Drivers veering towards electric, but cost and lack of charging holding them back

A new study from Close Brothers Motor Finance has found that a quarter (24%) of consumers intend on purchasing an alternative fuelled vehicle (AFV), such as a battery, electric, or a hybrid car, as their next vehicle purchase.

Despite the growing appetite to own an AFV, concerns remain about the non-traditional models. Car buyers identify their biggest worries:

1. AFVs are too expensive to purchase – 47%
2. Don’t think that there are enough charging points – 44%
3. Not enough information to help them make their decision to own an AFV – 26%
4. Not enough choice when it comes to AFV models – 18%

Car buyers identified the areas which would encourage them to buy an AFV:

1. Support to install a battery charging service at my home - 40%
2. Information on the best energy tariff and how to reduce running costs - 27%
3. Access to warranty and protection products - 18%
4. Guidance on where best to service and maintain my vehicle – 16%

Seán Kemple, Managing Director of Close Brothers Motor Finance, said: “It’s very telling that drivers are interested in making the switch to an electric model, but that there are significant concerns that are holding them back from buying. It’s important that the motor industry addresses these worries in 2021. Not only are we less than a decade away from a ban on new petrol and diesel vehicles, but now, Ford are ramping up plans for an all-electric future – and with the Ford Fiesta consistently topping the chart as the UKs most popular car, this is going to be impactful. For drivers not to be caught out by these big changes, more needs to be done to ease worries and incentivise them to choose an AFV.

“Action from the Government to support the electric transition is vital. Infrastructure is clearly a big factor swaying people’s decisions – and if the charging network isn’t there, then drivers won’t feel comfortable making the leap. Support from the Government and greater collaboration across the motor industry to drive these changes will help get the UK where it needs to be. The demand is there, and electrification is escalating, so it’s crucial now that any obstacles in the way of AFV ownership are cleared.”