A third of Brits would now consider buying an electric car following the UK fuel crisis, study shows.
Electric cars are now a common sight on the UK's roads, with public charging points cropping up on residential streets and forecourts across the country - there are even forecourts with only electric charger points. With a range of electric cars now available, many people are making the switch to electric from conventional combustion engines. Chancellor Rishi Sunak recently announced in the autumn Budget an extra £350 million to support the infrastructure and supply of electric vehicles, on top of an extra £620 million in electric car grants.
The recent fuel crisis in the UK sparked chaos across the country, with drivers rushing out to panic buy fuel following the widespread narrative of a fuel shortage. Many forecourts were forced to close due to running out of fuel. Cars were left abandoned on the roads as they run out of fuel in extensive queues, and many businesses suffered as their vehicles were unable to purchase fuel to provide services.
A recent survey conducted by Volkswagen Financial Services (VWFS) revealed that more than a third of drivers who completed the survey are now more likely to purchase an electric car following the fuel crisis.
Of the 2,000 drivers that VWFS surveyed, they found that:
- 30% of 18-24 year olds admitted to panic buying fuel during the crisis
- As well as 31% of 25-34 year olds
- And 7% of 55-64 year olds
- But just 3% of 65-74 year olds
Similarly, 35% of Brits that responded to the survey stated that they were now more likely to buy an electric car when the time comes to replace their current car, with 32% saying they were likely to buy a second hand electric car.
Between 2020 and 2021, VWFS have seen a significant increase in the number of used electric cars being financed through Volkswagen Financial Services UK; the last 12 months has seen a 76% increase, whilst the number of finance petrol cars has dropped 23% and diesel cars dropping by a staggering 37%.
Rebecca Whitmore, the electric vehicle senior product owner at VWFS UK said: "Electric vehicles have never been more popular than they are today and it’s clear from our research that the recent fuel crisis has only accelerated the surge in demand for electric cars and their new technologies."
Electric Vehicle Concerns
One of the biggest concerns for those considering making the switch to an Electric Vehicle is the cost; electric cars and vans are still quite pricey, despite the technology and demand progressing. However, many manufacturers are now producing electric cars, creating a broader spectrum of EVs available depending on your budget. Whether it be the Nissan Leaf, the BMW i3 or the Tesla Model S, there is now an impressive line of electric vehicles available.
"Range Anxiety" is term often heard, and represents another major concern for drivers considering the switch to an EV.
Range Anxiety refers to the worry of running out of electric and not being able to complete your journey. Despite the investment and growth of the electric vehicle infrastructure, it is still not as readily available nor as convenient as the conventional method of filling up your car with petrol or diesel.
BUT, advances in technology see many batteries capable of delivering 180-360 miles of electric range, depending on the car, the battery power and your driving style. With charger points being available for home installation and the network of public chargers continuously growing, Range Anxiety is quickly becoming a thing of the past. Rebecca Whitmore further stated "The average length of each car journey in the UK is fewer than 10 miles, so there’s still a lot of work to be done to alter the wider public’s perception of their driving habits, because an electric car would slot into the average person’s daily life more seamlessly than they probably imagine."
Is an Electric Vehicle right for you?
If you are still considering opting for an electric vehicle when the time is right to replace your current vehicle but you still have some doubts, then speak to a member of the Pendle Lease team today! A friendly member of our team can discuss with you all of the options available to find the car best suited to your needs and budget.