Key Takeaways
1. Young drivers in the UK are willing to spend an extra £16,000 for electric vehicles (EVs).
2. 47% of UK drivers under 25 are interested in driving electric cars, with 31% willing to wait to afford one.
3. Environmental concerns drive 38% of young drivers to avoid petrol or diesel cars for their first vehicle.
4. Electric vehicle insurance rates are higher for younger drivers, averaging £1,881 compared to £1,621 for internal combustion engine vehicles.
5. EV sales in the UK rose significantly, with a 55% increase in 2024, making up 2.5% of total car sales.
Electric vehicles (EVs) usually have higher price tags than traditional internal combustion engine (ICE) cars. Despite this, younger drivers are enthusiastic about switching to electric. A study conducted by the insurance comparison platform MoneySuperMarket reveals that young car buyers are ready to spend an extra £16,000 to own an electric vehicle.
Young Drivers’ Preferences
The survey highlighted that 47 percent of UK drivers under 25 expressed interest in driving electric cars, making up about 31 percent of the total respondents. Additionally, around 31 percent of these young individuals are willing to wait until they can afford an EV before getting behind the wheel. Notably, 38 percent of them cited environmental issues as the reason they would avoid purchasing a petrol or diesel car for their first vehicle.
Insurance and Costs
Younger UK drivers also face higher insurance rates for electric vehicles, with the average premium reaching £1,881, compared to £1,621 for ICE vehicles. Moreover, they need to be aware of increased taxation, as the government introduced a vehicle excise duty (VED) on electric cars starting in April 2025. This new tax adds £620 to the yearly expenses associated with operating a new electric vehicle.
Growth in EV Sales
On a brighter note, young drivers can take comfort in the rising popularity of electric vehicles in the UK. In 2024, approximately 190,000 electric cars were sold, representing 2.5 percent of total car sales. This marks an impressive 55 percent increase from 2023. The trend shows a growing acceptance of EVs among the younger generation, despite the challenges they face.
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