To Buy or not to Buy? That is the question.

electric vehicle

To Buy or not to Buy? That is the question.

electric vehicleLast week the Dawson Shanahan team, discussed the issues around low carbon vehicles at Cenex-LCV2018, in Bedford. The topics included everything from low cost electric vehicle trends (EV) and opportunities in the supply chain, to market developments including the growth of other electric vehicles and tackling a greener future.

As the UK powers ahead in the electric vehicles race, sales of electric or hybrid cars accounted for 8 % of the UK market in August.  As the fastest-growing market for electric vehicles in Europe, the recent news from Theresa May promising a £106 million investment in Green Vehicles, will undoubtedly provide a further incentive to car manufacturers.

Also announced last week, drivers thinking about switching to an all-electric car will be offered a fresh incentive as part of a £1 million scheme being launched by Lloyds Banking Group.

Perhaps as a desperate attempt to see a surge in sales, the Department of Transport has also said it’s looking into the creation of a green number plate especially for electric or low-emission vehicles.

So, is it really a good time to buy an EV or are the costs still too high and charging still causing a roadblock?

From a car-making, and, certainly, a car-selling perspective, whilst the UK is powering ahead, there are still several barriers. The main one – charging the vehicles. With 133,000 electric cars on the roads in the UK, there are just 13,534 charging points. That’s 1 public charge for every 10 electric cars!

Although, car manufacturers such as Jaguar are offering to fit your home with its standard 7kWh charging station which provides 80% in 10 hours when you purchase the I-PACE, this vehicle comes with a price tag of around £63k.

Volvo also includes the ‘optional accessory’ of a charging Wall Box which a qualified engineer will install at your home with their new all-electric car coming in 2019.

As car availability becomes more diverse, fuel costs increase and charging becoming more accessible, a low-carbon vehicle could be the biggest trend we see in 2019 for the UK domestic market.

As Volvo says: “Electrified vehicles require less maintenance and have lower fuel consumption, and the cost of batteries is now reaching a point where it makes more sense to choose an electrified car.”