Electric vehicles continue to face significant hurdles as widespread adoption of greener vehicles drastically slows down.
Now experts have warned that the UK lacks the skills to maintain EV cars that are becoming more popular on roads.
New analysis from digital car finance lender Carmoola revealed that a potential deterrent for prospective EV buyers is concerns about charging infrastructure and high costs which could stop the widespread adoption of the vehicles.
The average electric car owner stands to lose almost half of the car’s value over the first three years, amounting to an average loss of £11,225, the expert explained.
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Experts found a year-on-year rise in electric vehicle quotes for repairs and MOTs in 2024
ANDY HUGHES
Marc Russell, CCO at car maintenance marketplace FixMyCar said: “The cost of the charging network is just one of many barriers consumers face when switching to electric cars.
“Much of the Government’s focus is on making electric vehicles more accessible to drivers. However, for the UK to truly complete the transition to EVs, more funding and education initiatives are needed to bridge the growing gap in EV skills amongst mechanics.
“The UK lacks the skills to maintain EV cars that are increasingly on our roads, posing a threat to the long-term sustainability of the transition.”
Although FixMyCar data shows a year-on-year rise in electric vehicle quotes for repairs and MOTs in 2024, if these EV barriers are not overcome, Russell warned that consumer confidence will plummet further.
The depreciation of electric vehicles presents a significant challenge for potential buyers. Data from Carmoola revealed that EVs lose value faster than other fuel types, with an average 21 per cent drop in the first year alone.
An analysis of over 40 million car sales revealed that EVs lose the most value over time with the Renault ZOE and Audi E-Tron losing 63 per cent and 59 per cent of their original value respectively.
German brands like Volkswagen and Mercedes-Benz tend to hold their value better, with models such as the Skoda Enyaq retaining up to 60 per cent of their value after three years, the brand stated.
Beyond depreciation, the UK faces other significant barriers to EV adoption Russell added that the skills gap could lead to longer wait times and higher costs for EV repairs.
Without addressing these issues, the UK’s transition to electric vehicles may face significant setbacks, potentially slowing the country’s progress towards its environmental goals, he raised.
Aidan Rushby, founder and CEO of Carmoola, said: “While electric car owners who bought new several years ago might be smarting from considerable losses, this data shows that savvy car buyers can avoid the brunt of value depreciation by buying an EV at the right time and, crucially, used.
“Newer electric cars hitting the market with healthier battery ranges and the latest technology can come at a lofty price tag, making them inaccessible for the majority of drivers.
“By keeping a keen eye on the market, and being smart with timing your purchase, people can snap up a used EV with plenty of life left in it.”
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EVs lose value faster than other fuel types
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Despite these challenges, the UK Government remains committed to the transition to electric vehicles. However, experts argued that more comprehensive support is needed.
