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Is The EV Revolution Ever Going To Be Affordable? Reports, Claim One Third of Motorists May Not Even Be Able to Afford Even the Cheapest EVs

A recent study has found that even the cheapest electric cars on the market today are too expensive for at least one third of British drivers to afford. 

It has found that drivers need to spend a sum of £2,100 a year to be able to comfortably run and own and EV currently. This comes from data collected by the Centre for Economics and Business Research (CEBR). 

The expenses calculated by their analysis include charging costs and mean that up to 10million motorists could be prevented from joining the green revolution and buying an electric car. CEBR has found from its study that access to an electric vehicle is nothing but a “pipe dream” for a third of the British population. 

As you may know, Boris Johnson confirmed last month that he plans to ban on the sale of new petrol and diesel cars to be brought forward again to 2030. 

In reaction to this, many drivers are hoping that the announcement means there will be changes made to the affordability and charging infrastructure for electric cars. 

Mike Hawes, SMMT Chief Executive, said: “Success will depend on reassuring consumers that they can afford these new technologies, that they will deliver their mobility needs and, critically, that they can recharge as easily as they refuel.” 

On the current market, entry-level cars are said to be at least £5,000 more than their fuel equivalents. It has also been found that one in six councils have failed with the task of installing electric chargers on residential roads, despite a call for 2.8million to be installed. 

RAC head of roads policy Nicholas Lyes called the upfront cost of EVs the “biggest barrier to going electric”. 

He said: “We hope the Government’s announcement will pave the way to lower list prices, thereby accelerating take-up. This in turn will help lead to EVs being more readily available on the second-hand market which is where the majority of people choose to buy their vehicles.” 

He also shared the need for those who are new to purchasing electric cars face a steep learning curve when it comes to understanding the types of chargers, connectors and charging speeds currently available. 

Another problem is the fact that charging takes considerably longer than filling a car up with petrol or diesel and many EV owners will not have off-street parking and will be forced to plan how and when to charge their vehicle’s battery. 

It is necessary for production lines to adapt to build a wider range of EVs in a much more profitable way by 2030 in order to meet the lower costs needed for widespread adoption. The UK’s charging network will also need to grow significantly to meet the demand as it rises in coming years. 

“The car industry and those responsible for charging infrastructure now have an enormous task on their hands,” Mr Lyes added.

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