CAR Study: Prices for electric cars approach those of combustion engine vehicles

In the German new car market, the prices for electric cars and combustion engines are converging. The price gap for the 20 most important models significantly shrank in October, as shown by the regular discount study of the private Bochum institute "Center Automotive Research (CAR)." 

Electric cars are becoming cheaper

The purchase price of electric cars, with an average price of 39,800 euros, is still around 6,600 euros more expensive than comparable combustion engine cars. The price gap has thus decreased by 920 euros from the previous month. 

“Electric cars are becoming relatively cheaper,” says study leader Ferdinand Dudenhöffer, who expects further convergence in the coming months.

The background is the stricter CO₂ requirements of the EU, which will apply from the coming year. Car manufacturers are adjusting to this regulation with price adjustments. 

Multiple Adjustments

According to observations, manufacturers are making multiple adjustments. For several important electric cars like the Opel Corsa, VW ID3, Mini Cooper, and Tesla 3, the list prices have been lowered. On the other hand, there are fewer openly advertised discounts for electric models. Here, prospective buyers can expect an average discount of 12.6 percent off the list price, while for combustion engine cars, an average discount of 16.5 percent is possible.