Price is Still the Main Barrier for the Electric Car

A study carried out in the United Kingdom for the financial broker CarFinance 247 indicates that 37% of gasoline or diesel car drivers do not believe that they can stretch their budget to be able to buy an electric car.

Figures from the SMMT (Society of Motor Manufacturers and Traders) show that 8% of total UK sales correspond to electric cars. Although it shows the growth and penetration of this technology in the market, a figure reveals that zero-emissions mobility is still far from achieving a volume that helps change the decarbonization of the country’s cities and roads.

The study carried out for CarFinance 247 is based on a sample of 2,002 British drivers, who were shown the prices of second-hand pure electric and hybrid cars in good condition. They were asked to know when they thought they could purchase one of those vehicles with their current income level.

About 24% made it clear that they could never afford an electric car like the $47,000 Model 3. A third confessed that they could stretch their budget to reach an electric Golf for about 20,000 euros.

Finally, two out of five responded that they could only buy an electric Nissan Leaf for about 5,600 euros.

Among the respondents, 21% indicated that they did not like electric vehicles. Within this group, three out of five had an income of 84,000 euros/year or more. The latter group defended their opposition to electric cars because of their high price.

For their part, millennials opted for the battery-powered car that reaches 70% acceptance among 18 and 34 years old. On the contrary, only 3% of those over 65 recognized having an EV. Among the oldest age group, 22% opted for the electric car, although 24% admitted that they could not afford it.

In the transalpine country, a similar study has been carried out by Areté, revealing that the electric car has stopped scaring consumers. The results indicate that citizens see the electrification of the most popular means of transport in the world with better eyes.

The percentage drops to 87% if the alternative is a real 100% electric car. This result is truly striking since it means a confirmation of the change in perception about these vehicles.

Even though these studies, once again, mix pure electrics with the so-called electrified ones through hybrid systems, they do not allow us to observe how the market perception regarding BEVs evolves.

The attraction of electric changes when the wallet comes into play. From the Italian survey, 56% would need financing for the purchase, while 23% declare willing to pay cash to purchase the EV.

The Italian study highlights the loss of fear of the electric. 95% of those surveyed between the ages of 35 and 56 are very receptive to buying a hybrid.

It should be noted that 15% of the total think that the best option is leasing or long-term rental.

Most of the responses when considering buying an electric car agree on the ‘extra’ amount they would be willing to pay to enjoy this new mobility.

29% would pay 5% more for an electric car, 38% would agree to pay an extra 10% compared to a similar internal combustion car. Finally, 18% would pay up to 15% more, and another 12% would increase their budget to 20%. Yet, only 3% acknowledge that they are willing to pay a 20% surcharge for driving a zero-emission car.

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