Why are electric cars so expensive?

Why are electric cars so expensive? It looks like a cynical profiteering opportunity to me, what’s the honest story?

Asked on 2 September 2022 by Rob Dickens

Answered by Andrew Brady
Electric cars are expensive because of a combination of factors. The technology is still very new and you're paying for the development of that. Batteries are expensive - so if you're looking for a large electric SUV with a big battery and long range, you'll have to pay for that. It's also a simple case of supply and demand - there are long waiting lists for new electric cars so manufacturers can ask high prices (and used electric cars will retain a lot of their original value).

It doesn't help that the Government's dropped its plug-in car grant. It's worth factoring other cost savings when buying an EV, though - you won't pay any tax, while maintenance costs should be lower. There are some affordable electric cars on the market, too - you won't pay anywhere near £1000/month for any of MG's models, for example.
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