EV interest soars as war sends fuel prices surging

Buyer interest in electric cars has jumped sharply since the outbreak of war in the Middle East.

The latest data from Autotrader shows that new EV leads across its platform have climbed 28% in less than a month as drivers become increasingly concerned about running costs.

Leads on used EVs have also risen 15% and now take almost a fifth of all leads on used cars up to five years old – the highest on record.

Ironically, the actions of the staunchly anti-EV US President Donald Trump, appear to be driving more motorists to consider electric power as conflict in the Middle East forces up oil prices, bringing a knock-on effect at the fuel pumps.

Petrol prices have risen by around 12% since the Iran conflict began, and diesel is up 22%, according to the RAC. Petrol has climbed from an average of £1.32 per litre to £1.48 since February 28, while diesel has gone from £1.42 to £1.73. The RACs’ Fuel Watch service estimates that petrol could reach £1.50 per litre in the next week, while diesel could hit £1.80 per litre.

As a result, drivers appear to be looking more closely at EVs, which can be charged for as little as 7p per kWh. That is equivalent to running costs of around 2p per mile, compared to almost 17p per mile for an average petrol car

Autotrader’s chief customer officer, Ian Plummer, said the shift in interest reflected motorists’ concerns about running costs and future fuel security and stability.

He 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.”