The increasing demand of carbon fiber reinforced polymers over the last few decades has brought attention to critical aspects such as disposal, environmental impact, and cost of production. Therefore, adopting a circular economy approach focused on improving efficiency is an enticing alternative nowadays. This investigation is focused on the mechanical and tribological characterization of ultra high molecular weight polyethylene (UHMWPE) composites reinforced with virgin (vCF) and recycled carbon fibers (rCF) under water lubricated conditions. An improvement of 208% in Young's modulus, 105% in ultimate tensile strength and 146% in hardness for the samples with 30%wt rCF, compared to pure UHMWPE, was observed. Reductions of up to 62% in coefficient of friction and 32% in wear rates for 10 wt% CF composites were obtained, facilitated through the formation of a transfer film, which was present on the countersurfaces. The results of this project show that the composites containing recycled fibers exhibit a comparable performance to their virgin counterparts. An economical evaluation estimated possible monetary savings of 910.2 M€ in a time span from 2022 to 2026 by using rCF in composite production, providing arguments for the use of rCF reducing the environmental impact and cost without compromising performance.