Finance & Economics

UK drivers to opt for electric cars, but price is major concern

Although drivers are ready to go electric, a third of them are waiting for prices to decrease before purchasing

electric vehicle

UK drivers to opt for electric cars, but price is major concern. Source:

According to Sainsbury’s Bank report, 77% of UK customers are willing to purchase an electric vehicle, with 5% of already owning one. In 2019, drivers took out the average loan of £11,469 to buy a vehicle.

However, the UK purchasers are ready to pay an average of £16,192 for an electric vehicle. The study also reveals that men are willing to pay £18,706, whereas women would pay £13,186.

The report shows that 76% of car owners consider themselves a friend of the environment, with 68% wanting to become greener this year. At the same time, 1 out of 8 drivers is planning to buy an electric car due to the importance of being eco-conscious.

Along with that, UK drivers consider running out of charge as a top concern. This way, they unveiled they would spend an average of £420 to add a charger to their property.

The study shows that 9% of respondents have already undertaken a remote work from home to support a new electric car and charger. Besides, over 34% of them are going to look for an affordable charger.

13% of the customers would think about adding a charger, though they would also use public charging points, the survey says.

There are lots of different finance options for buying a new car and it’s worth researching which ones are best for you. A personal loan can be a cost-effective way of paying for a car and allows you to manage regular payments, it also acts as cash in your wallet so it can put you in a great bargaining position when buying privately or from a dealership
Jason King, Customer Director at Sainsbury’s Bank


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