New report suggests the gap between EV and fuel-powered car prices is narrowing

One of the main criticisms of new electric cars is the high initial cost. If I had a euro for how many times someone said to me: “They are too expensive for me”, I could almost buy one now.

But new data suggests that the price differential between an internal combustion engine car (ICE) and a battery electric vehicle (BEV) could be narrowing.

The newly founded EV platform Nevo had its data analysts collect information on each new ICE, BEV and PHEV (plug-in hybrid EV).

It is claimed that the average price for currently available ICE vehicles is higher than BEV but lower than a PHEV.

The phrase “currently available” is muddying the waters because it includes expensive high-performance cars and so on.

But if you use them, Nevo’s just-released price index says the average new price for “currently available” BEVs is €66,470.49, compared to ICEs at €66,713.60.

The average price for a new PHEV is the highest of the three at €70,019.22.

But I think those numbers are largely irrelevant since the expensive ICEs are included.

A far more realistic figure is given elsewhere in the report. It shows that the top 10 most popular ICEs cost around €39,400 on average, compared to €51,350 for the most popular BEVs and €70,000 for the top plug-ins.

That’s a €12,000 gap, but Nevo says it’s closing. I hope so, because affordability is everything on the auto front.

It’s okay to talk about annual savings on a BEV versus an ICE, but only if you can even afford to buy one.

I look forward to the next report before the end of the year. I hope that the gap will have narrowed further by then.

https://www.independent.ie/life/motoring/new-report-suggests-gap-between-prices-for-evs-and-cars-run-on-fuel-is-narrowing-41977536.html New report suggests the gap between EV and fuel-powered car prices is narrowing

Fry Electronics Team

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