Vauxhall has reached a significant milestone in the life of its electric car range. It’s offering certain models of electric Corsa, Mokka and Astra priced the same or even less than the combustion-engine equivalents – with a personal contract purchase (PCP) deal. Vauxhall isn’t the only manufacturer trying to take the sting out of acquiring an EV, either.
Vauxhall’s deals are made possible with a thumping deposit contribution on top of a £2,000 customer deposit, a low APR rate and a 60-month (five-year) contract term. There are four cars available, two of which carry the same monthly payment cost as the petrol equivalent; the others actually cost less.
The entry-level Corsa Electric Yes Edition is priced at £251 a month – £23 less than the petrol version. The deal includes a £4,640 deposit contribution from Vauxhall and APR of 2.9% for 6,000 miles per year. For comparison, PCP for the petrol model has no deposit contribution, higher interest and a bigger balloon payment.
Arguably better value is the Mokka Electric Griffin which, at £286 per month, costs £26 less than the petrol equivalent. The terms are similar, with a £4,590 deposit contribution. That’s excellent value for a family-friendly SUV.
Combustion-engine price parity is achieved with the Corsa Electric Design at £280 per month. That includes a whopping £8,290 deposit contribution. And there’s the Astra Electric Design at £421 per month with a £3,000 deposit contribution, 4.5% APR and 10,000 miles per year.
On top of that, all four cars are eligible for Vauxhall’s Plug and Go offer. That includes a free Octopus Energy Ohme Pro wallbox charging unit on Intelligent Octopus Go, an EV-specific energy tariff. Alternatively, you can have £675 credit with Octopus Electroverse to charge at Tesco supermarkets.
There are plenty of other fantastic deals available on EVs if you shop around. For instance, Honda is currently offering a £3,000 deposit contribution and 1.9% APR for the e:NY1 SUV and you can get the MG4 – Parkers’ reigning Car of The Year – at 0% APR, so long as you can put down a 20% deposit. A 39% deposit will get you monthly payments as low as £99.
Meanwhile, Citroen is offering 0% APR and just one month’s payment as deposit on selected models of the e-C4, e-C4 X, e-Berlingo and e-SpaceTourer. 0% APR deals are also available on the Renault Megane E-Tech.
What this means for you
UK electric car sales have lagged behind expectations during the first quarter of 2024, accounting for just 15.5% of all registrations. Now that the Government’s zero-emission vehicle sales mandate is in force, most manufacturers have to make sure that 22% of the cars they sell are EVs or face stiff fines.
A big factor in EV sales being well off target is that less than one in five is sold to a private retail buyer. The manufacturers highlighted here – and others – are now offering some killer deals primarily aimed at retail buyers in an effort to meet their quota. As the year goes on, we may see even more generous offers that could attract buyers previously put off by the cost of entry to an EV.
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