5 financial reasons Brits are reluctant to change to electric vehicles (EVs)

The sale of petrol and diesel cars will be banned from 2030. Yet, some Brits are still reluctant to change to electric vehicles. Here are five reasons why.

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The government has already announced its plan to ban the sale of petrol and diesel vehicles by 2030, but are we really ready? Well, some Brits have already made the jump from fossil fuels to electricity, but others are reluctant, claiming there are still some concerns. Let’s take a look at some of the key financial reasons why Brits are unwilling to switch to electric vehicles (EVs).

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1. The cost of an electric vehicle

Electric cars in the UK cost between £17,000 and upwards of £140,000, with the average cost being £44,000. The cheapest EVs range from £15,000 to £27,000.

Of course, when buying an EV, you’ll have to consider various factors, such as the maximum distance you cover in a day and your driving frequency. In most cases, you’ll find that the higher the battery range, the more expensive the EV will be. Also, you might like some additional features that may push the price higher than £27,000.

Some Brits have found that it may cost them more than £29,000 to purchase a basic EV that meets their needs. Many believe that this is way too expensive compared to the price of a petrol or diesel car. In fact, with the EV price tag, a driver could buy a petrol or diesel car and be left with a balance large enough to run and maintain the car for years. This is a key reason some Brits are reluctant to make the jump.

2. Electric car resale value

The battery is undoubtedly the most valuable component in an electric car. However, it loses its ability to hold a full charge over time, and there’s concern that some second-hand EVs may require the buyer to buy a new battery, which would set them back a few thousand pounds.

What does this mean for the resale value? Drivers of cars with batteries nearing the end of their useful life could be forced to sell their EVs for a meagre price.

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3. Charging prices might increase

Drivers of diesel and petrol cars pay billions in taxes for roads that EV drivers aren’t paying towards. What happens as more and more drivers make the jump to EVs? Charging prices could shoot up to cover the taxes the government is no longer receiving.

4. Shortage of electricity

Though the National Grid and Ofgem maintain that the UK has sufficient capacity to satisfy the demand for the foreseeable future, some Brits still question what would happen if there was a shortage in electricity. This may lead to an increase in your electricity bill, meaning charging points will also charge extra. Running an EV might prove expensive, regardless of its low maintenance features, insurance aside.

5. Home charging versus public charging ports

Not everyone has a driveway or garage, meaning they have to rely on public charging ports. Public charging ports can be expensive compared to home charging. Homeowners with charging points installed have the advantage of charging at night when tariffs are cheaper. This means that some Brits relying on public charging could be paying more than those who charge at home, depending on the distance driven and frequency of car use.

To make things more challenging, charging points along streets aren’t sufficient. There can be stiff competition among neighbours, especially considering charging can take hours.

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