August 4, 2022

“35% are opting for EV as their next car purchase. Are you tempted yet?

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A new study has found that a third of people (35%) are likely to choose an electric vehicle for their next vehicle purchase as a result of the recent fuel crisis.

Based on the findings of the survey, Volkswagen Financial Services UK reported that the number of used electric vehicles it finances increased by 76 percent between 2020 and 2021. To provide a comparison, the number of petrol and diesel cars financed by the company declined by 23 per cent and 37 per cent, respectively.

A total of 32 percent of respondents indicated that they were likely to choose a used EV over a new one. In September, 32,000 new electric vehicles were registered, showing a market share of 15.2 percent for electric powered vehicles. VW Group’s finance arm surveyed 2,000 British citizens between October 22 and 24.

When asked whether they panic-bought fuel during the crisis, 30% of 18–24-year-olds admitted to doing so, compared with 7% of 55-64 year olds. According to the study, motorists in the South East were most likely to admit panic-buying fuel at 17 percent, and those residing in Scotland were the least likely to admit panic-buying fuel at seven percent. The recent fuel crisis has accelerated the surge in demand for electric cars and their new technologies, according to Rebecca Whitmore, Electric Vehicle Senior Product Owner at Volkswagen Financial Services UK.

Nevertheless, in order to meet the government’s decarbonisation targets, EV take-up must be much higher. It is estimated that the average length of a car journey in the UK is less than 10 miles, so there is still work to be done to alter the perception of drivers’ driving habits, since an electric car would fit into the average person’s daily life more seamlessly than one might imagine. As EV technology continues to improve and these vehicles become more affordable and accessible, it won’t be too long before mainstream adoption in the UK occurs.

Any questions? Please don’t hesitate to contact one of our team.

Steven.gillespie@ascendbroking.co.uk  |  Office: 07719 069 267