The electric ‘price premium’ over traditionally fuelled cars has fallen to a record low, in the latest update on their initiative combatting misinformation surrounding electric cars.

In an analysis by Autotrader, ChargeUK and the Society of Motor Manufacturers and Traders (SMMT), the so called ‘premium’ of the upfront price difference between new electric and equivalent internal combustion engine models has fallen to 19 per cent, a drop from over a third last year.

As charge points become more available, the number of public charge points around the UK has increased to 85,163and the number of ultra rapid chargers to 17,132, and EVs become cheaper, 37 brand new electric cars now have a RRP of under £30,000, the shift to EVs is clear.

The price reduction is, on part, due to the Electric Car Grant (ECG), which is only available on models £37,000 and under, but is also a result of increased competition.

Additionally, the used electric market is in solid health with pricing in line with the broader used car market and one in six enquiries now for an electric car, compared to just 2 per cent in 2020.

Parliamentary Under Secretary of State for Transport, Keir Mathers said: “With more affordable models than ever before and a government grant to support people to make the switch, it’s no wonder that Autotrader has seen the biggest spike in interest for EVs for three years.”

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