Car Price Surge in the UK: EVs Face Doubling Cost
New research suggests that car prices in the UK are set for a considerable hike in the coming years.
Electric vehicles could see their prices more than double by 2035, while petrol and diesel cars will also become significantly more expensive.
The figures indicate that by 2035, electric vehicles could experience a 103% price increase, potentially adding £20,500 to their cost, bringing the average price to £65,000.
Meanwhile, internal combustion engine (ICE) vehicles are projected to increase by £16,000 during the same period.
These price increases will make the UK the 96th most expensive country globally to purchase a car by 2035.
These projections contrast with the government’s push for electric vehicle adoption, yet a quarter of UK drivers believe they will still be driving petrol cars in 2030.
The trends are unfolding amid rising inflation and economic instability, with search interest in the subject rising substantially.
Key factors driving these increases involve the Zero Emission Vehicle (ZEV) mandate.
Changes to fuel duty and road tax will impact costs, with the current fuel duty freeze ending and EV road tax exemptions being canceled.
Experts say that EVs are also likely to experience a price hike of around 103% over the next decade.
The price hike is particularly noticeable in Northern European countries facing the steepest car price increases.
Some experts have contradicted this research, stating that used EVs are already cheaper than petrol equivalents, with substantial fuel and running cost savings.
With a shift towards all-electric, gasoline cars and fuel costs are expected to rise as combustion becomes a sunset industry.
The findings highlight significant challenges for UK motorists over the next decade.
