No petrol, no diesel by 2035… Now what?

Electric vehicles (EV) are the answer! Boris Johnson recently announced that the ban on selling new petrol or diesel cars would be brought forward by 5 years. The ban was initially planned to come in effect in 2040, but this has now been brought forward to 2035, and this may also be brought forward further to 2032. The reason behind doing so is the growing concern surrounding climate change. This has caused a mass uproar by car manufacturers who now have to accelerate their plans to become compliant with this new law and will have to invest more resources in creating acceptable products to hit the market in time.

The stats reveal that EVs only made up of 1.6% of all cars within the UK last year and a it change in thinking as well as infrastructure is required if EVs are to become mainstream.

So, what does that mean for you as s consumer? In a decade will you be behind the wheel of an electric car? Well according to a recent study the average depreciation rate over three years for EVs is 56.6% versus 38.2% for the current petrol/diesel vehicles.

There is also uncertainty in the industry surrounding the long term depreciation value of all electric vehicles, as the technology is advancing every year, making previous technology redundant. In general, electric cars need its batteries replacing every 6 – 8 years which can cost up to £20,000 with installation fees and other specific components which need replacing.

It’s another reason to lease – not having the burden of owning a depreciating asset requiring expensive battery replacements, with the future value of the vehicle undetermined.

Compare the best electric lease deals on the market today here:

Electric vehicle changing on street parking with graphical user interface, Future EV car concept