EV interest surges amid fuel price fears

Driver interest in electric cars has soared amid rising fuel prices caused by the Iran war.

With petrol and diesel jumping by almost 20% in recent weeks, new data shows drivers are increasingly looking at the lower and more stable running costs of EVs.

Figures across new and used markets show rising demand for EVs, with used car sales jumping by 36% between February and March, according to one UK tracking service.

Data from Marketcheck showed that sales rose from an average of 787 per day in February to 1,074 per day in March. Sales peaked at 1,657 on March 30, but were above 1,000 per day for most of the month.

That came on the back of already strong growth in February.

Marketcheck’s Alastair Campbell said: “The jump in daily EV sales in March is notable, both in scale and speed. We saw a clear increase immediately after the end of February, with volumes rising well above recent averages.

“While the used EV market has been growing steadily, this kind of acceleration points to external factors influencing buyer decisions. Concerns around fuel costs and wider uncertainty appear to be pushing more consumers towards electric vehicles.”

Fuel price rises

Fuel prices have soared by 25p per litre for petrol and 49p per litre for diesel since the start of the Iran conflict. However, EV owners with home charging continue to enjoy tariffs as low as 6.5p/kWh. That equates to running costs of less than 2p per mile compared with more than 17p per mile for an average petrol car.

Figures from Autotrader – the UK’s biggest online marketplace – backed up the Marketcheck data.

March was the biggest month ever for EVs on the site, with leads on used EVs up to five years old increasing by 15% and accounting for almost 20% of all enquiries. The site noted that “rising fuel prices and global uncertainty have accelerated the shift to electric as drivers look to avoid higher running costs”.

In the new car market, UK leasing firm Octopus Electric Vehicles also reported a sharp month-on-month increase in EV orders. It saw an 89% jump in leasing orders for EVs between February and March.

February is typically one of the quietest months of the year for new car orders, with the new registration plates in March bringing a big increase, but Gurjeet Grewal, CEO of Octopus Electric Vehicles, said the change was still significant.

He commented: “An 89% jump in orders in a single month shows this isn’t a gradual shift anymore – it’s a tipping point.

“People are looking for certainty and control over their costs. Electric vehicles offer both. With smart tariffs and simple leasing, drivers can take back control from unpredictable fuel prices.”

Europe-wide trends

Data from across Europe echoes the UK trend, with online marketplaces reporting similar increases in demand.

In Germany, mobile.de, saw EV searches triple between the start and end of March – from 12% to 36% – while car dealers received 66% more ​enquiries for used EVs than in February.

And Swedish platform ​Blocket reported an 11% increase in EV sales in the first two weeks of March versus the previous two weeks, while views of EV ​models increased 17%.

Blocket’s car expert Marcin Stepman told Reuters: “We see ⁠a clear shift where more people are actively looking for more fuel-efficient alternatives.”

Consumer research also suggests that the lower running costs of EVs is proving a stronger draw than ever before. A poll of 1,000 drivers by Electrifying found that 73% of those who don’t already drive an EV were now considering an electric car as a result of global oil price volatility.

Ginny Buckley, CEO of Electrifying.com, said: “With EV drivers paying just pennies per mile to charge at home, it’s no wonder volatile fuel prices are pushing people to rethink what they drive. We’ve seen a near 50% surge in traffic to Electrifying week on week since the start of the US-Iran war, and that’s being reflected across the industry.”