Press release

The electric grants are welcome, but Ministers must consider how that investment is targeted

Our Commercial Director, Ian Plummer, comments on the government's latest steps to drive electric adoption

“The £620 million investment in grants for electric vehicles and street charging points is welcome, but Ministers should consider how that investment is targeted.  Our data shows that interest in electric vehicles is coming almost exclusively from wealthier postcodes. The comparatively high up-front cost of EVs is proving to be a massive barrier for people on average or below average incomes. The Government and industry simply has to grasp this nettle if it is to supercharge mass adoption. That might mean introducing some kind of means testing. Incentives are needed to bridge the gap between traditionally fuelled cars and EVs for those who simply cannot afford the “green premium”. The recent petrol crisis had a big impact on interest in electric vehicles; we saw a huge spike in views on our marketplace and it’s persisting.  People are very receptive, but at the moment price is a problem and non-targeted incentives may not make much of  a dent in that. The irony is that many EVs are actually cheaper to own than their petrol equivalents, but it can take three years or more before that benefit becomes apparent. At Auto Trader we’re developing a feature that will help people understand the total cost of vehicle ownership.

“The importance of addressing affordability becomes all the more apparent when you consider the bigger picture, especially the used car market which is incredibly hot. Each month we take a basket of prices on the Auto Trader marketplace and a number of other sources including retailers’ and manufacturers’ websites, to calculate the average price of a used car. The latest data shows the average is £19,018, up almost 24 per cent year on year. In fact the average increased 0.6 per cent in just the last week.”

We're excited to announce that, as of 1st July, we'll be powering the used car pages on @whatcar and its sister site, @autocar. https://t.co/H4GJLafkh7
We're excited to announce that, as of 1st July, we'll be powering the used car pages on @whatcar and its sister site, @autocar. https://t.co/H4GJLafkh7
What are the three big barriers to electric vehicle adoption and how can we as an industry help to overcome them? Find out in the latest edition of The Road to 2030 report 👉https://t.co/ho4cNqeUsQ https://t.co/qlA2IX6EiF
Are you getting the basics right? Find out in this week's tip of the week where @AndrewKorpela highlights the need to maintain your digital best practises. https://t.co/Rkm0nKu19B
One of the most recent entrants to the EV market, the @CUPRA Born, is currently seeing the most advert views of any new EV on our marketplace. With a new EV model set to enter the market every 10 days this year, what model do you think we'll see make the list? https://t.co/nOcF7YguLg
We've been working with manufacturers to get you access to the specification profile for each car and we're excited to announce that this is now available to retailers, helping you to make creating high-quality adverts easier than ever. Find out more 👇 https://t.co/lv2kLf4E77
After a slight technical glitch @therickw is live and sharing our latest market data. Demand has seen a decline but used car prices remain robust. https://t.co/lSNLB6rLrg
Over now to @MarcThornboroug who asks "is it time to reset your goals"? Last year's performance was incredibly strong across the market, being very much a seller's market. But in recent weeks we have seen it start to shift towards a buyers market. https://t.co/BVEiBdl9Dy
We're kicking off today's webinar with @marc_palmer. Right now the economy is the top issue for many people with the cost of living crisis in full swing and the spectre of a recession looming. But what does this mean for car sales? Read the thread to find out 👇 https://t.co/ZMErCURxJU

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