New automobile costs within the UK are set to soar dramatically within the coming years, with electrical autos greater than double in worth in accordance with new knowledge.
Analysis means that electrical autos might face a staggering 103 per cent enhance in worth by 2035, whereas petrol and diesel vehicles might additionally rise by 46 per cent.
The findings reveal unprecedented worth hikes that may considerably influence British motorists over the subsequent decade.
Regardless of Authorities initiatives pushing for electrical car adoption, the analysis reveals that one in 4 UK drivers consider they may nonetheless be driving petrol autos in 2030.
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The stark projections come amid rising inflation charges and an unstable world economic system, with Google Tendencies knowledge exhibiting searches for "automobile prices in 10 years" up by 367 per cent worldwide within the final quarter of 2024.
The analysis signifies that electrical autos will turn into £20,500 costlier by 2035, pushing their common worth to £65,000.
Inside combustion engine autos will see a £16,000 enhance in the identical interval.
These dramatic rises will place the UK because the 96th most costly nation globally to buy a automobile by 2035.
The shift is especially vital on condition that greater than two in 5 Britons (43 per cent) say they gained't think about switching to an electrical car for his or her subsequent buy.
Beneath the Zero Emission Car mandate and new Authorities laws, nevertheless, no new petrol or diesel vehicles can be offered within the UK after 2030. This may pressure these eager to drive conventional autos to depend on the second-hand market.
A number of key components are driving these unprecedented worth will increase in each electrical and conventional autos.
The ZEV mandate, already carried out within the UK and different main markets, requires producers to make sure 28 per cent of latest automobile gross sales are EVs by 2025, rising to 52 per cent in 2028 and 80 per cent by 2030.
Adjustments to gasoline responsibility and highway tax will even influence prices, with the present gasoline responsibility freeze set to finish and EV highway tax exemptions being scrapped in April 2025.
Rhydian Jones, motoring skilled at Confused, stated: "You'd be forgiven for considering that the ICE automobile phase-out would imply cheaper electrical autos. However EVs are literally additionally prone to expertise a worth hike of round 103 per cent over the subsequent decade. Going from round £32k in 2019 to £65k in 2035.
Northern European nations are going through the steepest automobile worth will increase, with Danish motorists going through prices of £96,000 for electrical autos and £76,000 for conventional vehicles.
Norway follows carefully behind, with projected costs of £93,000 for EVs and £73,000 for ICE autos.
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The upper costs in northern hemisphere nations are attributed to a number of components, together with excessive import duties and strict car emission taxation.
Robust currencies in these areas additionally contribute to elevated costs for autos.
Jones provides: "Automobile insurance coverage premiums could rise as the price of new vehicles enhance, however various factors also can affect these adjustments.
"Trendy vehicles typically include higher security options, which may minimise the chance of accidents and decrease premiums for some drivers."