10:15 am, May 8, 2017
PARAGON Car Finance’s most recent survey of leading UK brokers has revealed an increasing preference for alternative-fuel vehicles.
Asked what impact recent calls for action on diesel vehicles would have on the market in 2017, 29 per cent of the UK’s top 30 vehicle finance brokers stated they expected a decrease in sales. This compared with just 10 per cent who expected sales to increase. Nineteen per cent of respondents also stated they expected to see a decline in sales of petrol engine vehicles, compared with 29 per cent who expected sales to grow.
Just as sales of diesel and petrol vehicles are expected to decline, so sales of electric and hybrid vehicles are expected to increase. Seventy-seven per cent of respondents expect sales of electric vehicles to grow in 2017, and a resounding 81 per cent foresee hybrid vehicles increasing market share.
Over the longer term the results are even more stark. Asked how the market would look in five years’ time, 52 per cent of respondents expect decreased sales of diesel engine vehicles with a further 29 per cent expecting sales to decrease significantly. Of those surveyed, 52 per cent expect decreased sales of petrol vehicles.
Over the same period, 91 per cent of those surveyed expect electric vehicle sales to increase and 62 per cent expect significant growth in hybrid vehicle sales, with a further 29 per cent expecting moderate growth.
Head of Paragon Car Finance Julian Rance said: ‘Urban pollution has been making headlines, putting diesel vehicles firmly in the spotlight, and the latest figures from our Headlight Survey reveal that the pace of change in the car market is expected to grow. As such, nearly a third of brokers expect diesel sales to decline in 2017, while 81 per cent expect diesel sales to decline over the next five years.
‘This declining market share is reflected on the other side by expected growth in the sale of electric and hybrid vehicles. It is clear that, as a result of policy incentives such as road tax exemption, and due to increasing awareness of the environmental impact of diesel emissions, more and more consumers are willing to consider electric and hybrid vehicles. As the technology and infrastructure which supports such vehicles gets better, sales will further increase.’
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