Average new UK electric car price is now lower than petrol vehicles | Electric, hybrid and low-emission cars
According to car sales website Autotrader, the price of new battery electric cars in the UK has fallen below petrol cars for the first time; This marked a major milestone in Britain’s move away from fossil fuels.
The average price of a new electric car listed on the website was £42,620, while for a new petrol model the figure was £43,405; This makes the old one £785 cheaper than advertised prices after discounts.
The higher upfront cost of electric vehicles has been one of the biggest problems preventing some drivers from switching from polluting gasoline and diesel-powered vehicles to battery-powered vehicles that do not directly emit carbon dioxide. Total operating costs for electric cars have been lower for some time.
Sales of battery electric cars in the UK accounted for 22% of new car sales in the first three months of the year, according to the Association of Motor Manufacturers and Traders, a lobby group.
Prices in the UK have been brought down by the electric car grant introduced last summer, offering discounts of up to £3,750 on some models. Automakers are also under intense pressure to cut prices to meet electric car targets, known as the zero-emission vehicle (ZEV) mandate, and from an influx of Chinese rivals that could undercut traditional brands.
Autotrader is the UK’s largest automotive marketplace, although it does not cover all transactions across the country. Data shows the UK has reached a pivotal moment in decarbonising road transport; Cheaper upfront cost and significantly lower operating costs combine to make electric cars increasingly attractive to buyers.
Bex Kennett, head of new cars at Autotrader, said: “The electric car market is becoming increasingly competitive and despite the challenges posed by the ZEV mandate, manufacturers and retailers have worked hard to improve both the supply and affordability of new electric vehicles.”
Kennett said automakers were forced into “historically high rebate levels earlier this year” as they tried to increase electricity sales. However, their efforts appear to have been aided by the war in Iran causing an increase in gasoline and diesel prices. Automobile sales platforms across Europe reported a huge increase in electric car demands from consumers who want to reduce energy costs.
Gurjeet Grewal, CEO of Octopus Electric Vehicles, the power company’s auto division, said the term “inflection point” “is thrown around a lot, but this is really one of them. For the first time, electric vehicles are cheaper than gasoline cars at upfront cost, removing one of the biggest barriers to transition.”
“It’s long been cheaper to run, and now it’s cheaper to buy. Add in increased competition and more choice, and the direction of travel becomes clear: Electric is the obvious choice for drivers.”
However, the transition to electric cars in the UK still faces some obstacles. Households across the country without a driveway rely on the public charging network, which remains patchy in some areas.
