• Almost two thirds (65 per cent) of motorists keen to switch to electric would consider leasing or subscribing to a car
• Cost effectiveness is the most appealing reason to lease or subscribe to an electric vehicle
• Over half (56 per cent) of SMEs are considering introducing an Electric Car Salary Sacrifice Scheme in next 12 months  

New research¹ from Churchill Expert, the flexible fleet insurance provider, reveals 19.1 million people currently driving internal combustion engine cars would like to make the switch to an electric model.

Of those keen to make the switch, almost two thirds (65 per cent) would consider taking up a lease or car subscription, with 13 per cent having already looked at this option for their next vehicle. Young people (19 per cent) are most likely to have looked at leasing or subscribing to an EV, although those aged 35-54 are most likely to consider this option overall, accounting for 42 per cent of those thinking about it.

As the UK fast approaches the 2030 cut off for new petrol and diesel cars to be sold, another means to access electric vehicles could be via the Electric Car Salary Sacrifice Scheme*. While just 13 per cent² of small business enterprises offer this already, over two thirds (68 per cent) are considering it, with 56 per cent thinking about introducing it imminently (within the next 12 months). Currently just a quarter (24 per cent) of working motorists are aware of this scheme and only nine per cent participate, but as more businesses have it on their radar, the next year could see a rise in both awareness and uptake.

A third (33 per cent) of drivers said access to this scheme would have a positive effect on how they view their employer, while one in six (17 per cent) would consider switching jobs if a similar company was offering this.  

When it comes to reasons why leasing or subscribing to a car is appealing, cost effectiveness (44 per cent) and the freedom to update more regularly when the range improves (29 per cent) are the driving factors.

Table one: Most appealing aspects of leasing or subscribing to an electric vehicle 

Source: Churchill Expert data, 2022

Nicola Richmond, Head of Churchill Expert Flexible Fleet Partnerships, said: “Our research shows people are thinking ahead to how the car industry will look post 2030. It’s good to see people are already doing their research and it is also encouraging that so many are willing to make the switch to electric vehicles.

“We are fortunate to have so many options when it comes to acquiring cars now and motorists can opt to try something out for a longer period, without the commitment of buying it. As the market improves and more models of electric cars become available, it will allow more people the opportunity to take their first steps towards going electric.

“It’s also great to see so many companies have the Electric Car Salary Sacrifice Scheme on their radar, which will assist more people in making the switch to electric sooner rather than later.”

ENDS

* This is when an employee pays for an electric car each month using their gross salary.

Notes to Editors

¹          Research conducted by Opinium amongst a nationally representative sample of 2,002 UK adults between 22^nd and 25^th March 2022

²          Research conducted by Pure Profile amongst a panel of 100 UK-based SME decision makers, April 2022

For further information please contact:

Unni Henry   
Churchill Expert PR Manager

Email: [email protected]

About Churchill Expert

Churchill Expert specialises in providing easy access to flexible mobility insurance, as well as business and landlord insurance through partnerships. Part of the well know and much-loved Churchill brand, Churchill Expert is a trading name of insurance intermediary U K Insurance Business Solutions Limited (UKIBS) which has been operating since 2004 and provides NIG policies underwritten by U K Insurance Limited (UKI). Along with the insurer U K Insurance Limited (UKI), U K Insurance Business Solutions Limited is part of the Direct Line Group.