Skip advert
Advertisement

“2024 will be the year of the cheap electric car”

Editor-in-chief Steve Fowler thinks manufacturers will be desperate to sell electric cars in 2024, so look out for some great deals

Opinion - Honda

Nobody will ever sell a car at a loss, will they? So you’d think, yet this is the year that makers will do exactly that; at least if you want an electric car.

As we enter 2024, the government’s zero emission vehicle mandate comes into effect, which states that 22 per cent of every car maker’s sales must be fully electric – or they risk a fine of £15,000 per vehicle sold outside that allowance. Tough, eh? Especially with the current proportion averaging around 16 per cent.

Sure, there are some workarounds with initial flexibilities and a credit-trading system between brands (all-electric Tesla’s phone will be red hot), but it’s likely to be much cheaper to sell a car at a loss than incur a fine – and hope the books balance thanks to sales of non-EVs.

Advertisement - Article continues below

What that means is that we’ll be seeing incredible deals out there – and they’re already creeping through. Honda, for example, recently had a finance deal on its e:Ny1 (as an aside, let’s hope this is the year of proper car names returning, too), which pegs its price against that of an HR-V hybrid. How has Honda done that, you may ask? With an £8,000 finance deposit contribution.

I asked Honda UK’s Head of Automobile, Rebecca Adamson, if the firm was making money on that deal. “Absolutely not,” she told me. “We all know battery electric is a massive investment. It’s never going to be a profit leader for us, but it is the reality of the future of our industry – you have to commit to battery electric.

“We sell a range [of cars], so we balance profit for our business across that range. I don’t think many manufacturers make money on their battery electric vehicles because we’re in the early days. When you build the economies of scale, that’s when it comes through.”

That’s good news if you actually want to buy an EV this year. But making EVs more attractive to more people – through incentives and easier charging – is a big job for whoever is in government through 2024 and beyond.

Click here for our list of the best electric cars on sale right now...

Skip advert
Advertisement
Skip advert
Advertisement

Recommended

Best car leasing deals: hot offers available right now
Best car leasing deals - header image

Best car leasing deals: hot offers available right now

Car leasing can get you behind the wheel of a new car for less. Our experts have picked the best around this week.
Best cars & vans
17 Feb 2025
Best cars for £20,000 or less
Best used cars for £20,000 or less - header image

Best cars for £20,000 or less

£20k is serious used car money, these are our favourite buys for that kind of budget
Best cars & vans
14 Feb 2025
Best 0% finance car deals 2025
Best 0% finance car deals - header image

Best 0% finance car deals 2025

Fancy a brand-new car but don’t like paying interest? Here are the best 0% PCP finance deals
Best cars & vans
13 Feb 2025
Best luxury and performance car deals
Best luxury and performance car deals - header image

Best luxury and performance car deals

If you've got a healthy monthly budget, you can find some very tempting cars for your cash
Best cars & vans
13 Feb 2025

Most Popular

Car Deal of the Day: High-spec Nissan Qashqai for £191 a month is a steal
Nissan Qashqai - front cornering right

Car Deal of the Day: High-spec Nissan Qashqai for £191 a month is a steal

The Nissan Qashqai is a family favourite, with plenty of style and kerb appeal. It’s our Deal of the Day for 13 February
News
13 Feb 2025
New Volkswagen Transporter Shuttle 2025 review: makes 7-seater SUVs feel cramped
Volkswagen Transporter e-Shuttle - front

New Volkswagen Transporter Shuttle 2025 review: makes 7-seater SUVs feel cramped

The Ford-based Volkswagen Transporter Shuttle is refined, good to drive and has plenty of space in all three rows
Road tests
14 Feb 2025
Ford Capri vs Cupra Tavascan: similar, stylish but only one can win
Ford Capri and Cupra Tavascan - front tracking

Ford Capri vs Cupra Tavascan: similar, stylish but only one can win

Ford brought back the iconic Capri name for its new coupé-SUV, which shares its platform with the fresh Cupra Tavascan. Which is the top dog?
Car group tests
15 Feb 2025

Find a car with the experts