Brits put off buying EV due to record inflation – City AM

Brits are increasingly being put off buying EV, according to Close Brothers Motor Finance.

Brits are becoming increasingly put off buying electric vehicles (EV) due to rocketing inflation rates.

According to a research published today by Close Brothers Motor Finance (CBMF), 41 per cent of Britons have decided against going electric as a result of the cost-of-living crisis.

Figures reported that 84 per cent of people are taking at least one measure to adjust to inflation – which yesterday reached 9.1 per cent.

Measures include turning to public transport instead of driving (11 per cent), shopping around for cheaper fuel (17 per cent) and cutting down on journeys (21 per cent).

“It’s clear from our findings that pressure on household budgets is putting some of that momentum at risk,” said CBMF’s director of sales Lisa Watson.

“Consumer appetite for electrification is there, but there’s an urgent need to knock down more of the barriers to alternative fuel vehicle ownership.”

The data has come a week after the government scrapped the £1,500 grant for electric cars, City A.M. reported.

The Department for Transport (DfT) announced on 14 June  it would “refocus” the funding available away from the grant to encourage other road users, including taxis and delivery vans, to make the EV transition. 

The decision has attracted widespread criticism, with Halfords’ chief executive Graham Stapleton calling it “a backward step.”

“Until now, we have been greatly encouraged by the government’s commitment to making the transition to electric cars,” Stapleton said. “However, the sudden and complete removal of the plug-in subsidy is a backward step.

“Now more than ever, we are determined to carry on playing a key role in helping consumers transition to electric forms of transport and call on the government to continue its efforts in this area too.”


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