Why millennials are moving to EVs

Millennials are taking the lead in the UK’s transition to electric vehicles, as revealed in a survey by Volkswagen Financial Services.

A thousand UK drivers were questioned on the likelihood of switching to driving an EV and while 36% of drivers overall believed their next vehicle will be an EV, more than half (58%) of those were made up of millennials. Interestingly too, more than a fifth predicted that switch would be within the next year.

The main motivation for millennials to go electric were the potential cost savings, from running costs, road tax and servicing, to safeguarding against future rises in fuel prices.

“Aside from the sustainability benefits, many drivers are citing the holistic, long-term cost savings that come with running an electric vehicle, said Mike Todd, CEO of Volkswagen Financial Services UK. “At a time of a cost-of-living crisis, the importance of sound financial decision-making is clear, and 35-44-year-olds with growing responsibilities around mortgages and young families, are already aware of how making the move to an EV can help.”

Drivers are also motivated by environmental factors to switch to EVs, with 39% interested in reducing their personal carbon emissions and 36% wanting to lessen their reliance on fossil fuels.

When questioned on factors that would persuade drivers to switch to EVs, the leading factor was financial incentives at 49%, yet 47% also highlighted the desire for better charging infrastructure and 42% for more affordable public charging.

“While our research shows consumer awareness of EVs is high, it also highlights that additional financial incentives and a focus on building a robust and affordable charging infrastructure in the UK is high are key if we are to see even more EVs on UK roads.”

Alice Bollard