Growth of Electric Cars Stall as Rising Costs Bite!

rising costs of energy and living costs puts buyers off electric cars

Over the last few months, while general car sales have slowed and stumbled, the one growth area has been electric cars, as more people took on environmental considerations, and also when the petrol crisis happened in September last year.

But the latest report from Autotrader confirms an unexpected decline in interest in EVs. While pure electric cars accounted for 11.6% of new car sales in 2021, up from 6.6% in 2020, interest dropped to 16% this February from 26% last September. Autotrader is warning that the sky high prices are putting buyers off – EVs are 37% on average more expensive new, and even used they are about £8000 more expensive on average. T

he people searching for electric cars are predominantly older, richer people living in affluent parts of the country. Charging them is becoming more expensive as energy costs rise, installing a charger at home can cost up to thousand pounds, and the Plug-in Car Grant ends next year, it’s already been cut twice, with the benefit in kind tax break to stop in 2025. With living costs rocketing, EVs and even regular car sales, will probably fall, which should see car prices stabilising at last. Could that be a silver lining?

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