LSE: 687.40 GBP -4.40 (-0.64%)
17 November 22 Press releases

November 2022 Budget Announcement


Unhelpful EV duty raid will turn off drivers

The Chancellor is clearly looking for revenues, but the prospect of another £165 a year in running costs will drive more would-be buyers away from EVs when other incentives are being scrapped and high energy bills are eroding the advantages of going electric.

The 2030 ban on new diesel and petrol sales is looming ahead but measures like this will hardly encourage motorists to switch amid a cost-of-living crisis. An excise duty raid is deeply unhelpful and sends the wrong message if we’re to be serious about getting EVs into the mainstream and beyond the wealthier car buyers who can afford the c.35% “green premium” of EVs over petrol or diesel equivalents. Our analysis shows that drivers can still save £80 per 1000 miles by making the switch to electric, but this move takes away a big chunk of the ownership savings that are still very much needed to bridge what remains a significant purchase cost differential for EVs.

Up next
Auto Trader data to power Office for National Statistics' official measures of inflation
Read More
Retailers embracing digital are reporting more sales, more efficiency and more satisfied customers
Read More
Auto Trader is first FTSE 100 to achieve Gold Carbon Literacy status
Read More

Stay up to date

Follow us on our social channels to keep up with the latest news, insights and company developments.


If you would like to be added to our News & views mailing list, or have any media-related enquiries, please contact our press team:

Auto Trader UK

Auto Trader Insight

Auto Trader Life

Other Group sites

Looking to join the team?


Looking to buy or sell a vehicle?


Keep in touch

Sign up to our email alerts service:

RNS alerts

Join our news & views mailing list
or submit media-related enquiries:

Contact our press team
  • @2024 Auto Trader Group plc. Registered in England with company number: 09439967.