Electric vehicles are becoming increasingly more affordable as the price gap to petrol continues to fall and used availability widens, according to an industry campaign to address misinformation about the market segment.
Auto Trader, the National Franchised Dealers Association (NFDA), ChargeUK and the Society of Motor Manufacturers and Traders (SMMT) are all working on a continued campaign on their combined initiative to combat misinformation surrounding electric cars.
The Facts about EVs
- The upfront price difference between new electric and petrol cars has dropped from around 33% in November last year to 23% in March.
- The share of used electric cars that are now under £20,000 is now two in five (38%) up from one in three in November.
- There are now 29 new electric cars with a recommended retail price (RRP) of under £30,000.
- The number of public charge points around the UK now stands at 75,675, with 15,109 of which are ultra rapid chargers, up from 14,711.
- Potential annual savings have increased from £750 to £790 as a result of rising fuel costs
Zapmap and the NFDA have committed to champion the initiative by promoting to their audiences, enabling ‘The Facts’ to be seen by even more consumers and retailers.
These facts clarify points such as how electric cars are greener, are no more likely to catch fire than an ICE car, and that the electric range and charging point availability is better than some might think.
The data points will be regularly reviewed and updated, with new versions issued when required.
The information is also endorsed by the Department for Transport.
Dealers increasing used EV stock
New data from Auto Trader shows an increase in retailers stocking used EVs, a sign of market confidence.
Franchise retailers still dominate the used electric market, due to the young age profile of these cars, with 79% (3.4k) stocking at least one used electric car – a 7% year-on-year (YoY) increase.
While 17% (1.9k) independent retailers stock electric cars, this is just a 2% YoY increase, a much slower rate of growth.
Despite consumer and retailer nervousness, 83% of current electric car owners said they would buy electric again.
Sue Robinson, chief executive of the NFDA, (pictured) said: “NFDA is delighted to be a part of this industry-wide initiative to champion the facts about electric cars and tackle misinformation as the transition to electric accelerates.
“As the consumer-facing end of the industry, NFDA members have the professional knowledge and understanding in UK electric vehicle sales, with many accredited through NFDA’s Electric Vehicle Approved (EVA) scheme.
“They provide comprehensive guidance on EV purchases and offer expert after-sales support, with highly trained EV technicians to meet customers’ ongoing needs.”
Erin Baker, Editorial Director at Auto Trader, commented: “We’re delighted to have the NFDA and Zapmap join us on our mission to provide more balanced and fact-based narratives to both retailers and consumers.
“We know a change as significant as electrification can leave lots of room for confusion, but we believe if the industry works together, we can help everyone feel confident as they electrify.
“One highlight of the recent update is the growth of affordable EVs – we need to make sure there’s an EV for everyone and two in five used electric cars now under £20,000 is a good sign.”
