Electric cars are now cheaper than their petrol equivalents if buyers take the PCP route, according to new data.
Latest figures from the E.ON Next/The Independent EV Price Index reveals EV PCP APRs average 3.5%, about 3.1 pp below equivalent petrol financing. Some carmakers are even going further offering 0% finance deals and significant deposit contributions, up to £7,750, to entice buyers.
Median PCP monthly payments have plummeted to £455 – down from £753 a year ago, a drop of 10.8% – and part of a broader 7.7% fall in EV prices nationwide (roughly £3,750) as competition and choice increase.
One standout example highlighted by the research was a Vauxhall Mokka in top-spec Ultimate trim with the larger 54kWh battery. Total discount and finance savings came to 36.4%, bringing its price to £24,580, or a PCP payment of approximately £292 a month.
In the small electric SUV segment, deals were especially sharp with median prices falling by 13% (about £5,827). Larger medium SUVs saw drops of 9.8% (around £4,666).
The data comes as The Independent reported car experts feel confusion around list prices, or RRPs, is giving the false impression that new EVs are not at price parity with new petrol and diesel equivalents. The latter, the newspaper claimed, are often offered in base trims with low price points, whereas EVs feature greater specifications levels with features such as advanced driver assistance packs and over-the-air tech, bumping up the price.
Speaking to The Independent, founder of Insider Car Deals, which supplied the data for the E.ON Next/The Independent EV Price Index, Pat Hoy, said: “RRP is meaningless, no one actually pays it. Our transaction price data shows the real story: the median discount on petrol and diesel cars is already over 10 per cent (£4,134), and on EVs it’s nearly 12 per cent (£5,840).
“On PCP finance, the monthly gap between ICE models and EVs has narrowed to just £32, and when you look at total cost of a PCP - including the balloon payment - ICE models still end up around 5 per cent (£2,391) above RRP, while EVs come in almost 5 per cent (£2,960) below.”
Some offers are making new EVs seriously cheap 
