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Auto Finance News Price, range and recharging network remain a concern when considering EVs as demand grows Published: 11th September 2019 Share The cost of electric cars along with range and access to charging points remain prohibitive factors for many people when it comes to people choosing an electric car over a petrol or diesel vehicle. A survey of thousands of members of UK breakdown organisation, the AA, which has 15 million members, found that 35% of members would only buy a battery-electric vehicle when the price point was the same as or less than a fossil fuel car. Range and a lack of charging points are two of the other main reasons why people aren’t buying electric cars. One-third of members think that many electric vehicles will fail to deliver on the manufacturers’ predicted range once car lights, radio and other battery-draining factors are taken into consideration. The majority of members (68%) said that they would support private charge points being installed as standard in all new homes to improve recharging availability. Edmund King (pictured), president of the AA, parent company used vehicle portal AA Cars, said there was still a lot to be done to address the legitimate concerns of drivers, such as improving vehicle range and ease of charging, in addition to pricing and availability of new models. He said: “The big game-changer for 84% of drivers will be when car manufacturers can offer the right car at the right price. “Throughout history, we have seen certain iconic cars break the mould and transform the market; from the Model T Ford through to the Morris Minor, Mini or Beetle. Once we get a mass market, stylish, affordable, practical EV with a decent range, it will sell like hotcakes.” His comments come as key new electric vehicle models are revealed at the Frankfurt Motor Show, including Volkswagen’s ID.3 and the Honda e, which are both designed to be affordable to the mass market. In addition, the plan to offer contactless payments for all electric charging points by 2020 will only enhance the experience for new EV owners. King added: “We are pleased that our calls for rapid chargers to be accessed by all via debit/credit cards or contactless has been heeded. These announcements are a step in the right direction.” Over the next year, an increase in affordable EVs is expected to lead to rocketing demand across Europe. New analysis conducted by Transport & Environment forecasts that car manufacturers could sell up to one million battery electric and plug-in hybrid vehicles next year in Europe alone. Its analysis estimates that 2020 plug-in vehicle sales will be around 5% of the market, reaching 10% in 2021. EU carmakers are required by law to meet strict average emission targets for their vehicle sales or face substantial penalties and many are only halfway to their target. Plug-in vehicle sales provide a way to rapidly reduce average emissions and offset increases caused by growing demand for large SUVs. Julia Poliscanova, director of clean vehicles at T&E, said: “For years carmakers did nothing to reduce their emissions. Now, thanks to the EU car CO2 law, they are finally preparing to start selling the more fuel efficient and electric cars the climate emergency demands. This means we are going to see good quality, affordable EVs in the next year or two, not ten, and that’s excellent news for consumers who’ll be saving lots of money at the pump.” Resarch by the European Automobile Manufacturers Association (ACEA) supported the need for significant additional investment in recharging networks across the continent. ACEA’s 2019 progress report shows that in 2018 there were fewer than 145,000 charging points for plug-in vehicles throughout the entire European Union. Although this is three times more than five years ago, ACEA analysts say it still falls far short of the minimum requirement of 2.8 million charging points needed to meet demand by 2030. Asset Finance Connect Asset Finance Connect brings you news and updates about UK and European auto, equipment and asset finance providers. Sign up to our newsletter Featured Stories NewsVolkswagen Group hits highest European market share in 3 years NewsAuto Trader predicts growth of new and used car market in 2025 NewsOctober sees modest 1.1% growth in new EU car registrations Auto Finance