Are Budget Concerns Stalling the EV Revolution?
01 November 2024 by Curtis Hutchinson
Budget makes car buyers less confident about making EV switch finds JudgeService poll
Car buyers now feel less confident about purchasing electric vehicles (EVs) following the Autumn Budget, according to consumer research conducted by JudgeService.
With incentives to retail EV buyers mostly limited to a preferential Vehicle Excise Duty (VED) rate for zero emission vehicles, nearly half (46%) of respondents polled said they were not more confident about buying an EV. While nearly a quarter (23%) said they were more confident.
Attitudes towards hybrids were similar with 42% saying they were now less confident about buying one, compared to 23% who said they were more confident.
The budget commitment to investing more than £200m to accelerate EV charge point rollout still left most buyers (46%) not believing the national infrastructure will be adequate by 2030, with 24% believing it will be.
Chancellor Rachel Reeves’ £500m budget pledge of additional funding to repair potholes failed to resonate with most car buyers (45%) not believing roads will be fixed faster than before. Only 26% were confident they will be repaired faster.
Overall, 42% of respondents do not think the budget has made them better off, with just 18% believing they are.
“The Autumn Budget presented the government with a golden opportunity to accelerate EV uptake, in line with its punitive ZEV mandate targets, by incentivising retail buyers,” said Neil Addley, managing director of JudgeService.
“However, while EV company car drivers will continue to benefit from favourable personal tax rates, our poll shows the budget’s commitment to lower VED rates and investment in the charging network are not enough for retail buyers to make the EV switch,” said Addley.
Further details and comments available from Neil Addley on 07795 665927 or neil@judgeservice.com.
About JudgeService
Launched in 2011 by Neil Addley, JudgeService is the UK’s only customer review platform developed exclusively for the car retailing sector. By ensuring all reviews are verified and genuine, JudgeService builds a solid foundation of trust and respect between customers and sellers enabling car retailers to actively manage their online reputations.
JudgeService shares granular insight reports with dealers to help them identify opportunities to improve customer satisfaction levels, with many achieving 100% recommendation scores.
Based in Harrogate, North Yorkshire, JudgeService has published over 1 million customer reviews and is used by over 1,000 franchised, independent and car supermarket sites across the UK.
Issued by Curtis Hutchinson Communications
