Electric Vehicles Spark Interest Among U.K. Drivers

LONDON – Nearly a quarter of U.K. adults are considering buying an electric vehicle, while two in five expect to own one within the next decade.

Those are among the findings of a nationwide survey of more than 2,000 respondents commissioned by Sainsbury’s Bank Loans.

The bank’s latest Car Buying Index, which tracks consumers’ car-purchasing intentions, suggests recent U.K. government announcements designed to boost the switch to zero-emissions vehicles are convincing large numbers of motorists their future is electric.

It shows while 23% of adults are considering buying an EV in the next five years, 41% believe they will own one in the next decade.

The surge is not likely to be immediate, however, with just 3% of those intending to buy a car over the next six months planning to choose one powered by electricity, compared with 52% who will opt for a gasoline-powered vehicle, 22% who plan to buy a diesel car and 14% who will opt for a hybrid.

However, 11% said they are “seriously considering” buying an EV for environmental reasons, increasing to 16% who would seriously consider doing so if all gasoline stations and motorway services had electric charging points.

The bank’s research found recently introduced vehicle-tax changes affected many motorists’ vehicle choices, with 19% saying they would avoid buying new vehicles with higher gasoline or diesel emissions because they are more expensive to tax and 15% saying they would deliberately spend less than £40,000 ($52,800) on a new car to avoid a vehicle tax surcharge.

“Over the last six months around four-in-10 of our personal loans were arranged by customers in order to buy cars,” says Robert Oag, head of loans at Sainsbury’s Bank. “As well as considering the type of car that’s going to be economical for you, and the environment, it’s important you consider the best way to finance the vehicle, too.”