Price is top factor when buying electric cars, study finds

Exciting new findings from Direct Line EV Insurance have revolutionized how drivers in the UK view electric vehicles. The research reveals that when it comes to choosing an electric vehicle, price and range take the throne as the top two priorities, with 52 per cent and 45 per cent of drivers ranking them as essential factors, respectively.

Surprisingly, factors like build quality, safety, and driving experience take a back seat in importance, with only 20 per cent, 18 per cent, and 14 per cent of drivers considering them crucial. Brand loyalty seems to be fading in the face of cost and range, as only 10 per cent of drivers prioritize the brand when looking at an EV. This shift opens up a significant opportunity for lesser-known electric vehicle brands to make a mark on the UK market.

Even more intriguing is the fact that nearly a quarter (23 per cent) of drivers are open to considering an EV from a new manufacturer that they are not familiar with. This bodes well for the 18 new EV brands that have either launched or are gearing up to enter the competitive UK market. Among these emerging brands are Ora, BYD, Fisker, and Chery.

Delving deeper into the data, gender and age differences in EV consideration come to light. After price and range, men tend to prioritize build quality and driving experience. On the other hand, women focus more on safety and reviews when selecting an electric vehicle.

When it comes to age groups, there is a noticeable divergence in priorities. Younger generations place less emphasis on price compared to their older counterparts. Interestingly, individuals over the age of 55 are less concerned about brand names, whereas younger adults aged 18-34 are more likely to base their EV selection on the brand itself.

Direct Line’s Head of Electric Vehicle Strategy, Steven Williams, commented on the findings, “Given that price point is the most crucial consideration for purchasing a new EV, it’s evident that Brits are open to exploring new EV brands if they offer competitive pricing. The diverse range of brands entering or planning to enter the UK market provides prospective electric vehicle buyers with ample choices to match their budget and preferences.”

With the landscape of electric vehicles evolving rapidly, the future looks promising for both established and emerging brands in the UK market. The shift in consumer priorities towards price and range signifies a significant opportunity for brands to capture the attention of environmentally conscious drivers looking to make the switch to electric vehicles.

Image courtesy of Shutterstock.

Share this:

Similar Posts