
Running costs for electric cars are usually much cheaper than petrol and diesel vehicles
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Experts predict that electric car prices will fall once more second-hand vehicles are available
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The expensive upfront cost of electric vehicles is holding drivers back from being able to make the switch away from petrol and diesel, according to an industry expert.
While running costs and maintenance of electric cars are usually much cheaper than internal combustion engine vehicles, many drivers cannot overlook the initial cost of an EV.
There are very few grants or incentives available for individual drivers to get a discount on an electric vehicle, aside from personalised grants from car brands.
With electric cars soon to be eligible for Vehicle Excise Duty (VED), experts are warning that drivers could see prices go up before they come down.
Most new electric cars cost more than £30,000
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Michael Dean, Senior Autos Analyst at Bloomberg Intelligence, commented on the price of electric cars and what drivers can expect from prices in the future.
Speaking to GB News, he said: “For Britons to increase the adoption of BEVs we will need increased investment in public charging points and ultimately it will be down to lower prices.
“On average in the UK, BEVs are 50 per cent more expensive than an average ICE vehicle.
“Lower pricing is expected, and automakers launch their next generation BEVs in 2025-26 with longer ranges, faster charging times and they will have better economies of scale.”
Currently, the cheapest electric vehicle available on the UK market is the Citroen Ami clocking in at £8,095 or £99 per month.
The vehicle is technically a quadricycle and while it does have four wheels like a normal vehicle, it can be defined as a “microcar”.
It is designed to be used in urban situations with a 46-mile range, with average inner city commutes between 10 and 20 miles.
When it was first launched, motorists could get their hands on the Ami for as little as £20 a month with a deposit.
The cheapest standard four-door vehicle is the MG4 EV which comes with an impressive range of 218 miles for a competitive price of £26,995.
Motorists are also dealing with issues around the supply of cheaper, second-hand electric vehicles.
On Auto Trader, there are fewer than 16,000 electric vehicles available for sale, with 10,500 plug-in hybrids and more than 27,000 petrol and diesel hybrids available.
In comparison, there are more than 147,000 diesel models and a staggering 234,000 petrol vehicles up for sale.
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The MG4 is one of the cheapest EVs on the market
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The cheapest price of an electric car on Auto Trader is £2,495 for a 2015 Renault Zoe, while a petrol Audi A4 can be snapped up for £275 and a diesel Honda Civic from 2008 will set drivers back £390.
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