It's currently possible to save up to £4188 on a new electric car. And you don't even have to haggle, thanks to our free New Car Buying service...
- Nissan Leaf
- Vauxhall Corsa Electric
- Vauxhall Mokka-e
- Honda e
- Lexus UX 300e
- Renault Zoe
- Mazda MX-30
- Renault Megane E-Tech
- Fiat 500
- Peugeot e-2008
- Audi Q4 e-tron
- Jaguar I-Pace
- Nissan Ariya
- BMW i4
- BMW iX
- Volkswagen ID 4
- Volkswagen ID 5
- Hyundai Kona Electric
- Hyundai Ioniq 5
- Volvo C40 Recharge
- Skoda Enyaq
Electric cars have been hugely popular and demand has traditionally been so strong that discounts on them were virtually impossible to find. That has started to change, though, with the average saving on an electric vehicle (EV) now standing at 3.1% or £1805 per car. That’s up more than 25% year on year.
The catalyst for the discounting was Tesla’s big price reduction of its models in January 2023. A number of other factors have also had an influence on prices, including the slowing of new car sales due to the cost-of-living crisis, a drop in resale values of EVs, and the impending Government directive that 22% of all cars sold by manufacturers must be all-electric from next year.
Even though electric car sales are growing more rapidly than those of other fuel types – with registrations up 18.8% compared with 18.4% for petrol models – the discounts available on them are also increasing, according to data compiled by What Car?’s Target Price team.
That’s good news for car buyers, because discounts on some EVs can run into thousands of pounds. Here we highlight the biggest savings for new cars bought on personal contract purchase (PCP) deals and as cash purchases. The average discount for each model is based on the savings available on the car’s list price.
Nissan Leaf
Average PCP discount 13%
Version 110kW Accenta | List Price £28,995 | Target Price £25,180 | Target PCP £254 | Saving £3815 | Star Rating 3
Discounts on Leaf PCP deals are slightly larger than those for cash buyers, who are able to net a saving of 12.5% on average (a saving of £3500).
The entry-level 110kW Leaf is a great electric car for anyone on a tight budget. It’s quite good to drive, well equipped and easy to live with. It only managed to do 128 miles before the battery ran out in our testing, so it’s better suited to urban life than pounding up and down the motorway.
Vauxhall Corsa Electric
Average PCP discount 10%
Version 100kW GS | List Price £33,930 | Target Price £32,108 | Target PCP £382 | Saving £3712 | Star Rating 3
The Corsa-e is a decent electric hatchback and a worthy rival to the Renault Zoe and Mini Electric. However, it’s not as good to drive as these rivals, and its range of 180 miles in our tests falls short of the best alternatives.
PCP buyers save almost twice as much as those buying with cash. The average cash purchase discount is 5.5%, which gives a saving of around £1500
Vauxhall Mokka-e
Average PCP discount 9%
Version 100kW GS | List Price £38,835 | Target Price £37,029 | Target PCP £427 | Saving £4188 | Star Rating 3
The Mokka-e is a good-looking small electric SUV that’s comfortable and quiet and comes with lots of standard equipment. Its range of 151 miles in our test is a lot less than the Hyundai Kona Electric and Kia Niro EV, both of which surpassed 200 miles between charges.
It’s better to buy a Mokka-e on a PCP deal because you’ll save almost twice as much as you would with cash. The average cash purchase discount is 5%, which gives a saving of around £1500
Honda e
Average PCP discount 8%
Version 154PS Advance | List Price £37,395 | Target Price £36,118 | Target PCP £471 | Saving £1277 | Star Rating 2
The Honda E has cute, retro styling, it’s fun to drive and the interior has an upmarket feel. However, it’s pricier to buy than an electric Fiat 500, Mini Electric or Peugeot e-208 and it won’t go as far as these rivals between charges. In fact, its official range of 131 miles is one of the lowest of any new electric car.
PCP savings are bigger than cash discounts on the Honda e: cash buyers can expect to get around 4% off the list price, equating to a saving of around £1000.
Lexus UX 300e
Average PCP discount 8%
Version 300e 150kW Takumi 72.8 kWh UX | List Price £44,195 | Target Price £43,329 | Target PCP £539 | Saving £866 | Star Rating 2
The pure electric version of Lexus’s family SUV is well-equipped, comfortable and comes with the reassurance of the brand’s impeccable reliability record. It’s not the roomiest option, though and we wouldn’t expect it to achieve more than 150 miles on a single charge.
Renault Zoe
Average PCP discount 8%
Version R135 Techno | List Price £29,995 | Target Price £28,387 | Target PCP £345 | Saving £1608 | Star Rating 3
The Zoe was one of the first pure electric family hatchbacks, but Renault has made regular improvements over the years, upping the interior quality and infotainment system, lengthening the range between charges and boosting performance. The only major flaw in its armoury is that it lacks some basic safety features, and has a zero rating from crash testing organisation Euro NCAP.
Although discounts are lower for cash buyers than for those taking out a PCP deal, those with a wad of cash can still get an average of 5.5% off. That’s the equivalent of at least £1500.
Mazda MX-30
Average PCP discount 7%
Version 107kW Prime Line | List Price £31,250 | Target Price £30,002 | Target PCP £337 | Saving £1248 | Star Rating 2
The MX-30 is the pure electric family SUV. It has pleasant driving manners, a plush interior and plenty of kit as standard. The only downside is that its official range of 124 miles might not be enough for all EV drivers, and rivals offer better practicality.
While PCP buyers can get an average discount of 7%, that drops to 4% for those wanting to buy with cash.
Renault Megane E-Tech
Average PCP discount 7%
Version EV60 160kW Equilibre | List Price £36,995 | Target Price £35,908 | Target PCP £380 | Saving £1087 | Star Rating 4
The pure electric version of Renault’s family hatchback has fantastic cruising manners, a comfortable ride and a reasonably roomy interior. Its range is competitive and there’s plenty of standard kit, but fairly heavy depreciation holds it back from being a class leader.
Buy on a PCP deal if you want the biggest saving – cash buyers get just 2% off on average.
Fiat 500
Average PCP discount 6%
Version 87kW | List Price £31,195 | Target Price £30,512| Target PCP £380 | Saving £683 | Star Rating 4
The pure electric 500 is a much more promising prospect than the previous generation, petrol-powered 500. It’s surprisingly swift and agile and its range of 199 miles beats many larger models. Just don’t buy one if you regularly transport lots of people and luggage.
PCP buyers get, on average, twice as much money off than those buying outright.
Peugeot e-2008
Average PCP discount 5.5%
Version Active Premium+ | List Price £35,900 | Target Price £34,058| Target PCP £476 | Saving £1842 | Star Rating 4
The e-2008 is impressively quiet and comfortable, with a well-made, attractive interior. It’s also cheaper to buy than a Kia Niro EV or VW ID 3. Although its official range between charges is 206 miles, we only managed to get 150 miles out of it in our tests.
It doesn’t matter if you’re buying on a PCP deal or with cash, the average discount is 5.5% for both options.
Audi Q4 e-tron
Average PCP discount 5%
Version 150kW 40 82.77kWh Sport | List Price £50,630 | Target Price £49,507| Target PCP £561 | Saving £1807 | Star Rating 4
Comfortable, classy and practical, the Q4 is well-priced for a premium brand SUV. The 150kW 40 version is our top choice because it has the longest range of more than 300 miles between charges.
Buy on a PCP deal if you want the biggest savings – cash buyers get an average discount of only 2%.
Jaguar I-Pace
Average PCP discount 4%
Version 294kW EV400 R-Dynamic S | List Price £69,995 | Target Price £66,871| Target PCP £698 | Saving £3124 | Star Rating 4
The I-Pace is a compelling choice if you’re after an electric luxury SUV because it has a comfortable ride, plush interior and good range of 261 miles between charges. It can’t be charged up as quickly as an Audi Q8 e-tron or Tesla Model Y but its 104kW maximum charging speed means a 10-80% top-up should take only 45 minutes.
The same 4% average discount is available on PCP and cash deals.
Nissan Ariya
Average PCP discount 4%
Version 87kWh Advance | List Price £51,895 | Target Price £50,210| Target PCP £497 | Saving £1685 | Star Rating 4
The Airya is Nissan’s second pure electric model, and its first one to go on sale in more than a decade. It’s a stylish looking car with a smart interior, and the 87kW version that’s our top choice has a competitive range of around 300 miles in real-world driving.
Cash buyers get a slightly smaller discount – on average 3%.
BMW i4
Average PCP discount 3%
Version 250kW eDrive40 M Sport | List Price £59,390 | Target Price £57,343| Target PCP £733| Saving £2047 | Star Rating 5
The i4 is an electric version of the BMW 4 Series Gran Coupé and that’s a good thing because it’s the best car in its class. The i4 is fast, comfortable and extremely quiet at high speeds. It also has a decent range, a great infotainment system and a plush interior, making it a compelling alternative to a Tesla Model 3.
The average discount is the same, whether you’re buying on PCP or with cash.
BMW iX
Average PCP discount 3%
Version xDrive50 M Sport | List Price £102,755 | Target Price £99,445| Target PCP £1234 | Saving £3310 | Star Rating 4
The iX is beautifully appointed inside, plus it’s spacious, quick and extremely quiet on the move. The range-topping xDrive50 is our preferred version because it has a real-world range of 284 miles and the ability to charge up quicker than the lower-powered xDrive40 model.
Volkswagen ID 4
Average PCP discount 3%
Version Pure Life Edition | List Price £38,845 | Target Price £37,797| Target PCP £415| Saving £1048 | Star Rating 3
The ID in this car’s name stands for Intelligent Design, and the ID 4 lives up to its name in many respects. It has a roomy, practical interior, large boot and lots of standard equipment. However, rivals have better infotainment systems and can be charged up more quickly.
Cash and PCP buyers can get similar discounts of around 3% off list price.
Volkswagen ID 5
Average PCP discount 3%
Version Pro Performance Style | List Price £52,185 | Target Price £51,027| Target PCP £577| Saving £1158 | Star Rating 3
The ID 5 is the sleeker, coupé SUV version of the ID 4. It’s a competent electric SUV that comes with plenty of kit, a decent range of 327 miles officially and an excellent safety score. It doesn’t have the best infotainment system, though, and the interior feels a little cheap for the price.
Cash buyers get a slightly smaller average discount of 2% off list price.
Hyundai Kona Electric
Average PCP discount 2%
Version 100kW SE Connect | List Price £32,450 | Target Price £31,734| Target PCP £439| Saving £716 | Star Rating 4
The Kona Electric is due to be replaced later this year, but the current version is still a great proposition. All versions are well equipped and the 64kW version has strong acceleration and a range of nearly 260 miles.
Hyundai Ioniq 5
Average PCP discount 2%
Version 168kW Premium | List Price £46,945 | Target Price £45,906| Target PCP £610| Saving £1039 | Star Rating 5
The Ioniq 5 is a large electric SUV that rivals the Audi Q5 for space and refinement. It’s also a great-looking car with a spacious, practical interior. Our preferred 168kW Premium version is more affordable than the closely related Kia EV6.
Cash and PCP buyers should net similar discounts.
Volvo C40 Recharge
Average PCP discount 1%
Version 175kW Recharge Plus | List Price £53,905 | Target Price £53,305| Target PCP £649| Saving £600 | Star Rating 4
The C40 Recharge is right on trend, being a coupe SUV. It’s a rival to top end versions of the Audi Q4 Sportback e-tron and Skoda Enyaq Coupé. It has a longer range than the Volvo XC40 Recharge it’s based on, but it’s not as practical as its family SUV sibling.
Skoda Enyaq
Average PCP discount 1%
Version iV 60 Loft | List Price £38,970 | Target Price £38,587| Target PCP £431| Saving £383 | Star Rating 5
The Enyaq is a great, affordable pure electric SUV. It has plenty of room for a family and is comfortable and easy to drive. Even the lower powered 60 version has a reasonable real-world range of 206 miles, and the 80 should exceed 300 miles between charges.
Keyword: Best electric car discounts: how to save money on a new EV