Cheapest Electric Cars 2023: The Complete Guide For The UK

Vauxhall Corsa-e



Electric Cars: The Basics


For those of you new to zero-emission electric driving, we would recommend a read of the following articles:


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Overview


The past few years have witnessed a number of positive trends, in relation to the development of electric cars. One of these, has been the reduction in the price of electric vehicles (EVs), to include, battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).

Though a number of factors have contributed to the increased affordability of electric cars, but none quite as important, as the increased volumes of EVs sold. Economics ‘101’: the EV industry has benefited from increased economies of scale and scope.

In the first half of 2022, globally, more than 4 million BEVs and PHEVs were delivered. Though the figures for the complete trading year for 2022 are not yet available, we can expect total deliveries of EVs to have exceeded 8 million in 2022. It was only as recently as 2017, that we crossed the 1 million milestone of electric vehicles delivered. We can expect this incredible momentum to only accelerate, as new EV markets develop and existing electric driving markets become more matured.

Closer to home, the UK growth in the registrations of electric cars mirrors the global trend. For 2022, the combined market share of PHEVs and BEVs was 22.9%, with new car registrations for pure electric cars up 40.1%, compared to 2021. For those new to electric driving, a battery-electric vehicle (BEV) is also referred to as a pure electric car. A total of 267,203 BEVs were registered in the UK, while 101,414 plug-in hybrid electric cars were registered.

It is not surprising, in that, pure electric cars have demonstrated a stronger momentum compared to PHEVs. 2022 also witnessed a record year for the introduction of BEVs across all body types and budgets. The combination of improved electric range, lower prices, increased choice, attractive exterior styling, enhanced onboard technology and features, have all contributed to the continuing success of electric driving in the UK.

But above all, it is the paradigm shift in consumer tastes, that has been the most important driver for the adoption of electric cars. The benefits of electric driving, in particular, the environmental benefits, has resonated strongly with private and business consumers. Consumers want lower tailpipe emissions cars and improved air quality, and only electric vehicles can meet this need.

Though the higher ‘sticker price’ of an electric car, compared to a conventional petrol or diesel car, has been a historic barrier in the adoption of electric cars, the latest introductions of EVs has helped in overcoming this barrier. It is also worth noting, that driving an electric car is far cheaper compared to driving a conventional internal combustion engine (ICE) petrol or diesel car. Depending on where the EV is charged and the cost of charging, driving an electric car can be cheaper than 10 pence per mile. In comparison, the cost of driving a petrol or diesel car is well over 20 pence per mile. With the continued increase in fuel prices, conventional petrol and diesel car will only continue to cost more to drive per mile!

Yes, it is true, in that, due to the global events of 2022, energy prices have witnessed a sharp increase. But in the long-term, we expect, energy prices to settle down to the long-term historic average. Moreover, electric car owners can take advantage of on-site renewable energy generation and battery storage, to further mitigate the risk of energy price inflation! Petrol and diesel car owners cannot mitigate the risk of fuel price rises!

The financial advantages of owning an electric cars does not stop here. In general, pure electric cars have far fewer moving parts compared to petrol and diesel cars. The fewer moving parts reduce the maintenance costs historically associated with car ownership. Of course, there are also other savings for electric car owners to include, lower company-car tax, etc.

Despite the reduction in the scope of the UK electric car incentives, also known as the plug-in car grant (PiCG), the unabated growth of the EV market can be attributed to the increased affordability. As automotive manufacturers continue to gain more efficiencies in the development and manufacturer of electric cars, expect EVs to continue to become even more affordable.

Apart from lower retail prices, the increase in the use of financing mechanisms for owning a vehicle further enables the ‘affordability’ of electric driving, for both, companies and families. Electric car leasing is one of the most popular purchase mechanisms for owning an electric car. You can lease electric cars via e-zoomed at very competitive prices.

In our list below of the cheapest electric cars, we have focussed on pure electric cars that offer real-world practicality. The majority of these electric cars are priced around £30,000. However, there are a few electric cars that are priced significantly cheaper. For example, the Citroën Ami is priced below £10,000. However, this EV offers limited real-world practicality, hence, the reason it is not on our list.

It is clear from the data below, that these cheap electric cars also offer very useful electric range. For a number of these cheap EVs, achieving a real-world electric range over 150 miles is very realistic. Not surprisingly, the majority of the affordable electric cars are smaller vehicles, primarily electric hatchbacks. However, also on the list are electric SUVs, an all-electric estate and an all-electric MPV.

Though a number of automotive manufacturers are committed to achieving lower retail prices, a few global manufacturers are already demonstrating early-stage price leadership. A good example is MG Motor UK. Three entry-level MG BEVs feature on our list, to include, the MG4 EV, MG5 EV and the MG ZS EV. However, this should not come as a surprise, given the ownership of MG Motor UK. The automotive manufacturer is owned by the Chinese automotive company, SAIC Motor. SAIC is owned by the Chinese government and headquartered in Shanghai. 

You can read a complete guide on each of the electric cars listed below on the e-zoomed Electric Living Blog by following the links below.



Cheapest Pure Electric Cars 2023


Citroën ë-Berlingo, Citroen E-C4, Fiat 500e, Hyundai Kona Electric, Mazda MX-30, MG4 EV, MG5 EV, MG ZS EV, MINI Electric, Nissan Leaf, Peugeot e-208, Renault Zoe E-Tech, Vauxhall Corsa-e


Cheapest Pure Electric Cars


Brand/ ModelBattery Size (kWh)Electric Range (WLTP)Body Type
Citroën ë-Berlingo50 kWh153 milesMPV
Citroen E-C450 kWh217 milesHatchback
Fiat 500e 24 kWh/ 42 kWh118 – 199 milesHatchback
Hyundai Kona Electric39.2 kWh/ 64 kWh189 – 300 milesSUV
Mazda MX-3035.5 kWh124 milesSUV
MG4 EV51 kWh/64 kWh218 – 281 milesHatchback
MG5 EV61.1 kWh250 milesEstate
MG ZS EV51.1 kWh/ 72.6 kWh198 – 273 milesSUV
MINI Electric32.6 kWh140 – 144 milesHatchback
Nissan Leaf39 kWh/ 59 kWh168 – 239 milesHatchback
Peugeot e-20850 kWh218 – 224 milesHatchback
Renault Zoe E-Tech 52 kWh223 – 238 milesHatchback
Vauxhall Corsa-e50 kWh222 milesHatchback


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Author

Ashvin Suri

Ashvin has been involved with the renewables, energy efficiency and infrastructure sectors since 2006. He is passionate about the transition to a low-carbon economy and electric transportation. Ashvin commenced his career in 1994, working with US investment banks in New York. Post his MBA from the London Business School (1996-1998), he continued to work in investment banking at Flemings (London) and JPMorgan (London). His roles included corporate finance advisory, M&A and capital raising. He has been involved across diverse industry sectors, to include engineering, aerospace, oil & gas, airports and automotive across Asia and Europe. In 2010, he co-founded a solar development platform, for large scale ground and roof solar projects to include the UK, Italy, Germany and France. He has also advised on various renewable energy (wind and solar) utility scale projects working with global institutional investors and independent power producers (IPP’s) in the renewable energy sector. He has also advised in key international markets like India, to include advising the TVS Group, a multi-billion dollar industrial and automotive group in India. Ashvin has also advised Indian Energy, an IPP backed by Guggenheim (a US$ 165 billion fund). He has also advised AMIH, a US$ 2 billion, Singapore based group. Ashvin has also worked in the real estate and infrastructure sector, to including working with the Matrix Group (a US$ 4 billion property group in the UK) to launch one of the first few institutional real estate funds for the Indian real estate market. The fund was successfully launched with significant institutional support from the UK/ European markets. He has also advised on water infrastructure, to include advising a Swedish clean technology company in the water sector. He is also a member of the Forbury Investment Network advisory committee. He has also been involved with a number of early stage ventures.

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