British drivers want to switch to electric, but living costs are holding them back.
Key Details
- British drivers are looking to begin making the big switch to electric vehicles (EV).
- One in seven British drivers says their next car will be an EV with living costs being the only thing holding them back, according to a survey.
- Sales of new petrol and diesel vehicles in the UK will be banned from 2030, which is accelerating the rate of people making the EV switch, but high costs continue to hold them back.
Why it’s news
Countries across the world are making the switch to EVs as the vehicles become more prominent in the market and widely accepted.
Demand for EVs have been skyrocketing in many countries the past few years, and Britain is joining the list. One thing holding back British drivers from making the switch is high living costs.
Between the pandemic and Russia invading Ukraine it has put the UK in a cost of living crisis due to high inflation rates. Many citizens are trying to cut back on unnecessary spending such as EVs.
The average cost of an EV in the UK in 2022 is around £44,000 ($49,492), according to UK data service Nimblefins and as the livin crisis continues it is out of reach for a lot of people.
Some 14% of drivers said they will buy an EV next time they get a car, according to an RAC poll of 3,102 drivers. That number is a big jump from 3% in 2018 and 10% in 2021.
Hybrid vehicles are also popular among the crowd with 19% saying they would be a conventional hybrid model, which features a battery that is charged by the main engine while 10% said they would buy a plug-in hybrid.
The living crisis has taken a big toll on people and not as many are expecting a new car in the future like they were in previous years. Just 28% of drivers expect to buy a new car in the next two years, down from 36% in 2019.
Backing Up A Bit
More than half of car buyers worldwide want an EV. The number of people wanting evs has hit a worldwide tipping point.
The latest EY Mobility Consumer Index shows that 52% of people looking to buy a car want to buy an EV. This is the first time the number has exceeded 50%, representing a rise of 11 percentage points since last year.
Considering this it is no surprise that so many people want to make the EV switch, but until the cost of living crisis cools down it doesn’t seem like many will be able to afford it.
