More than 9-in-10 (92%) electric vehicle (EV) owners would purchase another EV in the future - according to new research from Close Brothers Motor Finance.
Though recent SMMT figures suggest demand for new EVs is stagnating, the research indicates that this is more likely to be due to inadequate infrastructure and high upfront purchase prices, as the large majority of EV owners appear to be satisfied with their current vehicle.
Since switching to electric vehicles, EV owners say they’ve saved money over traditional fuel types – petrol and diesel. When asked about financial savings owners have experienced, 61% say they’ve saved money on running costs and 40% say they’ve saved money on servicing and maintenance costs. And it’s not just the financial benefits EV owners cite. Well over half (56%) say they enjoy the quiet nature of the vehicle and half (50%) stated electric vehicles are nicer to drive. Only 1% of EV owners stated that they are yet to experience any benefits.
94% of all EV drivers surveyed also said their electric car is the primary vehicle in their 709 household, whilst 41% of those who use it as a primary car also own another vehicle. Nearly a third (30%) use theirs for a mixture of purposes, whereas more than a quarter (28%) primarily use an EV as a family car and for leisure journeys. Other primary usages include:
- Commuting shorter journeys - 15%
- Local journeys - 10%
- Commuting longer journeys - 8%
- Business use - 7%
9% of EV drivers said they would only purchase another one if their circumstances remained the same, while only 6% of current EV owners would not buy another one based on their experience.
Lisa Watson, Director of Sales at Close Brothers Motor Finance, commented: “Despite recent data showing waning EV demand, our research shows that the large majority of EV owners are content with their vehicles. This indicates that other factors are stalling demand, such as concerns around the UK’s lack of infrastructure and the lack of affordable EV options currently on the market.
“This would suggest that if the new Government addresses motorists’ concerns, invests in crucial infrastructure and introduces incentives for drivers to make the switch to EV, then widespread adoption will be more likely to occur ahead of Labour’s proposed plan to bring the ban on new petrol and diesel vehicles forward to 2030.
“For the time being, dealers will need to utilise data and analyse market trends to keep on top of consumer demand and stock their forecourts appropriately - something 82% of dealers are already doing according to our latest Forecourt Foresight research.”
