EVs an option for 77% of drivers

Although only five per cent of drivers currently own an electric car, 77% of motorists would consider purchasing one.

This is according to research carried out by Sainsbury’s Bank Car Loans.

An analysis of Sainsbury’s Bank 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, although women would 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.

However, 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 (nine per cent) 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.

“There are lots of different finance options for buying a new car and it’s worth researching which ones are best for you. A personal loan can be a cost effective way of paying for a car and allows you to manage regular payments, it also acts as cash in your wallet so it can put you in a great bargaining position when buying privately or from a dealership.”