New electric vehicles 13% more expensive than last year

May 24, 2023

New data from DoneDeal shows the average price of a brand new electric vehicle (EV) now stands at €64,755, 13% higher than the same time last year.

Despite these price hikes, demand for new EVs has jumped 35% this year.

The report states that the decision by the Government to reduce the EV grant from this July has fuelled demand, as people try to make the switch to electric before then.

The grant will be set at €3,500 from July 1, down from the current maximum of €5,000.

According to DoneDeal, the lack of supply, along with this increase in demand has fuelled the price hikes.

The average price of a nearly new EV has also jumped, with the average price up 10% to €42,661.

“It’s expected that as the market develops, economies of scale and improved battery technologies should improve the pricing situation, but that effect isn’t likely to be felt until the close of this decade,” the report states.

In the shorter term, the author of the report says new entrants to the EV market here should provide more affordable options in the months and years ahead.

Today’s data shows that the Volkswagen ID.4 is the most in demand new car with Irish consumers.

The ID.4 had previously claimed the top spot between September and December of last year before being overtaken in January 2023 by a diesel car, the Peugeot 3008.

The Volkswagen ID.5 is the only other EV represented in the top 10 most in demand new cars in 2023.

“Ireland’s most popular new car being an EV, coupled with the increase in demand shows there is significant market demand for EVs in Ireland,” the report states.

“These findings support the notion that the limitation lies with the supply shortage and subsequent inflated prices rather than the reluctance of Irish car buyers to embrace electrification.”

Article Source: New electric vehicles 13% more expensive than last year – Gill Stedman – RTE

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