Rising fuel prices drive interest in electric vehicles
New research has found that rising fuel prices are driving interest in electric cars, with a poll finding that £2 a litre is considered the tipping point.
According to the latest Consumer Insight Panel from Cazoo & Motors, which polled the views of 2,008 car buying decision makers, 44% of non-EV owners said they would consider going electric if prices reached £2 per litre.
However, 29% of the total sample said rising fuel prices would not convince them to switch to electric.
The research also found 54% of non-EV owners would be more likely to switch to electric if fuel prices increase significantly over the next 12 months.
Those most likely to switch are men (58%), under 45s (64%) and those from households earning over £60,000 (67%).
Viable alternative
Lucy Tugby, marketing director of MOTORS & Cazoo, said: “Our research shows just how sensitive petrol, diesel and hybrid car owners are to rising fuel costs and how many will start to view electric as a viable alternative if average pump prices breach £2.00 per litre.
“For dealers this reinforces the importance of factoring in affordability concerns in their conversations with customers and taking the time to understand their typical usage.”
