Report Says Electric Car Prices Will Drop Significantly By 2023
Report suggests electric car prices will fall and infrastructure will increase in five years’ time.
Drivers should hold off buying electric cars until 2023 if they want to save money, according to a new UK report.
A study by consumer website Confused.com found that the cost of electric vehicles is expected to come down over the next five years, while the availability of charging infrastructure should improve over that time.
Currently, electric vehicles, or EVs, make up just two percent of new vehicle registrations in 2018, and Confused.com’s study says that’s mainly down to the price of vehicles and a perceived lack of charging points.
According to the company’s survey, 59 percent of drivers are put off by the price of EVs, which are often more expensive than their petrol- or diesel-powered counterparts. For example, an entry-level Nissan Leaf costs £25,190 (after the government’s £4,500 low-emission vehicle grant has been applied), whereas the company’s similarly-sized, petrol-engined Pulsar hatchback starts at just £13,280.
Of more concern to buyers, though, is the charging infrastructure. The Confused.com study found that 73 percent of motorists feel that there aren’t enough readily available charging points.
Even so, one in three drivers (31 percent) would consider buying an electric car. However, Confused.com has recommended holding off on the purchase for ‘up to five years’, predicting a 66 percent increase in charging points by 2023 and tumbling vehicle purchase prices as the technology becomes more widespread.
Amanda Stretton, motoring editor at Confused.com, said: ‘It’s not a case of “if”, but “when” electric cars will become more affordable and viable for the everyday driver. While there are a number of helpful incentives which help to bring down the cost of EVs, Confused.com’s report says that motorists wanting to watch the pennies should consider sitting tight.
‘In five years’ time, drivers should really start to notice a difference in the price tags of electric vehicles, as the cost of batteries comes down and more economical models enter the market. And manufacturers should have a lot more confidence in the commercial viability of the technology as EV infrastructure becomes embedded across our transport network.’