One of the things that put off prospective buyers of electric vehicles is the purchase cost. Although electric vehicles have come down significantly in price during the past 20 years, the price gap to traditional cars remains. Or does it?

In most of the world, the quick answer would be... yes! However, the current situation in Malta makes conditions for the purchase of an electric car very favourable.

The Maltese government currently hands out a €12,000 cashback grant when one purchases an electric vehicle, which is one of the most generous schemes available worldwide.

The best way to compare prices is to consider vehicles which are available as electric and petrol

While one still needs to pay the full price of the car when purchasing it, the grant will be debited into your account a few months after receiving the car.

Wait, it gets better. There is currently a zero per cent loan for the purchase of electric vehicles, yes zero per cent! This means that you can borrow the full purchase price of the vehicle and never have to pay any interest on that loan.

The best way to compare prices is to consider vehicles which are available as electric and petrol. Go ahead and run the numbers yourself, reduce the grant from the electric car, factor in no licence fees for five years and consider financing on both options. The results might just surprise you...