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Are electric cars getting more expensive?

Is the cost of electric cars increasing? It appears from what I've seen that even used electric cars are extremely expensive. As an example, a Hyundai Ioniq 2018 electric with 30,000 miles is £21,000 is this right? Will the cost come down at any point?

Asked on 26 January 2022 by PabloD83

Answered by Andrew Brady
All used cars are expensive at the moment. It's a combination of factors – the global microchip shortage means there's a shortage of new cars, while there's also increased demand as people are returning to work and would rather buy a car than sit on a train. Demand for electric cars is particularly high as people are becoming more aware of the benefits of EVs as we head towards 2030. As electric cars get older and more hit the market, prices for used examples will drop.

If you cover no more than 100 miles per day and have easy access to a charging point at home or work, then an EV is ideal for you.

Is an electric car right for me?
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