Is It Profitable To Buy An Electric Car?

IS IT Profitable To Buy An Electric Car now, or should you wait for the price to come down?

Governments worldwide are encouraging people to ‘go green’ and buy an electric car, ‘to protect the environment’, but, at first glance, the cost of a new electric car, in comparison to a combustion engine vehicle, would seem to be a lot higher, so the dilemma could be, is it profitable to buy an electric car, or do you wait for the prices to start dropping, when there will also be a greater deployment of the charging infrastructure.

According to online car portal Carwow – the car buyers comparison site – the price difference between gasoline and electric vehicles is “smaller than ever” now, especially with the new third edition of the Efficient and Sustainable Mobility Incentive Program (Moves III), which was released in April 2021, offering consumers up to €8,000 in aid towards the purchase of an electric car, according to El Pais.

Carwow has emphasised that with an electric car – compared to a petrol one – after ten years, and clocking up 100,000km, you could save up to €7,000, and a recent study from BloombergNEF, for the European Transport and Environment Federation (T&E), claimed that from 2027, electric cars will be cheaper to produce than petrol cars.

A recent study carried out by Grant Thornton and the Ibercaja Foundation, according to the II Observatory of Sustainable Mobility in Spain, revealed that 48 per cent of potential Spanish buyers of electric vehicles were put off by the prices, with other issues mentioned being the charging time involved (27 per cent), autonomy (20 per cent), or the infrastructure network.

According to data from the MSI consultancy for Unoauto – Finance Technicians, Gestha – the average price of a new electric vehicle sold this year is €41,571, which is €4,000 more than a year ago, but already well below the average of €47,267 at which they were sold during 2019 – compared to diesel vehicles, which have dropped in price since 2019 by 58 per cent – this is a €5,700 difference, and €13,617 for petrol cars, which have dropped by 40 per cent since 2019.

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