High costs and expensive insurance keep young people away from electric cars. They prefer well-known brands like Audi, BMW and VW over Tesla. But they are not afraid of leasing either.
Only 7 percent of young drivers today drive electric cars. They still prefer gasoline and diesel cars, according to new research, even though young people are often seen as frontrunners in the green transition.
Brands like Audi, BMW, VW and Mercedes are high on the wish list over Tesla.
A study by Autokan.nl, which Autovise refers to, sheds light on the trend. The study is based on responses from 1,000 car owners. The figures show a clear picture of young people's car choices.
In addition to the 7 percent in electric cars, 15 percent of young people own a hybrid car. 14 percent say they occasionally use a car share. The majority therefore stick to traditional fuels.
The primary reason is economics. A full 44 percent of young people cite the price of electric cars as a decisive factor. The high purchase costs scare many away from choosing electric.
The costs of tolls and charging affect all age groups. But young people face a particular financial barrier. It is the insurance premium in particular that makes electric cars unattractive.
Price and brands guide young people's car choices
An example clearly illustrates the difference. A 22-year-old with no insurance history will have to pay significantly more to insure an electric car. Insuring a Tesla Model 3 from 2019 costs around 1,620 kroner per month for young people of that age.
In comparison, the cheapest insurance for the same car costs approximately 470 kroner per month. This applies if the owner is 50 years old and has no claim-free years. The price difference is therefore significant.
However, economics is not the only factor. The image and popularity of car brands also play a big role for and with young people. Well-known German brands are the strongest in that group.
Audi, BMW, Volkswagen and Mercedes are far more sought after than, for example, Tesla. A full 63 percent of young drivers place a high value on the brand's reputation. In fact, so high that reputation directly influences the choice of car.
The traditional brands have a long history and an established reputation. This seems to appeal more to young people than newer electric car manufacturers.
Leasing could be the key to more young people in electric cars
Although the purchase price and insurance are holding back many, there are openings. Leasing electric cars is seen as a possible way forward. It could make access to electric driving easier for young people.
The research shows an interest in leasing among young people. 42 percent consider leasing a good way to start driving an electric car. A further 38 percent are open to the idea.
Leasing can potentially bypass the high upfront costs. It can also provide a more predictable monthly expense. It can make electric cars more affordable for a young budget.
The challenge lies in making electric cars economically attractive to young people. Both in terms of purchase and operation, including insurance. Otherwise, petrol and diesel cars will continue to dominate among the youngest drivers.
At Boosted.dk you can find more information about cars that are popular among young people. For example, read about Mercedes' or BMW's plans for the future. Regardless of what fuel the cars run on.
