Everyone’s talking about Borris Johnson’s confirmed 2030 ban on petrol and diesel car sales. However, electric vehicles still cost upwards of £18k, over half the average UK salary. With no planned changes to government subsidies, most Brits can’t afford for hybrids and EVs to be the only cars on the market.
EVs currently make up just 7% of the UK market
EVs are on average £10k more expensive than similar spec petrol-fuelled cars
Example: A new Renault Zoe Play, one of the more affordable EV models, costs almost £27k (£26995). A new petrol-fueled Renault Clio Play is just under £16k (£15895)
“There are incentives to buying an EV, but these cover just a fraction of the initial outlay and are therefore only viable to those who are already wealthy.” – Jonathan Cahill, Let’s Talk Finance
Cheaper running costs: £8-£12 for a full home charge vs £30-50 for a tank of petrol
Reduced car tax
Government subsidies on home charging points, but charging stations still require an outlay of over £400 to charge a vehicle from home
“It’s unknown how much developments in technology will impact the price of EVs, but there is huge pressure on the industry to find a solution.”
While Borris has promised a £4bn investment into the EV market, critics don’t think this will be enough. There’s no planned changes to subsidies or incentives to the individual car buyer.
“At the current rate, EVs won’t be affordable to the masses by 2030.” – Jonathan Cahill
For more information https://www.letstalkfinance.co.uk.