Should I buy an electric car? New report says wait until 2023

5th June 2018 | Commercial Energy

Drivers wanting to watch the pennies are being encouraged to consider holding off purchasing an electric car until 2023, according to a new report. The in-depth study by comes as the latest SMMT (Society of Motor Manufacturers and Traders) reveal electric vehicles have made up just 2% of new registrations in 2018 to date despite the fact research shows one in three (31%) drivers would consider buying one as their next car.

Despite a green revolution taking the world by storm, drivers are still showing favouritism for fossil fuels, and the report suggests there are several reasons for it. Six in 10 (59%) drivers said they were put off by the eye-watering price tags of electric vehicles – Tesla’s Model S hatchback can cost up to £127,000, while one of the least expensive models, the Renault Zoe is still a significant £20,670.

Electric car

Furthermore, insurance data from reveals they can be a whopping £370 more expensive to insure than your average petrol or diesel car. What’s more, less than one in four (37%) electric or hybrid vehicles have qualified to make savings with the Government’s plug-in car grant this year (2018) so far.

Nor is it just the initial outlay which is holding drivers back. Three quarters (73%) of the driving population have little faith due to the perceived lack of available charging points – even though there are 16,130 connectors in 5,602 locations across the UK. This comes after recent reports suggest the UK Government’s EV infrastructure plan has been set back.

Despite this for the lucky few who can afford to invest early in an electric vehicle can make significant savings. For example, electric cars can save an average of £1,800 on fuel and road tax in three years, as well as savings on parking, which is free for EVs (Electric Vehicles) in many car parks despite some rathe hefty electricity usage. A full charge of a Nissan Leaf (24kwh) use the equivalent power needed to make 222 cups of tea, 501 rounds of toast, iron 343 shirts and watch 66 hours of TV.

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