New data gathered by UK online automotive marketplace, Autotrader, shows that the average price of a new EV for sale on its platform is cheaper than the average cost of a new petrol car on its site. The average price for a new electric car on the site is £42,620, compared to the average price of £43,405 for a new petrol model.
This milestone has been a number of years in the making, as a growing number of electric cars reach price parity with their petrol and diesel counterparts – and not just across equivalent models, but even within the same model range. The Vauxhall Frontera is a prime example – it carries an identical price tag, whether you choose the battery-electric or petrol-hybrid drivetrain.
Autotrader’s data goes beyond just the original list prices of EVs, however. It also accounts for incentives such as the Electric Car Grant, as well as manufacturer-specific discounting. In April so far, the average discount on a new EV over its retail price has been 11.7%, highlighting how when considering a cheap electric car, it’s a good idea to look beyond just the original list price quoted by the manufacturer.
The shift is significant, with a ‘higher purchase price’ historically being seen as one of the most significant barriers to EV adoption in the UK. With that gap now closed, at least on average, attention is likely to turn to the total cost of ownership, where the story is also positive. Home charging offers driving costs drastically lower than the cost of petrol or diesel. But now, these more affordable models are allowing EV ownership to make financial sense from the first day of ownership – not just longer term.
