Electric cars are too expensive as drivers opt for used petrol and diesel vehicles
Second-hand electric vehicles are still too unaffordable for drivers to encourage them to make the switch, experts have warned.
Upfront costs of these vehicles are still well above the £10,000 price mark, resulting in motorists choosing to stick with the cheaper petrol or diesel option.
The high costs come as only 10,000 used electric options are under £15,000 but drivers have complained this is still too high, according to Auto Trader.
In comparison, there are around 350,000 used petrol or diesel cars available in the same price bracket on the online car marketplace.
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Electric cars need to have a lower price point to attract customersPARichard Walker, data and insight director at Auto Trader, explained that the market is being boosted by economic “green shoots”,with consumer confidence rising in the wake of falling inflation and anticipation of further tax cuts on household budgets.
However, he warned that there may be disruption in July with the European Championships and General Election impacting car buying temporarily.
Meanwhile, Auto Trader commercial director Ian Plummer explained that while retail prices are stabilising, there needs to be electric cars available in a variety of budgets to tempt consumers.
He said: “We need to make more progress on affordability to encourage retail demand, especially as exemptions from both Vehicle Excise Duty and the expensive car supplement end for EVs next year.”
However, despite the price point being a key issue, the most recent data from the Society of Motor Manufacturers and Traders (SMMT) showed that the number of electric cars bought in the UK in the first four months of this year was 10.6 per cent from the same period in 2023.
In order to reach the Zero Emission Vehicle mandate, the UK will need to have at least 22 per cent of new car sales be electric by this year.
The target hopes to see all new cars sold in the UK fully electric by 2035 and fall in line with the upcoming ban on new petrol and diesel cars.
Car manufacturers who fail to follow the rules could face fines of £15,000 per polluting vehicle sold below the limit.
As more car brands work to expand their electric vehicle numbers, research has warned that the level of new car registrations is still too few.
Insight from Cox Automotive stated the 10.6 per cent growth in new cars is “good news” but is still 17.9 per cent behind the pre-pandemic average for registrations recorded between 2000 and 2019.
Philip Nothard, insight director at Cox Automotive, said: “Double-digit growth in the first three months is no mean feat and cannot be easily dismissed.
“But the market is a long way off what could reasonably be characterised as ‘normal’.”
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The RAC estimates that there are more than one million electric cars on UK roads, along with around 615,000 plug-in hybrids.
