Cost Remains A Blocker In Transition To Electric Vehicles

As the need to reduce reliance on fossil fuels and their impact on the environment becomes increasingly important, the upfront cost of electric vehicles may be putting people off from transitioning away from fossil-fuel powered cars according to a recent survey.

A recent survey of attitudes towards electric vehicles carried out by AA Car Insurance asked over 6,000 motorists whether they would be willing to buy an electric vehicle in the future but found that the technology was currently too expensive. 45.53% of respondents strongly agreed that they found EVs to be too expensive, even with the grants currently available, and this was putting them off going electric. A further 21.07% of those surveyed stated that they somewhat agreed with this message.

“Electric vehicle technology is still relatively new and as a result an electric car can appear very expensive when compared to the petrol or diesel-powered equivalent. While they are grants available for those who want to transition to an EV, and in fact that long-term savings will help offset the up-front cost, many who are interested in ditching their fossil-fuel powered car are waiting for the technology to become more affordable,” Conor Faughnan, AA Director of Consumer Affairs stated. “As more manufacturers start to develop their own EV models, the upfront cost will likely start to drop but for now cost does seem to be blocking our transition to cleaner cars.”

“It’s also important to note that this survey was carried out before the COVID-19 restrictions were introduced, and the economic impact of dealing with the crisis as well as the temporary or permanent job losses for many could affect this number further. We may enter into a period where people choose to retain their existing cars for longer due to personal financial circumstances which could delay the transition away from fossil-fuel powered cars.”

The survey also found that great efforts to promote the existing grants available for those who want to purchase an electric vehicle may be needed, as just 1 in 3 respondents felt they understand what supports are currently available.

Just over 1 in 10 motorists surveyed by the AA (11.81%) strongly agreed that they have a good understanding of the grants currently available to those wishing to buy an EV for private use. Meanwhile, a further 22.31% stated that they somewhat agreed with this statement.

“If you are considering a switch to an electric vehicle, then there are grants available not only for the car itself but also to assist with the costs of installing a home EV charging unit. As well as VRT relief, the Sustainable Energy Authority of Ireland (SEAI) currently offers a grant of up to €5,000 to those purchasing an electric vehicle depending on the car’s list price,” Faughnan added. “When you consider these grants, alongside the long-term savings of an electric vehicle, purchasing an EV could be a lot more affordable than some people may think.”