With 47% citing there are too many barriers to driving an EV, Lloyds Bank looks to debunk the most common misconceptions of EV ownership, to help more people consider making the switch sooner.
Myth one: EVs are more expensive than traditional petrol or diesel vehicles
Over three quarters (76%) of non-EV drivers say that cost is the biggest barrier to purchasing an EV.
The average price of an EV (£44,0001) is more than a petrol car (£38,5852). However, in the long run, the average saving on fuel, maintenance and tax are £107 a year, making EVs more economical for most drivers – a benefit recognised by half (51%) of non-EV drivers.
Myth two: there isn’t a second-hand market
A healthy second-hand EV market will be essential to make EVs more affordable and accessible to all, and encourage more people make the switch to electric. By 2030 an estimated three million used EVs will be available to buy each year, which is good news for the two-thirds (68%) of drivers who say their next car will be second-hand.
However, there is more that can be done to help encourage the second-hand market to grow smoothly, particularly for the 20% of drivers who buy used cars on finance.
Myth three: there is nowhere to charge an EV
Despite six in 10 non-EV drivers believing there are a lack of charging points nationally, there have been significant improvements in recent years.
There are now more public charging spots (50,9134) in the UK than petrol stations.
The Government recently announced a £1.6 billion investment that will make 300,000 charge points available to the public.
And, positively, charge points must now offer standard connectors. This means that while one-third of all drivers (33%) don’t have a place at home where a home charging point could be installed, an EV can be easily charged at the majority of public locations, such as supermarkets, gyms and hotels.
Myth four: the battery won’t last very long or last for my full trip
With over a third of non-EV drivers (36%) having EV range anxiety, this is an important consideration when it comes to buying a car. However battery technology has improved dramatically in recent years and now many EVs can travel over 200 miles on a single charge.
In the UK, 99% of car journeys are under 100 miles so, in nearly all cases, there will be no issues with running out of charge.
Myth five: EVs are not good for the environment
Despite 63% of drivers agreeing there are environmental benefits of owning an EV, more than a quarter of drivers (28%) think that EVs pose their own environmental problems.
In total EVs are responsible for around two-thirds fewer CO2 emissions than from petrol or diesel equivalents.
An EV’s higher emissions during the manufacturing stage, including through lithium battery production, are paid off after only two years compared to driving an average conventional vehicle, a time frame that drops to about one and a half years if the car is charged using renewable energy.
Iryna Kocharova, Head of Motor Proposition Development and Sustainability, Lloyds Bank said: “Many drivers are still reticent to make the switch to electric, but the reality is there’s never been a better time, with more new options for every type of driver and budget.
“As well as the obvious environmental benefits, they are cheaper over time and significantly easier to maintain.
“Huge progress has also been made in access to charging points and better battery life, making going electric now a real, sustainable option for many.”
Paul Heeran, a recent EV convert said: “Getting my first EV was something I considered carefully. I was conscious that by 2030 I’d need to make the move anyway.
“While the upfront cost was more expensive, the savings I make on fuel, particularly at the moment, and maintenance and tax have helped bring my overall costs right down. The performance is fantastic and it’s exciting to know I’m ahead of the pack.”