Discounts on new electric vehicles increased by 323% between November 2022 and October 2023, according to new figures from What Car?.
By comparison, discounts for petrol and diesel models grew by 122.7% and 122.5% respectively.
The discounting trend extended to PCP finance deals, with monthly payments on EV models dropping by an average of 16% over the same period.
Further discounts could be in the pipeline as next year car manufacturers will be required by the UK government’s new ZEV Mandate to achieve a 22% sales mix of EVs or face heavy fines.
What Car? editor Steve Huntingford said: “While EV sales have grown in 2023, this is down to favourable tax rules tempting company and fleet drivers. However, the huge increase in discounts that we’ve seen over the last 12 months means they can actually make a lot of financial sense for retail customers, too.”
