What is the best priced EV in 2023?

I’ll attempt to explain the proprietary algorithm I developed over an extended period of time, using advanced AI, to complete the ranking.

Here it goes:

1. Take the price of an EV
2. Divide it by the range
3. Present in a table

All I want for Christmas is decent range at an affordable price. Source: Imagine Art

As mentioned in a 2022 blog post on the same topic, there are other factors at play when deciding which car to buy next but if you want to simplify decision-making it helps to reduce the number of variables. So I picked the top 2 criteria you should consider when buying an EV. Safety is a given.

Note: EVs are available in the UK pre-tax on salary sacrifice schemes, so you can knock 20–45% off the price depending on your tax band.

Here are the results of the top 20 best priced EVs in the UK in 2023.

Source: ev-database.org/uk

What has changed since 2022?

In summary: more choice, more range and more affordable pricing.

Whilst some models have become more expensive in 2023, the overall trend is positive. The average price of the top-20 models has fallen from £177 to £149 per mile in the past 12 months.

Long range is now table-stakes in the EV market. Last year there were 10 car models with less than 200-mile range in the top-20 list. This year there are just three.

New manufacturers and new models

New manufacturers joined the UK top-20 list with BYD (China) and Fisker (USA). Add in the likes of Tesla, Polestar and GWM and you can see how much the incumbent car manufacturers are being shaken up by upstart EV makers.

And it’s not just the new kids disrupting. There are plenty of new models from boomer brands such as Citroen (eC3), Skoda (Enyaq) and MG4 (more on this later). In total, 6 new models made their debuts in the top-20 list in 2023. That is before including the updates to the ID.3 Pro, Tesla 3 and MG4.

Price drop

Ever wanted to own a Tesla? They have never been more affordable. Tesla dropped the starting price for a Model 3 by £3K to £39K earlier in the year. The Model Y now costs £45K, a full £7,000 less than in the previous year. With salary sacrifice, you could be sitting in an iPhone on wheels, quasi-autonomously driving this time next year.

Down

Not everything is cheaper. Like gas, bread and packets of Monster Munch, some EVs have become more expensive in 2023. The Volkswagen ID.3 Pro, Renault Zoe and Kia Niro have all increased prices, dropping them down to the bottom half of the rankings.

And out? 😢

Anyone who has ever driven a Nissan Leaf or a BMW i3 is hardcore. They were there right at the start, before anyone had heard of the band. These grandads of the EV world have fallen off the best-value list, perhaps an early indication that they are no longer the default entry-level EVs.

If this is goodbye, we salute you legends. 🫡

“Grandad, tell us about the time you had to charge after every trip.”

The overall winner

It is clear to see that MG is doing great things in the UK car market at the moment. They have no less than 3 distinct models in the top 20 best-priced EVs in the UK. If you are new to EVs and thinking of taking a plunge into the clear waters of electric motoring in 2023, MG is a good place to start your search.

The best value car overall is the MG4 at £29K for the extended range version, and £26K for standard range. Add in salary-sacrifice and you are looking incredible value. It is good news even if you are not shopping for a new car right now. Long range EVs at affordable prices are coming to the second-hand car market soon.