Genesis Electrified GV70 running costs: what UK ownership really costs

The Genesis Electrified GV70 offers competitive running costs for an electric SUV, with low energy expenses, reasonable insurance premiums, and minimal road tax. Servicing intervals are manageable, and depreciation rates are in line with luxury electric vehicles, making it an appealing option for cost-conscious buyers.

Fuel and Electric Costs

The Genesis Electrified GV70 is fully electric, which means it runs on electricity rather than petrol or diesel. The cost of charging can vary significantly depending on whether you use a home charger or public charging stations. On average, charging at home costs around £0.14 to £0.20 per kWh. With a battery capacity of approximately 77.4 kWh, a full charge could range from £11 to £15, providing a typical range of around 250 to 300 miles.

For those who frequently use public charging stations, costs may be higher, especially at rapid chargers, where prices can reach £0.30 to £0.50 per kWh. However, many public charging networks offer subscription models that can help reduce costs. Overall, the running costs for electricity are significantly lower than traditional fuel, making the GV70 an economical choice for daily driving.

Insurance Group

The insurance group for the Genesis Electrified GV70 is typically around Group 50, which is relatively high compared to standard vehicles. This is reflective of the premium nature of the car and the cost of parts and repairs associated with luxury electric vehicles. Insurance costs can vary based on factors such as the driver’s age, location, and driving history.

For many drivers, comprehensive insurance for the GV70 may range from £800 to £1,500 annually. It is advisable to shop around and compare quotes from different insurers, as some may offer better rates for electric vehicles due to their lower accident rates and advanced safety features.

Tax Band

As an electric vehicle, the Genesis Electrified GV70 benefits from significant tax advantages. It falls into the zero-emission vehicle category, meaning it is exempt from road tax (Vehicle Excise Duty) in the UK. This exemption is a considerable saving for owners, as traditional petrol and diesel vehicles incur annual charges based on CO2 emissions.

Additionally, electric vehicles are eligible for the government’s plug-in car grant, which can further reduce the initial purchase price. This makes the GV70 not only environmentally friendly but also financially attractive in terms of tax savings.

Servicing Intervals

The servicing intervals for the Genesis Electrified GV70 are generally set at 12 months or 10,000 miles, whichever comes first. This is in line with many electric vehicles, which tend to require less frequent servicing than their petrol or diesel counterparts due to fewer moving parts and no oil changes.

Routine maintenance typically includes checks on the battery system, brakes, and tyres, as well as software updates. The cost of servicing can vary, but it is often lower than that of traditional luxury vehicles, making the GV70 a cost-effective option in the long run.

Typical Depreciation

Depreciation for electric vehicles can be influenced by several factors, including market demand, battery technology, and overall brand perception. The Genesis Electrified GV70 is expected to depreciate at a rate similar to other luxury electric SUVs, with estimates suggesting a depreciation of around 40 to 50 percent over the first three years.

While luxury vehicles generally experience steeper depreciation, the growing interest in electric vehicles may help mitigate this. Factors such as government incentives, advancements in battery technology, and increasing charging infrastructure can positively impact resale values, making the GV70 a potentially wise investment.

Conclusion

The Genesis Electrified GV70 presents a compelling case for those considering an electric SUV. With low running costs, tax exemptions, manageable servicing intervals, and competitive depreciation rates, it stands out as an attractive option for UK drivers. Its combination of luxury, performance, and cost efficiency makes it a strong contender in the electric vehicle market.