Pricing Deters Consumers from Choosing Electric Vehicles

Despite widespread belief that limited range and lack of charging points are the main reasons why consumers are not warming to electric vehicles, Auto Trader’s latest Market Report, reveals that high pricing is a major deterrent, as conventional petrol cars are far less expensive.

The report, which surveyed over 4,000 motorists, found that 59 per cent of recent car buyers who decided against a completely battery-powered vehicle, said that this was due to the cost. Similarly, research conducted by Deloitte shows that while there has been a substantial increase in the number of people who would prefer an alternative powertrain in their vehicle over the last year, upfront expenses are the biggest aspect putting them off from buying an EV.

Finance options could be a key tool of persuasion with consumers for whom upfront costs present a barrier to purchasing an electric car. Providing appealing finance deals could be all that is needed to bring car buyers to the environmentally-friendly side of the fence!

It is likely that if the pricing obstacle were to be removed, other concerns, such as range and re-charging structure may come to the forefront of customer concerns. The Auto Trader Market Report indicates that 53 per cent of car buyers limit their search to £200 per month and 77 per cent set their limit at £300.

To improve sales of electric vehicles, it is important that finance plans fall within these parameters.

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