Majority of drivers put off electric vehicles due to energy price increases, poll suggests
The poll of 12,500 people showed 63% of responders said the cost of electricity made them more reluctant to buy an EV, although it was not the main reason for sticking to their petrol or diesel vehicle.
Another 10% said their rising energy bill was the main reason for not switching.
However, 24% said they had not been put off from going electric despite not owning one. Another 3% questioned already owned an EV.
As well as energy prices increasing the cost of owning an EV, NimbleFins also found the average cost of car insurance for electric vehicles was 13% higher than petrol and diesel vehicles, somewhat due to parts costing more to replace.
Sales of new petrol and diesel cars and vans will be banned in the UK from 2030. But a rapid increase in EV sales at the start of the year has slowed.
The number of battery electric vehicle registrations during the first month of the year was 130.6% higher than the same period in 2021, according to the Society of Motor Manufacturers and Traders.
Latest figures show the year to date increase at the end of October had fallen to 23.4%.
Edmund King, AA President, believes drivers are holding on to their current vehicles for longer than usual due to the cost of living crisis, but will reconsider switching the EVs once bills stop spiralling.
In a speech at the Highways UK conference in Birmingham on November 2, he said: "Today there are almost half a million full EVs on the roads in the UK, with more models coming to market each month.
"However, the cost of living and higher electricity costs are deterring almost three-quarters of drivers from making the switch now.
"For some drivers it is a big psychological and practical leap from tried and trusted petrol or diesel cars to full electric models.
"However, after making that leap drivers will not go back, and the switch ultimately will lead to lower running costs and less damage to the environment."
While electricity costs have increased, it is still cheaper to top up an electric vehicle than filling up with a tank of petrol or diesel.
It costs about £15.10 for a full charge at home for a typical car with a 60kWh battery and 200 mile range, according to Pod Point.
Of course a traditional fuel car drives more than 200 miles on a full tank. But figures from the RAC Foundation for October 31 2022 show it costs £104.49 to fill a Ford Focus 55 litre tank with diesel and £91.09 for petrol.