Auto Trader has nailed its colours to the mast over expensive EVs at a Cop26 event, saying they only make financial sense to a buyer once they’re four years old. Commercial director Ian Plummer also said that interest in EVs was mainly from wealthier areas.
“The average EV is currently 38% more expensive to buy than its nearest petrol or diesel equivalent while a nearly new volume brand EV hatchback is on average £10,000 more expensive than the equivalent ICE vehicle,” said Plummer, emphasising that the growth in EV sales hides a discrepancy between well off motorists and mainstream consumers.
“The government’s £620m investment in grants for electric vehicles and street charging points is welcome, but Ministers should consider how that investment is targeted,” Plummer said.
“Even if all those funds were used to boost sales it would likely only subsidise about 120,000 vehicles, and even then, it will not bring EVs within the price range of those in middle and lower incomes given the current price disparities.”
Plummer divulged that interest in EVs on Auto Trader was “coming almost exclusively from wealthier postcodes”.
He added: “In fact, compared with the car buying average, those with the highest interest in making the switch are twice as likely to have a household income of £75,000 or more.”