EVs have just seen their biggest year-on-year price drop yet. According to the EV Price Index, the median electric car price is now 9.4% lower than this time last year — a huge £4,581 saving on average.
Two things are driving this shift. First, there are far more affordable EVs on the market than a year ago, with new mid-sized and compact models pulling the overall median down. Second, the Government’s Electric Car Grant, worth up to £3,750, has helped spark interest and lower effective prices for eligible models.
Manufacturers that don’t qualify for the official grant have responded with their own “grants” and deposit contributions, creating a wave of competitive offers. It all adds up to the most affordable EV market we’ve seen in years.
