Important update

One in four drivers to switch to hybrid as their next vehicle purchase

Feb 1, 2024 Insights Read time 3m
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More than half of drivers (51%) will look to purchase a vehicle this year, of which one in four (28%) will opt for a hybrid, according to new research from Close Brothers Motor Finance. Just under a third (31%) of drivers will choose a petrol vehicle, and one in ten (11%) will pick a diesel.


Following the Government delaying the 2030 new petrol and diesel car ban to 2035, just 12% expect to buy an electric vehicle (EV) – slightly down from last year – 14%. Although almost half (47%) say the delay will give them more time to purchase an alternative fuel vehicle ( AFV).


The research found there’s plenty of confusion over which vehicle fuel type to buy, leading to 14% not being sure which to purchase. Two in five (42%) cite being more confused than ever before, and almost the same number (41%) say they’re concerned that they won’t make the right choice.


When it comes to the actual vehicle, one in five (20%) plans on buying a brand-new car, whilst almost the same number (18%) will opt for a used/second-hand car with six in ten (58%) drivers stating they believe there is a good choice of high-quality used cars on the market.


Lisa Watson, Director of Sales at Close Brothers Motor Finance, said: “There’s certainly a desire to switch to electric, but with the current economic climate and financial pressures faced by many UK households, it’s likely that costs are prohibiting more widespread EV adoption in the UK. Coupled with concerns about infrastructure many are opting for hybrid – a segway from leaping from fully petrol to fully electric. 

“Although the UK recently hit a milestone of the one-millionth EV being registered, the statistics remain skewed by fleet sales, and demand is not where it needs to be if the 2035 ban is to be realistic. More will need to be done to encourage drivers to make the switch.

“And it’s not just drivers who remain cautious, currently just one in five (21%) dealers believe the ban will actually go ahead.


“As drivers look to make new vehicle purchases this year, it’s vital that dealers ensure they’re stocking the right stock to meet the demand. Continuing to utilise insights and tools to monitor trends and cater for demand will be essential particularly amidst the growing confusion over vehicle and fuel type choice.”