August saw the number of electric vehicles sold double on the previous year, despite the car market falling by five per cent, according to the latest data.

Overall, electric vehicles accounted for one in 10 new cars bought in the UK, and 25 per cent of cars sold used some form of electric power – be it full electric, hybrid or mild hybrid.

However, despite the increase, there are concerns in the industry with regards to the 2035 ban on new petrol and diesel cars.

The Society of Motor Manufacturers and Traders (SMMT) has stated that £16.7bn will need to be spent on charging stations around the UK – an equivalent of 507 charger installations per day.

And it’s those charging bays that are causing concerns for consumers, too.

Those without off-street parking are relying on planning permission to install roadside installations or face having to park away from home to find a charging point.

While the number of electric vehicle sales has been increasing, the COVID-19 pandemic has affected consumers’ ability to pay the higher upfront costs than they usually would for a diesel or petrol vehicle.

And with the government also considering banning the sale of hybrid vehicles, manufacturers are asking for more time to ensure that the UK is ready for an all-electric motor vehicle industry.

If you’re looking to purchase a new vehicle, electric or not, contact us on 0115 958 6872, email info@midlandsassetfinance.co.uk or contact us here.

You can also compare leasing prices on our dedicated leasing site, MAF Leasing

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