8 in 10 considering buying EV, claims Sainsbury’s

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Almost eight in 10 (77%) would contemplate purchasing an EV, with 5% of already owning one, reveals research from Sainsbury’s Bank Car Loans.

An analysis of data shows that in 2019 Personal Loan customers took out an average loan of £11,469 to purchase a vehicle. The study found however that UK drivers are willing to pay an average of £16,192 for an electric vehicle. This increases to £18,706 for men, with women willing to pay £13,186.

Despite drivers willing to invest money to go electric, the cost is a consideration for some. A third of would-be electric car owners are waiting for prices to fall before purchasing.

A large proportion of car owners consider themselves a friend of the environment (76%), with over two thirds (68%) aiming to be greener this year. The study showed one in eight (12%) drivers are planning to  opt for an electric car because of the importance of being eco-conscious, indicating a great many of us are putting the environment at the heart of our decision making when it comes to motoring.

Running out of charge is a top concern, so drivers who have, or would consider buying an electric car, will spend an average of £420 to add a charger to their property.

Almost one in 10 (9%) have already undertaken work at home to support a new electric car and charger – a further 52% would make changes to their home to add one. Of these, over one in three (34%) would look for an affordable charger.

Nearly one in seven (13%) would think about adding a charger, though would also use public charging points. One in seven (14%) would forgo a home charger entirely and use a public charging network instead.

 Jason King, Customer Director at Sainsbury’s Bank, said:

“It is important to consider all financial aspects of owning a car when deciding what you can realistically spend on a new set of wheels. As well as planning for the initial outlay, take time to consider and budget for the wider costs like fuel, road tax if there is any, servicing, new tyres, motor insurance and any parking permit costs.”

 

Chris Price
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