This study explores the cost aspect of the transition, by analysing the Total Cost of Ownership (TCO) of different car powertrains in Cyprus. It is important that electric vehicles are cost effective for consumers and, where required, government policy is put in place to make decarbonisation affordable.
The minimum price of a new electric vehicle is 26,500 euros. Prices vary depending on the brand, model, battery capacity, and equipment. In Cyprus, charging a medium-sized electric car for a 450 km trip costs 15 euros, which is approximately half the price of gasoline spent for the same distance.
Given the absence of current financial incentives in North Cyprus, the research evaluates two support schemes tailored to different segments, measuring the minimum and maximum incentives required based on EV sales prices. In the base-case scenario, TCO ranges from €23,790.79 to €176,498.07.
According to the calculations the monthly average cost of charging an electric car for 1000 km per month was €35.83, while for conventional cars the average monthly cost of petrol or diesel was €75.22, so their average monthly difference was €39.39 for the investigated period (May 2015–June 2022).
This chart shows the average cost to charge an electric car for 25 minutes per 100 km at a public station in various European countries. Data is sourced from the European Alternative Fuels Observatory (EAFO), as of 2024. To account for variance between electric cars, a Tesla Model 3 was considered for this dataset.
Продажа автомобилей на КипреDOMCar Auto Sales
News that the government intends to relaunch a subsidy scheme to purchase electric and plug-in hybrid vehicles has renewed the debate over the cost of the vehicles, charging logistics and whether they offer true environmental benefits when virtually all of Cyprus'' electricity is produced by oil.
With conventional fossil-fuel vehicles being gradually phased out, industry insiders say a holistic range of support measures are vital to support the use of environment-friendly vehicles.
A €7 million car scrappage scheme that will subsidise the purchase of electric and plug-in hybrid electric vehicles (PHEVs) is currently being prepared and is expected to be submitted to cabinet for approval at the beginning of December.
Reports have said the subsidy would be €9,000 for the purchase of an electric car and an additional €1,000 for scrapping an old conventional one but the transport ministry would not confirm this, saying the details are still not final, while the cabinet might make changes to the proposal.
The scheme is part of the government''s goal for electric cars to make up one fourth of newly registered vehicles by 2030.
Transport Minister Yiannis Karousos said in July that 201 such vehicles had been registered so far this year.
In 2020, 77 new electric vehicles were registered. The goal is to have around 1,000 next year, including cars, motorcycles and electric bicycles, to gradually reach 36,000 in total by 2030. The goal also includes replacing all motorcycles used in the public sector with electric ones by 2023.
The ministry plans on introducing more schemes for the purchase of electric bicycles, motorcycles, buses, commercial vehicles, taxis, vehicles for disabled persons and large families.
An original car scrappage scheme to promote electric vehicles had to be abandoned in mid-2020 because of the economic impact of the coronavirus on the state budget. According to Christos Papamichael, advisor associate to the transport minister, the ministry had received around 1,000 applications at the time.
An important part of the new scheme is that it includes second-hand electric cars.
"After speaking with importers, it emerged it would not be possible for factories to manufacture and deliver a large number of vehicles within the next year, which would mean not meeting the goals set," Papamichael told the Sunday Mail.
Subsidising the cost of a used electric car will perhaps give those on lower incomes the chance to purchase one. New vehicles are out of reach for many, with the smallest electric car models starting at around €26,000.
According to the pricelists of their importers, a Fiat 500e starts from €26,500 and a Volkswagen ID.3 which is also considered to be in the compact category but roomier, starts from €34,500. Medium sized ones such as the Hyundai Kona start from €33,900. The Nissan Leaf''s starting price is €34,500. The Mercedes Benz EQC (N293) which is branded as a ''luxury SUV'', starts from €67,000. The Audi e-tron can be found from €78,000.
As regards PHEVs, a Renault Captur starts from €28,000, the Jeep Renegade from €36,900 and the Toyota Rav4 from €50,200. Prices vary of course, depending on size, model, battery range and other features.
Though electric vehicles cost more, there are cost benefits in the long run, according to Dickran Ouzounian, managing director of Toyota Cyprus and member of the Motor Vehicles Importers Association.
He said it currently costs around €15 to charge a vehicle for a 450-kilometre range since electricity prices in Cyprus are high and there is no off-peak charging rate as in other countries. Conventional cars, however, might need between €25 and €30 in fuel for the same distance, he said.
He also referred to low cost of ownership since electric vehicles don''t have an engine like conventional ones that require service and repairs.
"Manufacturers started from bigger cars, that are inevitably more expensive because their range is bigger," Ouzounian told the Sunday Mail, explaining they have bigger batteries.
"Batteries are very harmful to the environment and need to be recycled properly," he said, adding that they can be recycled for reuse in vehicles or for use in other industries.
Addressing concerns about battery life, he said all manufacturers offer good warranty of up to seven to eight years, while Toyota offers up to 10 on theirs.
"We have been selling hybrid cars for the past 25 years, they are the most trustworthy cars."
Ouzounian said the hybrid technology is a very good option as vehicles run on electric mode for a substantial amount of time and are more affordable than electric ones. He admitted, however, that plug-in hybrid cars are more expensive because they have two power trains: conventional engine and batteries.
He said that the plug-in hybrid technology, which is the next stage of the hybrid technology, allows people to have an electric car "without any compromises".
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