One-third of vehicle purchasers abandon electric plans

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【Summary】Over a third of UK car buyers have decided against purchasing an electric vehicle due to concerns about the cost of living. A survey of drivers revealed that 36% of those who had already bought a car chose a hybrid, petrol, or diesel model instead of an EV due to financial worries. Among those currently shopping for a car, 42% cited inflation, energy costs, interest rates, and high list prices as reasons for ruling out electric vehicles.

FutureCar Staff Nov 15, 2023 8:18 AM PT

One-third of vehicle purchasers abandon electric plans

According to a survey conducted by What Car?, more than a third of recent UK car buyers decided against purchasing an electric vehicle (EV) due to concerns about the cost of living. Out of the 2,525 drivers surveyed, 36% admitted to choosing a hybrid, petrol, or diesel vehicle over an EV because of financial worries.

Similarly, among those currently in the market for a new car, 42% stated that factors such as inflation, energy costs, interest rates, and high list prices had led them to exclude EVs from their options. Instead, they preferred hybrid, petrol, or diesel models.

The research by What Car? also revealed that these financial concerns are affecting the timing of people's car purchases. More than half (58%) of respondents admitted to delaying their car purchase by six months or more.

For those who are in urgent need of a car, many are turning to more affordable used vehicles. Among the 39% of buyers currently in the market for a used car, 30% stated that their decision to opt for a used vehicle instead of a new one was influenced by the cost of living.

Steve Huntingford, the editor of What Car?, commented on the research findings, saying, "Our latest research shows that concerns about the cost of purchasing and running an EV are at the forefront of motorists' minds. However, the good news is that car manufacturers are responding to these concerns. Our mystery shopping data for our New Car Buying service reveals that discounts on EV models have increased by more than 200% since the beginning of the year."