MANY motorists are interested in switching to an electric car right now, but it is understandable if you are deterred by the cost. The sale of EVs is on the rise in the UK with a fifth of all new car registrations being electric, but many motorists are struggling to make the change due to the cost. Although EVs allow motorists to make long-term savings, the cost of the vehicle itself can be a deterrent and this is why some are waiting until the costs start to come down.
Why are EVs so Expensive?
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So, why are electric vehicles so expensive? The cost of all vehicles is currently high due to high demand and a supply shortage, which can largely be attributed to the global computer chip shortage strangling the production of new cars. This has led to a sharp increase in the cost of both new and used cars, but electric cars are more expensive than traditional cars for a few reasons and this is why many are shopping in the used car market in 2022.
The main reason is the technology that is used in these vehicles, particularly the batteries which are expensive to produce. EVs also belong to higher insurance groups, they are exempt from road tax and limited supply all push the price of these vehicles up. Due to the fact that these cars are still relatively new, it means that they can be hard to find in the used car market as well. It is understandable that people are deterred by the cost of an electric car when it is so much money to spend, so many are waiting until these cars become more affordable.
When Will EVs be Cheaper?
Following this, many motorists will be wondering when EVs will become cheaper and more accessible. Fortunately, it seems that the cost of these vehicles will start to come down and become a more realistic option in the coming years. It is thought that the cost of making an electric car will be about the same as a petrol/diesel by 2024, which will always help to bring the cost down. On top of this, there will be more and more EVs in production in the coming years with every manufacturer now focusing on this type of technology. This means that there will be greater availability for consumers and more competition for the manufacturers, so this will help to bring costs down. Not only this, but more EVs will start to appear in the used car market as the years go by.
Electric cars can help motorists to make significant long-term savings, but the price tag for these vehicles can make it hard for many to make the switch. This will change over the coming years, though, and more motorists will be able to switch and enjoy the wide-ranging benefits of owning an EV.
