20 Sep To Buy or not to Buy? That is the question.
Last 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.”