If you're a fan of battery-powered vehicles, we bring you good news: electric cars are on course to get cheaper! Ok, not exactly mind-blowing news, but some very telling fresh evidence is in. Thanks in part to government influence and a growth in demand, along with a reduction in production costs for EVs, research group BloombergNEF has noted that the price gap between electric and petrol/diesel cars is getting smaller - and at an accelerated pace.
By June, it's predicted there will be 20 million plug-in vehicles (so that includes plug-in hybrids and fully electric cars) on the road across the globe. 20 million! This is a huge jump, considering there were only one million EVs on the roads only six years ago. This trend is showing no sign of letting off too, with BloombergNEF estimating that there will be 26 million plug-in vehicles on the road by the end of 2022.
This huge influx of EVs is predicted to lower prices overall, with cheaper batteries driven by a growing market. And the UK government's plans to ensure half of all new cars sold in the UK are fully electric by 2028 will help drive down the price too. They are proposing that 22% of cars being sold would have to be fully electric by 2024, before rising to 52% in 2028. After 2030, all new cars will have to be fully electric.
Combined with a shift in buying habits (almost everyone will know somebody with an EV) and manufacturers increasingly turning their attention to EVs (all main brands make them), we're seeing greater market competition. That means more choice for customers - and more chance of finding a great deal.
Hybrid cars have a big part to play in the world's shift towards electric power, helping to double plug-in car sales by almost 100% this March, compared with the same month in 2021. Fully-electric car registrations were up to 55,352, which is a new all-time monthly record in the UK and 41% more than was recorded in March of last year. Woah.
If you think it's time you made the switch to the electric world, cinch has hundreds of hybrids and electric cars available to buy on our online showroom. And best of all, they start (at the time of writing) from little over £10k, or the equivalent monthly rate.