EV demand down on 2023 numbers with over 80 percent still eyeing up petrol or diesel cars

Motorists are losing interest in electric cars with demand dropping over the past year, according to new data.

Total interest was down on numbers recorded back in 2023 with the bulk of consumers still searching for petrol or diesel vehicles.

New data from AA Car Finance has revealed one in six drivers (16 percent) were looking to buy an electric vehicle as their next model.

This is down marginally from 18 percent recorded in the same poll back 12 months ago.

Meanwhile, the study of more than 12,000 motorists found that 84 percent were considering a new or used combustion car.

Mark Attwell, director at AA Car Finance suggested financial concerns as many road users looked for cheaper options.

Electric vehicles are more expensive than petrol or diesel vehicles due to the brand-new battery technology fitted inside.

He said: “Despite financial pressures, many drivers are still committed to buying a new car this year.

“And interest in EVs looks to be stable, with a similar proportion planning to buy one in 2024 compared to 2023.

“While buying a car outright is not an option for all drivers, car finance can help to make ownership more attainable and can give drivers the option to choose a better make or model by spreading the cost with affordable monthly repayments.

“Car leasing has also become increasingly popular in recent years, as drivers have the security of knowing they will pay a fixed monthly sum for their car, which can include servicing, maintenance and repair.”

The new data showed that household budgets remain tight among road users amid the cost of living crisis.

To afford a vehicle, a staggering 16 percent of road users will rely on car financing for their vehicle.

Meanwhile, a whopping eight percent will have to use a personal loan with six percent opting to lease their next model.

Electric car interest appears to be dropping across the board with new sales figures from the Society of Motor Manufacturers and Traders (SMMT) also raising concerns.

Across 2023, a staggering 315,000 fully electric cars were sold, 50,000 more than in 2022.

However, the number of vehicles purchased as a share of total registrations didn’t grow as expected in a major blow.

This represented just 16.5 percent of the total market sales down from 16.5 percent the year before.

Mike Hawes, chairman of the SMMT said: “Government has challenged the UK automotive sector with the world’s boldest transition timeline and is investing to ensure we are a major maker of electric vehicles.

“It must now help all drivers buy into this future, with consumer incentives that will make the UK the leading European market for ZEVs.”

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