The cost of living crisis and higher vehicle and energy prices is causing buyer interest in electric vehicles to drop, according to Road to 2030 Report by car sales website Auto Trader. The report says buyer interest in EVs has dropped by some 65% since the beginning of 2022.

The report also states that on average new EVs are also 37% more expensive than petrol and diesel alternatives and that with EV choice at the lower end of the price scale limited, many potential buyers are being put off by high prices. 

The UK reports says that using a home EV charger and off peak electricity can mean a saving of £130 per thousand miles over petrol. However, that figure reduces to £40 if a fast public charger is used. This makes the attraction of long term cost savings less appealing, especially when faced with a much higher up-front cost. 

In Ireland a further factor that is likely to make EV purchases less attractive is the reduction of the SEAI grant from €5000 to €3500 in July.