New electric vehicles (EVs) are now, on average, cheaper to buy than petrol models on for the first time.
This is a key finding of Autotrader which said based on advertised prices on Autotrader after discounts, the average price of a new EV has now undercut that of a petrol car across the retail market.
This, it said, is being diven by government grants and sustained manufacturer discounting that continue to improve affordability for new cars.
The impact of this pricing trend has become more pronounced in April so far, with the average new electric car now priced at £42,620 compared with £43,405 for a new petrol model — a £785 difference in favour of electric.
After reaching a record high in March (12.8%), average discounts on new EVs eased slightly to 11.7% in April so far following the key plate‑change month.
While lower than last month’s peak, discounting on electric cars remains historically high and continues to help reverse the price gap with petrol models.
“The electric car market is becoming increasingly competitive, and despite the challenges created by the ZEV mandate, manufacturers and retailers have worked hard to improve both the supply and affordability of new electric vehicles,” said Bex Kennett, head of new car performance at Autotrader UK.
