Buying an electric car has become significantly cheaper in the past year. 

A report by Done Deal has found that since 2023, prices have plummeted by 15% and in the first half of this year an electric car was on average 8% cheaper than an equivalent petrol or diesel model.

Done Deal also concluded that the ever evolving tech behind EVS is making them increasingly attractive to consumers. 

Geraldine Herbert, Motoring Editor with the Sunday Independent, said prices are coming down because of increased market choice and competition. 

“Chinese brands obviously have put European car makers under increasing pressures because they’re producing cars of a similar size but at a much cheaper price,” she said. 

“In response, European ones have also reduced their price and this has led to significant price reductions in new EVs.” 

An electric car charging at a charging station in Dublin. Image: noel bennett / Alamy Stock Photo

Ms Herbert meant that this means there “really hasn’t been a better time to [buy] an EV” but warned some barriers still exist behind more widespread adoption of the technology. 

“Infrastructure is still an issue,” she said. 

“The Government has said they have reduced some of the grants and supports because they’re putting some of that money into the charging infrastructure - and there’s no doubt it is improving. 

“The problem is it’s not improving at the pace that people need it to and it depends - it varies around the country. 

“So, it depends on the sort of journeys you make and what area you live as to whether or not you’re seeing much of an improvement. 

“That does make a difference.” 

An ESB e -Cars charging station in Dublin city center for charging electric cars. Photo: Sam Boal/Rollingnews.ie

Despite falling prices, sales of EVs are still lower than they were last year. 

Last month, 1,259 new electric cars were registered - significantly fewer than the 1,782 registered in August 2023.

It is a phenomenon some industry insiders have blamed on the Government’s decision to reduce subsidies for new EVs.

Main image: An electric car charging point in Dungloe, County Donegal. Picture by: Alamy.com 

Additional reporting by Tom Douglas.