Demand for Electric Cars Affected by Rising Costs, Says Survey

A recent survey by What Car revealed that despite considering electric vehicles (EVs), more than a third of drivers ultimately opted for petrol, diesel, or hybrid cars due to increasing expenses. In fact, 42 percent of individuals currently in the market for a new car also pushed aside the idea of purchasing an EV for the same reason.

Financial concerns have led over 58 percent of respondents to delay their next car purchase by at least six months. For those who cannot wait, the more affordable option of a second-hand vehicle has become increasingly popular. The survey, conducted among 2,525 people, highlights the significant role that costs play in customers’ decision-making process.

Steve Huntingford, editor of What Car, acknowledged that the results showcase the prominence of worries regarding the affordability of buying and operating an EV among motorists. However, there is positive news in the form of car manufacturers responding to these concerns. The research indicates that discounts on EV models have risen by more than 200 percent since the start of the year.

The survey also found that 39 percent of prospective buyers are now leaning towards purchasing used cars, with 30 percent stating that their decision has been influenced by the escalating cost of living. Huntingford added that as manufacturers strive to meet the government’s Zero Emission Vehicle mandate, which requires 22 percent of new car sales to be electric by January 2024, buyers can anticipate even more substantial discounts on EVs.

Conversely, the availability and discounts on petrol and diesel models are expected to dwindle as car manufacturers adjust to the new requirements.