Second-Chance Car Loan: All Your Questions Answered
Second-Chance Car Loan: All Your Questions Answered
21 December 2023 Concept Car
We’ve been blogging about electric vehicles for quite some time. But never have the signs of change been clearer.
More and more UK drivers are making the switch to EVs and manufacturers are ramping up model diversity and production. Although the market, still badly hampered by supply issues, experienced a horrific March and actually shrunk, plug-in electrics are clearly on the rise.
Let’s take a closer look at what will be the car world’s biggest revolution since the invention of the combustion engine.
UK: EVs have now conquered 25% of the market.
That’s right: What started out as a niche phenomenon has grown into a mass movement. A full quarter of all new vehicle registrations in March 2022 were for EVs.
And whereas petrol cars and diesels in particular were in decline, the sales curve for electric cars firmly pointed towards the sky.
These numbers are, in fact, even more impressive than they sound at first.
So far, plug-in hybrids have artificially kept the total number of electric vehicles high. We’re using the term “artificially” here, because, as great as they are, hybrids are arguably not really electric vehicles. Many people will often drive them in their petrol mode, in which case they’re not just less green than an all-electric counterpart – but potentially even less so than a conventional petrol car.
In March, hybrids were firmly in decline. And true EVs made up a proud 2/3 of the total electric car sales volume. Great job!
Globally, the situation is looking just as optimistic.
In fact, according to Inside EVs, the worldwide picture may even be more hopeful than at home:
“Global passenger plug-in electric car sales doubled year-over-year in February, which is an outstanding result considering all the challenges with parts supply.”
Indeed it is. In one of the most challenging crises the industry has ever faced – unable to meet demand after two years of virtually non-existent sales – the rise of electric vehicles is coming at the right time.
What’s particularly interesting is that we can observe a global duopol: In the USA, Tesla is still pretty much a monopoly. In China, on the other hand, the brand BYD has established itself as a local leader. It will be very interesting to see how their fortunes develop once BYD, as it almost certainly will eventually, expands beyond its home market.
That said, EVs are facing pretty much the exact same supply issues as their petrol counterparts. So at least for the moment, that upward trend is growing at a slow pace.
The UK has one of the most diverse EV markets.
Although the UK does not boast an EV brand of its own – discounting Vauxhall, as it is now firmly in French hands – we do have one of the most interesting and perhaps even leading markets for electric cars.
This is mainly because government policy on becoming emission neutral as soon as possible is one of the most ambitious on the entire planet. If we do stick to the goal of banning sales of new petrol cars by 2030, the effect on EV production will obviously be enormous.
This eagerness to embrace change has led to an incredibly diverse car market.
In the USA, the Tesla Model Y and Tesla 3 combined made up almost 70% of the entire US EV market. And the Tesla 3 sold six times as many units as the third placed Ford Mustang Mach-E! Clearly, in the country of infinite possibilities, Tesla is making full use of them.
The UK, meanwhile, is celebrating the arrival of many new models.
2022 and 2023 look set to become absolutely fascinating years for UK EV enthusiasts.
Not all new arrivals will be as groundbreaking as the Citroen AMI. This little vehicle is technically not even a car, which means that, in some countries, 14 year olds will be allowed to drive it. Light and tiny, the AMI, conceptually, is only possible as an electric vehicle. It’s one of the first signs that, as combustion engines are disappearing, they’re opening up a slew of fascinating new possibilities.
But even some of the more conventional announcements still make for exciting news in our books:
Genesis GV60: Although it will probably be outside of your (financial) reach, this is an interesting proposition. It marks a breakthrough in EV performance, promising sports car like power and speed. That’s great news for those who considered EVs somewhat anaemic and boring.
Dacia Spring EV: Finally, the UK’s most affordable brand is entering the electric car market. Will it be as incisive as the Duster and the Sandero? We’ll see. Definitely, however, it should make many reconsider whether they really need to wait until 2030 or even beyond to be able to afford the switch from petrol.
And on top of that, hopefully, prices may come down for some of the already existing EVs from the big manufacturers.
Has the time really come to make the switch to an EV?
This is an important question.
Eventually, we’ll all drive an EV. At the moment, however, joining the revolution is still very much a question of having access to the necessary cash.
In our opinion, for most of our customers, a full electric vehicle is still outside of their reach. You don’t need to feel guilty about this. According to our in-depth analysis, EVs are often more than 50% more expensive than a comparable petrol model.
Especially if your finances are low, that’s simply asking too much.
Right now, petrol may still be the best option at your disposal. We offer financing options for those with bad credit. Which means you should be able to afford a green model and join the revolution later.