Price matters most when buying an EV, research shows

New research from Direct Line EV Insurance reveals that drivers rank price (52 per cent) and range (45 per cent) as the two most important factors when considering an electric vehicle.

Build quality (20 per cent), safety (18 per cent) and driving experience (14 per cent) are all lesser priorities. Just 10 per cent of drivers cite brand as an important factor when considering an EV. This presents a great opportunity for lesser-known EV brands entering the UK market.

Interestingly, almost a quarter (23 per cent) of drivers said they would consider an EV from a new manufacturer that they are not overly familiar with. This will come as good news for the 18 new EV brands that have launched, or are set to launch, in the UK. This includes brands such as Ora, BYD, Fisker and Chery.

The data also revealed key differences in consideration based on gender and age. Following on from the top priorities of price and range, men next prioritised build and the driving experience, whereas women prioritised safety and reviews (see Table 1). 

Table 1: Considerations when buying an EV split out by gender.

GenderPriceRangeBuild qualitySafetyReviewsDriving experienceBrand
Male52 per cent47 per cent26 per cent13 per cent14 per cent16 per cent10 per cent
Female52 per cent43 per cent14 per cent23 per cent14 per cent13 per cent10 per cent
Source: Direct Line 20244

Generational differences are clear when it comes to price, with young people less focused on price than older generations (see Table 2). However, 55+ year olds are far less focused on brand names, whereas 18-34 year olds more likely to selecting an EV based on its brand (see Table 2).

Table 2: Considerations when buying an EV split out by age group.

Age rangePriceRangeSafetyBrand
18–34-year-olds47 per cent34 per cent18 per cent17 per cent
35-54-year-olds57 per cent45 per cent19 per cent10 per cent
55+ year-olds51 per cent53 per cent17 per cent5 per cent
Source: Direct Line 2024

Steven Williams, Head of Electric Vehicle Strategy for Direct Line said:

“Given that price point is the most important consideration when purchasing a new EV, it’s clear that Brits are willing to consider new EV brands they have not heard of if they’re priced competitively. It’s great to see so many brands present, or soon to be present in the UK, this provides those considering the move to electric with plenty of choice to suit their budget, preference, and needs.”

Image courtesy of Shutterstock.

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