Opinion: Are electric cars really too expensive?

‘Electric cars cost too much’. Well, yes, they are expensive. But too expensive? I’m here to argue they’re not.

Let’s look at a perfect example: the award-winning, best-selling Vauxhall Corsa, which is offered in petrol, diesel and pure electric Corsa-e guises.

Now, you can buy an entry-level Corsa for £17,015, whereas the cheapest Corsa-e is £26,690. There, argument proven: electric Corsa costs £9,675 more than a petrol one. Those handy with numbers will note it’s a 44 percent increment, compounding the point: EVs cost almost half as much again as normal cars.

Although many make it, though, this isn’t quite a fair comparison. For starters, the basic Corsa is an SE Edition. The entry-level Corsa-e is a Griffin, which comes with extra goodies such as LED ambient lighting, heated front seats and steering wheel, bigger 17-inch wheels and a contrast black roof.

More significantly, there’s also the power difference. Your basic Corsa has only 75hp (and no turbo), while the Corsa-e has 136hp (58 percent more oomph, data fans). The cheapest turbocharged Corsa turbo is the 100hp SE Edition; yours for just under £1,000 more (narrowing the EV gap to around £8,500).

Want a 130hp petrol Corsa? You’ll have to spend £23,265 on an SRi Edition – suddenly, that near-£10k difference is right down to £3,425.

You do get an auto gearbox with the SRi Edition 130, as you do by default with the Corsa-e. But you also have to pay for petrol, which is much more expensive than electricity if you charge at home. Convenience that’s denied to the petrol Corsa buyer.

Oh, and as nobody pays cash for new cars, we must look at PCP payments. The basic Corsa SE Edition is yours for £205 a month over four years, with a £2,739 customer deposit that Vauxhall boosts by an extra £1,000.

The Corsa-e SE Premium PCP (oddly there’s no deal listed for the Griffin) is £269 a month, with a £4,408 customer deposit, swelled further by a £2,500 contribution from Vauxhall.

So going electric is £1,669 more expensive up front, then an extra £64 per month. What’s that, the price of a few filling station visits? Which of course, you don’t have to do in the Corsa-e.

Electric cars are more expensive. But nothing like to the extent lazy top-line comparisons suggest. And in terms of finance deals, the Vauxhall figures prove that some EVs are already comparable with petrol cars.

Throw in the fact that electric cars are going to get cheaper still, and the issue of cost disparity may be resolved sooner than many people think. 

Do you agree with our calculations? Will your next car be electric? Share your thoughts in the comments below

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