Based on advertised prices on Autotrader after discounts, the average price of a new EV has now undercut that of a petrol car across the retail market, driven by government grants and sustained manufacturer discounting that continue to improve affordability for new cars.
The impact of this pricing trend has become more pronounced in April so far, with the average new electric car now priced at £42,620 compared with £43,405 for a new petrol model — a £785 difference in favour of electric.
After reaching a record high in March (12.8 percent), average discounts on new EVs eased slightly to 11.7 percent in April so far following the key plate‑change month. While lower than last month’s peak, discounting on electric cars remains historically high and continues to help reverse the price gap with petrol models.
A similar pattern is evident across the wider new car market. The average discount across all fuel types softened to 10.0 percent in April so far, although this remains well above the level recorded a year ago (8.7 percent), highlighting continued pricing competition among manufacturers.
As prices become more competitive, consumer interest in new cars has remained strong. Autotrader reports that buyers looking at new cars on the marketplace have risen circa 20 percent so far in April, with improved affordability, government grant support and the arrival of ‘26 plate’ vehicles all contributing to increased buyer engagement.
As demand continues to build, retailers are responding by increasing the volume of new cars advertised on Autotrader, which is up 13 percent in April so far based on the same period last year.
Against this backdrop of improving affordability and strong demand, MG reclaimed its position as the most popular new electric car brand on Autotrader in April, accounting for 11.7 percent of all new electric car enquiries so far, ahead of Renault (7.5 percent) and Kia (5.9 percent).
At a model level, the Renault 5 E‑Tech Electric emerged as the most in‑demand electric car among consumers, accounting for 6.4 percent of all enquiries – almost double the share of its nearest rivals – finishing ahead of the Jaecoo 5 (3.4 percent) and MG S5 (3.1 percent). The rankings underline continued appetite for competitively priced electric vehicles across a range of segments.
Across the wider new car market, Volkswagen’s Golf (3.4 percent) continued its strong run, topping the rankings for the third consecutive month, ahead of the Jaecoo 7 (3.1 percent) and the Land Rover Defender 110 (2.4 percent).
Chinese models also continue to make notable headway among consumers with the Jaecoo 7, MG S9, Omoda 5, Chery Tiggo and MG HS all featuring in the top ten most in-demand models. The Jaecoo 7’s prominence following its milestone performance in March, when it became the most in-demand new car of any fuel type, with strong momentum carrying into April as brands benefit from increased visibility in front of engaged car buyers. Looking at the overall market at a brand level, there was a new leader as BMW was the ‘hottest’ brand (9.9 percent), achieving a small lead ahead of its nearest competitors, MG (8.7 percent) and Land Rover (8.2 percent).
The electric car market is becoming increasingly competitive, and despite the challenges created by the ZEV mandate, manufacturers and retailers have worked hard to improve both the supply and affordability of new electric vehicles.
Support such as the Government’s Electric Car Grant, alongside historically high levels of discounting earlier this year, has brought EV prices to a point where they are now, on average, cheaper than petrol cars. At the same time, broader geopolitical uncertainty — including the situation in Iran — has pushed fuel costs and energy security back to the front of buyers’ minds, driving a noticeable uptick in interest in both new and used electric cars on our marketplace. While past spikes in EVs haven’t always translated into sustained purchasing, this combination of improved affordability and shifting attitudes towards the cars, presents a real opportunity to accelerate the switch to electric.
“This is a significant turning point for drivers, and a sign of how far the EV market has come” said Vicky Edmonds, CEO of EVA England. “Upfront cost is one of the biggest barriers, so reaching price parity with petrol is a major breakthrough. However, price alone will not drive mass adoption. Drivers need confidence that charging is reliable, affordable and easy to access, along with targeted support for lower and middle income households now looking to take advantage of the cheaper running costs of electric cars, and stronger support for the used EV market. If those challenges are addressed, many more drivers will be able to make the switch.”
For additional information:
