Soaring Bills and Inflation Putting Halt on Switch to EVs in UK

A record number of drivers want their next car to be electric, but the cost of living crisis is forcing several drivers to delay making the switch to a more eco-friendly vehicle. According to reports, a record 14 percent of drivers say their next car will be fully electric, which is up from 10 percent in 2021. 29 percent drivers said that they intended to switch to a hybrid vehicle of some description, which combines both petrol and electric power.

However, rising energy bills, soaring inflation, and the prospect of high payments have led to increasing economic uncertainty, putting brakes on drivers switching to a new, and clean vehicle. The proportion of drivers who does not know when they will go fully electric is increased from 36 percent to 42 percent, while those expecting to do in next five years has decreased from 27 percent to 15 percent.

Rising interest rates will also have a detrimental effect on the number of people who choose to purchase new cars on finance. According to the survey, the comparatively cheaper cost of running an electric car, compared with the cost of petrol and diesel vehicles since the Ukraine and Russia wars has replaced environmental concerns as the main reason for making the switch.