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More than a third of recent UK car buyers pulled the plug on buying an electric vehicle (EV) because of cost of living concerns.
That’s the key finding of a survey of 2,525 drivers carried out by What Car?. Of those who had already made their purchase, 36% admitted they ditched plans to buy an EV in favour of a hybrid, petrol or diesel due to money worries.
It was a similar story among motorists currently shopping for a new car, with 42% admitting that inflation, energy costs, interest-rate pressures and high list prices had led them to rule out EVs in favour of hybrid, petrol or diesel models.
What Car?’s research also exposed how those financial concerns are impacting when people are looking to buy their next car; more than half (58%) are delaying by six months or more.
For those that have no choice, and need to buy, many are switching to more affordable used vehicles.
Of the 39% of in-market buyers who are now looking to purchase a used car, 30% say their decision not to buy new has been influenced by the cost of living.
What Car? editor Steve Huntingford, said: “Our latest research shows that concerns around the cost of purchasing and running an EV are at the forefront or motorists’ minds. However, the good news is that car makers are responding: the mystery shopping data for our New Car Buying service shows discounts on EV models have increased by more than 200% since the beginning of the year.”