The current apparent slow down in EV sales is reflective of several issues that seem to be troubling consumers, not least being the relatively high initial cost of EV’s and concerns about the residual value at the end of a finance period.

Some manufacturers are so concerned about this slow down, they are scrapping plans to get rid of internal combustion engines in the near future and are instead making plans to sell ICE vehicles right up to the 2035 deadline, - such is the concern right now about consumer reluctance to go fully electric.

So what are consumers thinking?

Sticking to Petrol for Now

Cost Considerations:

Petrol and diesel vehicles traditionally have lower upfront costs compared to electric cars, especially when considering the wide availability of used petrol vehicles.

If you are on a tight budget or prefer a lower initial investment, sticking with a petrol car might be more financially feasible in the short term.

Established Infrastructure:

Petrol and diesel vehicles benefit from a well-established refuelling infrastructure across the UK.

Petrol stations are widespread, and refuelling is generally quicker compared to charging an electric vehicle, which can take significantly longer depending on the charger type and vehicle battery capacity.

Driving Range:

For those who frequently undertake long journeys or live in rural areas with limited charging infrastructure, petrol vehicles may offer more practicality due to their longer driving ranges and the ease of refuelling.

Range anxiety, a concern for many potential EV owners, is clearly less of an issue with petrol vehicles.

Performance and Familiarity:

Petrol vehicles often provide a different driving experience, including engine sound and responsiveness, that some drivers prefer. If you enjoy the feeling of driving a petrol car and are not yet ready to transition to electric propulsion, sticking with petrol allows you to maintain familiarity with traditional automotive technology.

Resale Value:

While electric vehicles are gaining popularity and their resale values are expected to hold up well in the future, petrol cars currently maintain strong resale values due to their widespread use and established market demand.

If you plan to sell your car in the near term, the resale value consideration may favour petrol vehicles.

Transitioning to an Electric Car

Environmental Impact:

Electric vehicles are significantly cleaner and produce zero exhaust emissions compared to petrol vehicles, contributing to lower carbon footprints and improved air quality.

With the UK government's commitment to phasing out petrol and diesel cars by 2035, transitioning to an electric car aligns with broader environmental goals.

Cost Savings Over Time:

Despite potentially higher upfront costs, electric cars offer lower operating and maintenance costs over their lifespan.

Electricity is cheaper than petrol or diesel, and EVs have fewer moving parts that require maintenance, leading to reduced servicing expenses. Government incentives and lower road tax rates further enhance the financial appeal of electric vehicles.

Technological Advancements:

The electric vehicle market is rapidly evolving, with advancements in battery technology, charging infrastructure, and vehicle performance.

Owning or leasing an electric car allows you to benefit from these innovations, including longer driving ranges, faster charging times, and enhanced driving features, contributing to a more enjoyable and efficient driving experience.

It should however be noted that, the fast pace of EV technology advancement is a bit of a double edged sword.

New purchasers can benefit from the new tech and better charging etc, but what if you bought an EV 3 years ago? – Will this constant advance in technology accelerate the depreciation of your vehicle?

The jury remains out on this one for now.

Long-Term Viability:

As the UK continues to expand its charging infrastructure and automakers invest in electric vehicle production, the long-term viability and practicality of electric cars are expected to improve.

Choosing an electric car today positions you ahead of future regulatory changes and market shifts towards sustainable transportation solutions.

Making the Decision

When deciding whether to buy or lease an electric car, or stick with a petrol vehicle in the UK today, consider the following:

Budget:

Evaluate your financial situation and weigh the upfront costs versus long-term savings associated with each option.

Driving Needs:

Assess your typical driving habits, including distance travelled and frequency of long trips, to determine the practicality of an electric vehicle.

Environmental Impact:

Consider your environmental priorities and the role you wish to play in reducing emissions and promoting sustainability.

Future Outlook:

Factor in future trends, such as regulatory changes and advancements in electric vehicle technology, that may influence your decision.

Ultimately, the choice between petrol, electric, buying, or leasing depends on your individual preferences, circumstances, and values.

Whether you prioritise immediate financial considerations, environmental concerns, or technological innovation, there are compelling reasons to explore each option carefully before making a decision that best suits your needs and aligns with your vision for the future of transportation in the UK.

Keep your eye on the market.

TYSONCOOPER are personal and fleet management specialists and can support you with up to date market knowledge and analysis.

If you want some help and advice, get in touch and we will go through the options as they relate to your personal circumstances.