicles on show at Make it in the Emirates 2025

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Things to consider when buying EVs

• Charging strategy: Charging at home or at the office offers the lowest cost per kilometre. Relying solely on fast public chargers changes the economics.
• Battery performance: Most brands offer eight-year battery warranties, but performance still depends on climate, driving patterns, and charging habits.
• After-sales ecosystem: Choosing an EV isn’t just about the car. It’s about the brand’s ability to support you with service, spare parts, and software over the long run.
• Resale trajectory: Traditional cars have a predictable depreciation path. The EV resale market is still maturing, but momentum is building. Especially for models with strong brand backing and software stability.

EVs front-load more of the cost. Combustion vehicles often incur more over time. The difference lies in how you plan to use your car and how long you intend to own it.

The switch to EVs also marks a shift in expectations. Drivers are beginning to think in longer cycles. Ownership is less about short-term trade-ins and more about consistent performance, lower operating costs, and technology that evolves with use.

That doesn’t make EVs the right choice for everyone, but it does explain why more people are moving in that direction, and why the ownership model itself is being redefined.

From a customer perspective, we’re seeing more first-time EV owners making the switch. Not because of trends, but because they’ve taken the time to re-evaluate what ownership really means. The economics, the long-term value and the shift in cost dynamics are becoming clearer.

When drivers look beyond the sticker price and start factoring in charging, maintenance and long-term efficiency, not to mention doing their bit for the environment, the equation changes. What once felt like a leap now feels like a logical step.

Mohammad Maktari is chief executive of NIO MENA