Rising fuel prices drive electric interest
Rising fuel prices are driving a spike in interest in electric vehicles on the Auto Trader platform.
Prices at the pumps have spiked as a result of conflict in the Middle East, with the Competition and Markets Authority stepping up plans to monitor higher prices.
Auto Trader has reported a 28% increase in new electric vehicle leads in less than a month, with interest in used electric vehicles up by 15% in the same period.
Used electric vehicles under five years old now account for 19.5% of all used car leads.
Sharp rise
Ian Plummer, chief customer officer, said: “Even though petrol prices aren’t anywhere near the extremes of 2022 yet, the Iran conflict has clearly moved fuel costs to the front of buyers’ minds. Our data shows a sharp rise in both new and used EV leads since the war began at the end of February, with used EV enquiries hitting record levels on the Autotrader marketplace.
“This isn’t just about price, it’s about confidence. When people feel that traditional fuel is vulnerable to global events, the appeal of electric becomes far stronger so the conflict is acting as a significant catalyst for EV interest across the UK market.
“That said, previous peaks in interest like in 2022 haven’t led to sustained increases in electric purchases, so there is still work to do to ensure consumers are confident that electric cars can fit their lifestyles.”
Strong demand
Meanwhile, Auto Trader has also reported that the used car market remained steady in February, with vehicles selling in an average of 25 days. Petrol and hybrids were most popular across the month, finding buyers in an average of 24 days.
Demand was driven by younger models from mainstream brands, with many SUVs and hatchbacks selling in less than two weeks.
Marc Palmer, head of strategy and insights, said: “March is holding firm with demand remaining strong as cars are leaving forecourts swiftly. What’s particularly encouraging for retailers is the continued appetite for driveway staples, with smaller, affordable models delivering some of the quickest turnarounds seen so far this year.”
