Buyers cool on EVs amidst rising costs

New research has revealed that more than a third of car buyers decided against an electric car because of the cost-of-living crisis.

A survey of 2,525 UK drivers conducted by What Car? found that more than half (1,354) said they had either recently bought a new car or were actively in the market for a new model. But of those, 36% admitted they changed plans to buy an EV in favour of a hybrid, petrol or diesel due to money worries.

It was a similar story among motorists currently shopping for a new car, with 42% admitting that inflation, energy costs, interest-rate pressures and high list prices had led them to rule out EVs.

The survey also revealed that 58% of respondents said they had delayed buying a car for at least six months because of financial concerns. Meanwhile, for those who can’t wait, 39% said are now looking to purchase a used car.

What Car? editor Steve Huntingford, said: “Our latest research shows that concerns around the cost of purchasing and running an EV are at the forefront or motorists’ minds. However, the good news is that car makers are responding: discounts on EV models have increased by more than 200% since the beginning of the year.

“With the introduction of the Government’s Zero Emission Mandate from January 2024 meaning manufacturers have to ensure 22% of their new car sales are electric, we expect to see even more generous discounts.”