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Electric car prices have reached a tipping point in the UK, with new EVs now cheaper to buy, on average, than petrol models for the first time, according to the latest figures from Autotrader.
The average new electric car now costs £42,620, compared with £43,405 for a petrol equivalent, based on advertised retail prices after discounts – a £785 saving in favour of going electric. It’s a small gap, but a significant one, marking a shift in a market where upfront cost has long been one of the biggest barriers to EV adoption.
The change has been driven by a combination of government support and continued manufacturer discounting, which remains at historically high levels. Discounts on new EVs averaged 11.7 per cent in April so far, easing slightly from March’s peak of 12.8 per cent following the plate-change rush, but still well above typical levels. Across the wider new car market, discounts have also remained elevated, at 10 per cent compared to 8.7 per cent a year ago.
The Chinese-made Jaecoo E5 is the second most popular EV according to Autotrader (Jaecoo)
That improved affordability appears to be feeding directly into demand. Autotrader reports that the number of buyers looking at new cars on its platform has risen by around 20 per cent so far in April, helped by sharper pricing, the arrival of ‘26 plate’ cars and growing awareness of EV incentives.
The data also offers a clear snapshot of what buyers are actually looking for, and it’s a mix that reflects the changing shape of the market. MG has reclaimed its position as the most popular electric brand on Autotrader in April, accounting for 11.7 per cent of all EV enquiries, ahead of Renault on 7.5 per cent and Kia on 5.9 per cent.
At model level, the Renault 5 E-Tech has emerged as the standout performer, topping the list of the most in-demand electric cars with a 6.4 per cent share of enquiries. That puts it comfortably ahead of the Jaecoo 5 on 3.4 per cent and the MG S5 at 3.1 per cent.
BMW is the UK’s hottest brand when it comes to enquiries, says Auto Trader (BMW)
Looking further down the top ten, the picture is even more telling. The MG4 and BMW i5 both sit on 2.7 per cent, followed closely by the Kia EV3 – our current favourite EV on sale today – at 2.6 per cent and the Cupra Born at 2.3 per cent. The Skoda Elroq and Leapmotor B10 each claim 2.2 per cent of all EV enquiries, while the MG6 rounds out the list on 2.1 per cent. It’s a broad spread of models, but the common thread is clear: competitively priced electric cars across multiple segments are attracting the most attention.
Notably, Chinese-backed brands account for more than half of the top ten models, underlining their growing influence in the UK market. Models from MG, Jaecoo and Leapmotor are all featuring strongly, reflecting a combination of aggressive pricing, generous equipment and increasing brand visibility.
Across the wider new car market, it’s still petrol power that leads overall demand, with the Volkswagen Golf topping Autotrader’s charts for the third consecutive month, followed by the Jaecoo 7 and the Land Rover Defender 110. But the momentum behind electric models is clearly building.
At brand level, BMW currently leads the overall market as the ‘hottest’ marque with a 9.9 per cent share of enquiries, just ahead of MG on 8.7 per cent and Land Rover on 8.2 per cent.
Commenting on these latest figures, Gurjeet Grewal, CEO of Octopus Electric Vehicles, said: “‘Milestone’ gets thrown around a lot, but this really is one. For the first time, EVs are cheaper than petrol cars on upfront cost – removing one of the biggest barriers to switching.
“They’ve long been cheaper to run, and now they’re cheaper to buy too. Add in growing competition and more choice, and it’s clear the direction of travel: electric is the obvious option for drivers.”
Vicky Read, chief executive of ChargeUK, said: “Another barrier to EV adoption just fell. On the vehicle side, up-front cost for consumers has been well addressed through the government grant and dropping prices. On the charging side, if you can charge at home, it has long made more financial sense to go electric. The final hurdle is public charging.
“As petrol prices are soaring due to global volatility, the government has an opportunity to bring down public EV charging prices which have been pushed upwards by policy. Making lower cost, cleaner driving affordable for everyone including the third of households without driveways, unleashing more EV sales to meet the automakers’ quotas.”
