Boom in Electric Car Sales 

2015 set to be the year of the electric vehicle

March 2015 has already experienced a 400% increase in sales of “plug-in” cars. In March 2015 over 6,000 were sold, compared to 1,200 in March 2014. This is surprising as the cost of oil has fallen recently, which would then lead you to believe that people would be opting for more conventional cars and electric vehicles would be falling out of favour.

Much has changed since the electric vehicle of 2011. There are now a wider variety of plug-in models to choose from, 6 in 2011 compared to 27 now. The network of plugin stations has expanded which means that it is now more convenient than ever for drivers to charge their vehicles and the cost of motoring can be as low as 2p per mile. The government have also been encouraging individuals to buy electric vehicles by offering grants of up to £5,000, an incentive that will end once sales hit the 50,000 mark or by 2017, whichever comes first. Although there’s no certainty whether this scheme will be renewed, the upfront cost of an electric vehicle is not the only factor that one needs to consider before making a purchase. Many businesses are now opting for electric vehicles because of the lower cost to run and cheaper car tax rates.

More broadly, there has been a move to more ethical products as consumers become more conscious and open-minded towards what they buy. Sales of other ethical goods have also increased, such as products and services which rose by 9% in 2013. Spending on ethical food and drink rose 8%.

For any motor trade company wishing to capitalise on the increasing popularity of the electric vehicle, they’d have to ensure that their motor trade insurance policy has the correct over in place.