How much does it really cost to own and run a new Renault 5?

It’s easy to see why the Renault 5 is the UK’s best-selling electric car right now. This distinctive, retro-inspired hatchback is fun to drive, comes well-equipped and offers up to 252 miles of range, making it an appealing choice if you’re looking for a stylish, city-friendly EV.

So, if you’re seriously considering buying a Renault 5, it’s worth looking beyond the upfront cost. Once you factor in charging, tax and depreciation, the overall cost of ownership can add up quickly.

To find out what it really costs, we ran the numbers on a new Renault 5 over a typical three-year ownership period and 30,000 miles to calculate its total cost of ownership (TCO) – and see whether leasing might actually be the smarter financial choice.

If you just want the headline figures, click below. Otherwise, read on for the full breakdown.

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Remember, you can buy a brand new or used car right here on Carwow. And you can sell your car, too. We’re here to help you through every step of your car-changing journey.

Starting price

First, let’s look at buying a Renault 5. You’re more likely to finance your car, so the overall cost will usually include interest and additional fees. These costs can vary depending on the type of deal, when you buy and the prevailing interest rates.

For our calculations, we used PCP finance, a flexible car finance option where your monthly payments cover much of the car’s expected depreciation, rather than the full purchase price.

Using Renault’s own website, I’ve assumed a £5,000 deposit, a three-year term and annual mileage of 10,000 miles. I’ve also assumed that you return the car to the finance company at the end of the term.

For these calculations, I’ve used the Evolution base model, which has a starting price of £22,995. This model is also eligible for the government’s £1,500 electric car grant, bringing it down to £21,495.

Here’s a breakdown of all the costs you can expect. At the time of writing, the Renault 5 had a 5.9% APR and fixed annual interest rate, so I’ve included the total amount payable for reference.

Road tax

Next up, you need to factor in road tax.

As the Renault 5 is an electric car, you’ll pay a £10 first-year rate, followed by the standard £200 annual rate from the second year onwards.

This means you’ll pay a total of £410 in road tax over the first three years.

Add this to the total cost to PCP if you return the car, and it brings the total to £14,634 so far.

Charging costs

Charging costs are a little more complicated, as prices can vary significantly depending on where and how you charge. So, we’ve used three different rates to reflect the different ways you’re likely to charge the car. Here are the average charging rates used in our analysis at the time of writing:

• Home charging: 7p/kWh (E.ON Next)
• Public slow charging (AC): 54p/kWh (Zapmap)
• Public fast charging (DC): 80p/kWh (Zapmap)

Renault claims the 5 can achieve 4.1-4.3 miles per kWh, so for our calculations, we’ve used an average of 4.2 miles per kWh.

We also considered that many people use a mix of home and public charging in their day-to-day driving, so we carried out a calculation based on this. The figures are based on total electricity consumption (kWh) over 30,000 miles, assuming charging is split between 70% at home, 20% using slow AC public chargers and 10% using rapid chargers.

With all this in mind, here’s a breakdown of how much it could cost to charge a Renault 5 at home, using slow public chargers and using rapid chargers over three years, based on driving 10,000 miles per year:

How much will it cost you overall?

When we add up the road tax and the mixed charging costs, it would cost you around £16,355.43 to own a Renault 5 over three years.

As the numbers show, buying an electric car makes the most financial sense if you have home charging. But is buying outright actually the cheapest option? Let’s take a look at leasing costs to find out.

Is it cheaper to lease a Renault 5?

Leasing makes sense if you want the benefits of driving a new car without taking on the full cost of ownership. It can also offer lower, more predictable monthly payments, while allowing you to hand the car back at the end of the agreement rather than worrying about its future value.

To see how the two options compare, we’ve worked out the cost of leasing a Renault 5 against buying one. We’ve used the same model and charging costs as in our buying calculations, so the comparison is like-for-like.

The leasing figures are based on relevant Carwow deals available at the time of writing, using a three-year lease with an annual mileage allowance of 10,000 miles.

Here’s a breakdown of costs for a deal I’ve found on Carwow:

Although the monthly payments are a little higher than the PCP deal we found, our calculations show that you’ll save an average of around £1,500 over three years by leasing rather than buying a Renault 5 on PCP finance.

Remember that road tax is often included in monthly lease payments, so you don’t need to factor it into your running costs. You also don’t have to worry about depreciation, as you won’t own the car at the end of the lease.

Taken together, these factors make leasing a particularly appealing option, and our analysis suggests it offers the best overall value.

Car change? Carwow!

Looking for a new set of wheels? With Carwow you can sell your car quickly and for a fair price – as well as find great offers on your next one. Whether you’re looking to buy a car brand new, are after something used or you want to explore car leasing options, Carwow is your one stop shop for new car deals.

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