Are Electric Cars Getting Cheaper?

Electric cars have become increasingly popular across the world in recent years, and the same can be said here inthe UK.

2024 has seen the country reach the milestone of more than a million EVs on its roads for the first time, and at the time of writing, there are more than 1,190,000 fully electric cars on British roads. 

However, one of the biggest reasons for people not purchasing an electric car is usually down to budget. 

The initial price of electric cars tends to be higher than petrol or diesel alternatives, but the good news is that this could be beginning to change.

In this article, The Windscreen Company will take a look at whether electric cars are getting cheaper and the benefits of purchasing one.

Are electric cars getting cheaper?

Yes, electric cars are set to get cheaper in the coming years. While we may not be seeing cheaper EVs right now, several factors suggest that price parity between electric and fuel cars is well on the way and may even be here quicker than many experts previously expected.

In fact, research from US market research firm Gartner even suggests that EVs may be cheaper to buy than petrol cars as early as 2027.

Why are electric cars getting cheaper?

There are several reasons why electric cars are set to get cheaper in the future including:

Batteries are becoming more affordable

The main reason that EVs look to be getting cheaper is due to the drop in the price of the batteries used to power the vehicles. In the last year, the price of battery cells has dropped by half thanks to a reduction in the cost of raw materials including lithium.

In China, almost two-thirds of EVs are already cheaper than fuel equivalents and this trend looks set to continue in Europe in the coming years.   

Electric motors are simpler than combustion engines

Another reason why EVs are getting cheaper is due to the fact that electric motors are far simpler than internal combustion engines. This means they are easier to make, as fewer parts are required, which contributes to a lower overall cost. 

The second-hand market is growing

One of the main reasons that electric cars are considered expensive is because many people buy them new. 

Largely, this is because not as many people own EVs as fuel vehicles, meaning the second-hand market is small and previously has been practically non-existent. 

However, this is starting to shift and more and more second-hand sellers are popping up, meaning people have a cheaper alternative if they cannot afford a brand-new electric car. 

Advantages of electric cars

Buying an electric car has a wide range of benefits including:

• Environmental benefits – Undoubtedly, the biggest advantage of owning an EV is that they are much better for the environment than fuel vehicles. This is because they emit zero exhaust emissions which means you will be contributing to reduced air pollution and lower greenhouse gas emissions.
• Lower maintenance – As electric motors have fewer moving parts when compared to internal combustion engines, this typically results in less maintenance, meaning you will not have to pay for repairs or replacement parts as regularly. 
• Compliant with clear air zones – London has recently expanded its ULEZ zone, meaning non-compliant cars have to pay a fee to drive on the city’s roads. All EVs are ULEZ compliant and more and more cities in the country look set to launch clean air zones in the coming years, so buying an electric car now means you’ll be ahead of the curve.

Disadvantages of electric cars

While there are some great reasons to consider an electric car, there are also some drawbacks to be aware of.

• Depreciation – While all vehicles suffer from depreciation, EVs can be particularly susceptible to it if you don’t properly look after the battery. Overcharging, charging immediately after driving without letting the battery cool down and overusing rapid chargers can all cause the battery to deteriorate faster. 
• Range anxiety – The average electric vehicle has a battery range of around 300 miles, but this will vary depending on the type of car you have and how efficiently you drive it. While public chargers are becoming more common, the infrastructure still isn’t perfect and you may be worried when embarking on long journeys. 
• Higher electricity costs – While petrol and diesel are by no means cheap, if you already have high household bills you should be aware that owning an EV will make them even higher. This is because the electric charger that charges your car will contribute to your home’s energy usage. 

Whether you drive an electric car or something more traditional, The Windscreen Company is here to help. No matter what you drive, we offer leading windscreen replacements and repair services that ensure your vehicle is always safe to drive. Working across the West Midlands and the South East, contact our team today to find out more. 

The Windscreen Company

The Windscreen Company, has over 20 years of experience in windscreen repair and replacement. Since 1998, they have been at the forefront of industry innovation, leveraging the latest technology to ensure customer safety and satisfaction.

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