Fuel prices driving demand in electric vehicles
The vast majority of dealers have reported rising interest in electric vehicles since the rise in fuel prices.
Prices at the pumps have gone up more than 20% since the war in Iran, with further price increases predicted.
According to May’s Startline Used Car Tracker, 92% of dealers believe this is making more car buyers think about switching to electric.
Meanwhile, 67% believe potential buyers are aware of lower charging costs for electric vehicles, 57% think the speed of fuel price rises is a key factor, while 21% said higher fuel prices are making motorists feel economically vulnerable.
Pump price surge
Paul Burgess, CEO at Startline Motor Finance, said: “The pump price surge seen in recent weeks and months has been rapid and substantial, and electric cars potentially offer a potential route for motorists to sidestep the worst of the situation.
“Our research shows an overwhelming majority of used car dealers believe consumers understand the potential for cutting costs offered by going electric and, with relatively large numbers of vehicles now available and arguably undervalued, interest may noticeably rise.
“Of course, there remain structural issues for many potential buyers – those without their own driveway will probably have issues accessing low-cost home charging – but for others, driving an electric car is becoming a more attractive economic proposition, dealers believe.”
