The Global Electric Vehicle Index

Soaring petrol prices coupled with a better understanding of the environmental benefits of electric vehicles has made them an increasingly popular choice amongst motorists. With this in mind, it’s no surprise that global electric vehicle sales doubled from 2020 to 2021, hitting an all-time high of 6.6 million in 2021. But how does the cost of purchasing an electric vehicle compare across the globe?

To help drivers understand how much it would cost to switch to electric, we’ve researched the price of the Tesla Model 3 – our most quoted for EV model – in 41 different countries, creating a ranking of the most and least expensive locations to buy an electric vehicle.

Singapore is the most expensive country to buy a Tesla Model 3 (£73,648)

Singapore is the country with the highest priced model. In Singapore, this electric car sets drivers back S$ 122,747, which is the equivalent of £73,648.

Almost £13,000 more affordable than Singapore is the second most expensive country, Israel, where the same make and model comes with a price tag of 242,836 ₪ (£60,709). Israel is followed by Hong Kong, with a cost of HK$ 534,660 (£58,813).

Sweden is the most expensive country in Europe to buy the Tesla, as well as being the fourth most expensive country overall, with the car costing 670,170 Kr – equivalent to £53,614.

As for the UK, purchasing a Tesla Model 3 will cost you £51,090. This is £22,500 cheaper than Singapore’s cost and £2,500 cheaper than Sweden’s, but still much pricier than other countries on the list. This places the UK as the seventh most expensive country overall to switch to electric.

Norway offers the lowest price for the Tesla Model 3 (£38,057)

The country selling the model for the lowest price is Norway, with a price tag of 447,732 Kr or £38,057. This is over £13,000 cheaper than the UK’s price of £51,090.

Japan follows closely behind Norway in second place where drivers are able to purchase the Tesla for ¥6,378,000, which is equivalent to £38,906.

The third most affordable country to buy the model is Iceland, where it costs 6,486,990 Kr, which converts to £38,922. This is followed by Puerto Rico and the United States, with the electric car costing $48,490 – £40,247 – in both countries.

The Global EV Index

The price of a Tesla Model 3 in all 41 countries researched, ranked from highest to lowest.

Brought to you by car insurance experts at Comparethemarket

Methodology

The Tesla Model 3 was used as it is the most popular EV according to Comparethemarket’s records from July 2021 to June 2022. The 41 countries used are based on where it’s available to purchase this vehicle from the manufacturer directly.

The prices used from the Tesla website are the manufacturer’s cash price, without any savings or incentives. Other taxes and levies may be applicable.

For consistency in pricing across all 41 countries, we costed the Tesla Model 3 in the colour Midnight Silver Metallic with 19” Sports Wheels and all black interior. We did not incorporate any incentives into the price.

To create the index, the local currency price for the Tesla Model 3 based on the website was converted to GBP and ranked from most to least expensive.

All conversions were conducted on 17/08/2022, taking the local currency price from the Tesla website, and converting to GBP (£), EUR (€) and USD ($).

All data was collected in August 2022.