Motorists still have 'significant reluctance' to buy EVs for one key reason
Drivers are still unlikely to make the transition to electric vehicles with the cost of switching the main reason behind motorists' apparent lack of interest.
UK motorists are still heavily “reluctant” to ditch their petrol and diesel cars and go electric, according to a range of recent studies carried out by experts.
Additional costs such as heavy insurance fees and new Vehicle Excise Duty (VED) fees from 2025 were becoming a concern for many potential buyers.
However, upfront cost is still the biggest barrier with most unable to afford the sizeable sums to purchase electric models.
A new study from Volkswagen Financial Services UK found that older motorists are the most hesitant to make the transition when compared to younger demographics.
The report found 22 per cent of millennials between the ages of 35 to 44 claimed they would move to an electric car within the next year, compared to just eight per cent of people across all age groups.
This compares to just eight percent of drivers among all other age groups suggesting there is a lack of enthusiasm across the board.
Mike Todd, CEO of Volkswagen Financial Services UK explained: "Millennials are clearly leading the way, and they are the most committed to getting behind the wheel of an EV in the near future, certainly when compared to other age groups.
“Aside from the sustainability benefits, many drivers are citing the holistic, long-term cost savings that come with running an electric vehicle.
"At a time of a cost-of-living crisis, the importance of sound financial decision-making is clear, and 35-44-year-olds with growing responsibilities around mortgages and young families, are already aware of how making the move to an EV can help."
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Meanwhile, a new poll from CompareNI.com found that 75 percent of drivers believe the plan to ban the sale of new petrol and diesel cars was happening too soon.
A sizeable 52 percent said they had no plans to go electric at all with just 14 percent hoping to make the transition in between six and 10 years.
It comes after more than half of road users polled in a new survey from Quotezone admitted they had no intention of making the leap to new electric models.
A staggering 57 percent of respondents said they were not planning to go electric any time soon with eight percent admitting they would only change cars just before the current 2035 car ban.
The survey also found that a whopping 78 percent said they were not looking forward to changing to electric cars at all.
Greg Wilson, CEO of electric car insurance expert at Quotezone stressed the “hesitation” among motorists to make the leap was “understandable” but pushed for more to be done.
He commented: “The average new electric car in the UK is estimated to cost around £50,000, that’s over £10,000 more than the average medium-sized petrol car such as a Ford Focus.
“There are also additional costs to take into account including higher insurance premiums and now vehicle tax.
“The challenge over the coming decade will be to address these concerns and support motorists in the transition to electric vehicles.”
