Auto Trader sees demand for EVs surge as fuel prices rise
Motorists are now facing an extra £500 on their annual fuel costs as record inflation puts further pressure on consumers.
Auto Trader has found that the surge in fuel prices has triggered a huge spike in demand for electric vehicles (EV) on its marketplace.
Auto Trader’s findings come as official figures show inflation in May rising to 9.1%, the highest for four decades, with the potential savings only set to increase as fuel prices continue to rocket.
The cost-of-living crisis is accelerating the switch from traditionally fuelled vehicles, with one in every five advert views on Auto Trader from would-be buyers now for an electric car. In fact, the volume of advert views of new electric vehicles has increased 7% since January, and a whopping 66% since this time last year.
Earlier this month the EV share of new car enquiries sent to Auto Trader’s retailer customers spiked to an all-time record of 35.8%. According to Auto Trader’s data, used EVs are also currently selling significantly faster than any other fuel type, and almost twice as quickly as a year ago.
Used EVs took an average of just 26 days to leave retailers’ forecourts in May, 22 days faster than the same period last year. In contrast, the average used petrol and diesel car took 33 days and 35 days to sell respectively.
Auto Trader’s Editorial Director, Erin Baker, said: "With the average family petrol and diesel car costing over £100 to fill up there’s been a surge in interest for more cost-efficient alternatives. And whilst the up-front cost of a new or used EV will place them out of reach for many buyers, the potential saving of around £176 per every 1,000 miles, which is only set to increase over the coming months, will ensure electric demand will only head in one direction."