Drivers halt plans to switch to electric cars due to rising cost of living

Due to rising fuel prices, drivers are increasingly more encouraged by lower running costs.

UK drivers are putting their plans to switch to an electric vehicle (EV) on hold due to the cost of living crisis, according to the RAC.  

Of the 3,000 drivers the motoring insurance company surveyed, 42% said they did not know when they could make the transition. This is an increase from the 36% of respondents who gave the same answer last year.

“The squeeze on household finances brought about by the cost of living crisis means people keen to get into an EV are likely to put off doing so,” said RAC Spokesperson Simon Williams.

The survey broke these figures down further, with those expecting to get an EV in the next five years dropping from 17% to 15% this year. In addition, those who think they will be driving electric within five to 10 years has declined from 25% to 21% in the same period.

Despite these figures, interest in transitioning to an EV has not waned. Currently, one in seven drivers want an EV as their next vehicle while one in three want a hybrid model.

This makes for a record number of drivers wanting to make the transition, according to RAC data.

“It’s great to see an increasing proportion of drivers saying they will go electric next time they change their vehicles, with more than twice as many saying their next vehicles will be zero-emission than before the pandemic,” said Williams.

However, those who did not plan to transition to an EV cited a lack of public charging points as the primary reason why did not consider the switch. After this, over half said they were concerned about the reliability of public charging networks.

Last year, the most common reason why drivers wanted to transition to an EV was to minimise the effect of petrol vehicles on the environment.

This year, the primary reason behind switching to an EV was due to its lower running costs.

“This has no doubt been exacerbated by the near record-high prices of petrol and diesel, coupled with drivers becoming more aware of the cost benefits of electric vehicles,” the RAC said in a press release.

Even though electricity costs are rising, Williams noted that EVs are still cheaper to run.

“Those who can charge at home are able to save 10p a mile compared to those driving a 40-mpg petrol car,” he said.

Insuring your electric vehicle works in much the same way as a petrol or diesel vehicle. You will still find cover for damage, theft and breakdown among other variables.

However, if you are considering making the transition to an electric vehicle, there are some special areas of cover you should consider.

These are discussed in more detail in our guide to electric car insurance.