More than two-fifths of UK drivers looking to move to electric vehicle ownership are budgeting for £20,000 or under, new research shows.
The latest Global Automotive Consumer Survey from Deloitte, which polled 1,521 people of driving age in the UK, found that 42 per cent of them were looking for a purchase price of £20,000 or below.
And that means an opportunity for the used car market to speed up EV adoption, said the multinational professional services network.
Jamie Hamilton, Deloitte’s head of electric vehicles, said: ‘The structure of most car financing products means that the lifecycle of a brand-new car entering the used car market is typically around three years.
‘With many UK drivers poised to switch to electric but remaining cost-conscious, it’s likely we’ll see the secondary market for EVs mature over the next few years to attract these consumers.’
Lower fuel costs were the highest deciding factor for motorists wanting to make the switch to electric, but current upfront costs were still a sticking point despite the longer-term financial benefits, he added.
The research also found that the top worry for a quarter of drivers was a lack of charging infrastructure.
‘For EVs to integrate further into everyday life, greater accessibility to charging points is still required,’ said Hamilton.
‘Ensuring a joined-up approach and continued investment in the infrastructure is key to support growing demand.’
Meanwhile, the survey also revealed that more than a quarter (27 per cent) of drivers aged 18-34 requested a payment deferral on car financing in 2020.
Compared against 13 per cent of drivers aged 35-54 and only one per cent of those aged 55 and above, that suggested that younger drivers were hit harder by the financial implications of the pandemic, said Deloitte automotive director Nathan Thompson.
Deloitte’s annual Global Automotive Consumer Study is carried out in 23 countries. More than 24,000 responses made up the 2021 study.