Brits more likely to buy an EV to save money than save the environment

Brits are more likely to buy an electric vehicle because they have cheaper running costs, rather than for the eco-friendly credentials, according to new research.

The findings came from Autovia’s Driver Power Shopper study, which asks up to 60,000 participants their reasons for choosing the car they bought in the past two years.

When it came to EVs, economic considerations also came top of the pile for those who didn’t buy an EV, with the price of purchase being the most popular reason why they didn’t.

However, range anxiety was the most common worry among all participants, which is an issue the industry and Government have been working to address.

Many electric vehicles can now get over 300 miles between charges, but even so, public charging infrastructure is struggling to keep pace with EV uptake.

Last month, industry body the Society of Motor Manufacturers and Traders (SMMT) warned that sales of electric vehicles were outpacing public charge point installations. Between 2019 and 2020, the number of plug-in vehicles on the road per charge point increased from 11 to 16.

Meanwhile, just one charge point is being installed for every 52 new plug-in vehicles registered, meaning this gap could increase over the next 12 months.

Despite these concerns, those who are looking to buy an electric or plug-in hybrid vehicle overwhelmingly tend to go on to buy one. Just a quarter ultimately decide to buy something else.

Autovia editor-in-chief Steve Fowler said: “The growing impetus among consumers to want to buy an electric vehicle is well documented, but the reasons they didn’t choose an EV as their latest car are important for the industry to understand.

“Clearly the upfront cost of EVs and worries about charging remain the biggest obstacles but the depth of our latest research also reveals signs of hope for the EV sector.

“More good news for EV makers comes from the fact that, despite initial purchase prices putting many people off an EV over the past two years, they are increasingly perceived as cheaper to run. Lower running costs are cited most often as the top reason for considering an EV, which suggests consumers are becoming more confident in EVs.”