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1 min read

Electric Vehicles soon to reach price parity with petrol cars

Written by Scott Hamilton-Cooper

The average upfront cost of a new electric vehicle is now just 12% more than an ICE equivalent, according to analysis by New Automotive, significantly lower than the previously cited 50%.

The research also indicates that motorists purchasing an EV are expected to save up to £7,000 over the next four years as a result of lower charging prices versus petrol, cheaper maintenance costs and tax exemptions. Regardless of the method drivers use to purchase a new EV, whether leased, PCP or bought outright, the minimum saving is expected to be £3,000.

These calculations were made from a comparison of seven EVs and their running costs against their petrol equivalents. In over half (55%) of the tested scenarios, an EV would pay back any additional purchase cost premium in a maximum of two and a half years. In a third (30%) of the scenarios analysed, drivers would stand to benefit within a year.

With price parity close to reality between EVs and combustion engine vehicles, the cost of motorists making the switch is reducing. A recent survey revealed that 91% of electric vehicle drivers wouldn’t return to an ICE vehicle after making the switch to an EV.

Motor Assist’s latest initiative, EValuate, has partnered with manufacturers to encourage ICE car drivers to make the switch to electric by offering an EV when in need of a replacement vehicle following an incident.

As well as providing a real-world experience for an extended test period through EValuate, Motor Assist can cater to any vehicle when it comes to incident management, offering an end-to-end service or modular approach, including a manufacturer-approved repair process, FNOL, and like-for-like ICE or EV replacement vehicles.

Discover EValuate