Login
My Garage
New hero

Electric vehicle prices set to match traditional car prices by 2025

By Mathilda Bartholomew | April 18, 2024

Share

Why not leave a comment?

See all | Add a comment

As battery tech improves and demand grows, prices are expected to drop quickly.

Electric vehicle prices set to match traditional car prices by 2025

Think of electric cars like smartphones: it took time for the tech to advance and prices to fall. Now, everyone from kids to grandparents has a smartphone glued to their hand.

Early adopters are key for e-mobility. Soon, electric cars will be the new norm, just like smartphones. But one big hurdle is their price, along with worries about range and charging. By 2025, though, prices are expected to match those of traditional cars.

Predictions for electric vehicle prices depend a lot on demand and battery costs. As battery tech improves and demand grows, prices should drop quickly.

We've already hit a milestone: in the UK, US, and Japan, electric cars are cheaper to own than ICE ones. This includes everything from buying to fuel to maintenance. Electric cars have lower charging and upkeep costs, which helps balance out the initial price difference over time.

Some say price parity could happen this year. Bloomberg New Energy Finance predicts electric car prices will match traditional cars by 2025. So, just like smartphones, electric cars are on track to become commonplace sooner than you might think.

Read Regit's list of top 10 cheapest electric cars of 2024 here.

Would a significant drop in electric car prices be enough to tempt you to switch to electric? Let us know your thoughts in the comments...

Related Articles

UK to introduce self-driving cars by 2026 under new law
The Automated Vehicles Act, a new law enacted yesterday (May 20, 2024), will pave the way for fully autonomous vehicles on UK roads within...
May 21, 2024
London Uber drivers offered £5,000 EV grant
Uber aims to accelerate London's electric vehicle shift with new driver grants and incentives
May 20, 2024
Are solar panels on cars a future possibility?
Regit explores whether cars with solar panels already exist, how well they work, and which manufacturers are leading the charge...
May 17, 2024
What is bi-directional charging for electric cars?
Imagine being able to run an electric mower at your allotment, keep a portable fridge running while camping,
May 16, 2024