Dealers highlight link between petrol prices and consumer interest in EVs

Almost all dealers (99%) believe there is a direct link between high petrol prices and consumer interest in EVs, according to Startline’s November Used Car Tracker.

The research shows that 52% say the correlation between petrol prices and consumer interest in EVs is “significant” while 47% believe there is “some” impact.

Paul Burgess, CEO at Startline Motor Finance, said: “The research suggests overwhelmingly that dealers are seeing a link between electric cars and fuel pump pricing.

“It’s a really interesting finding that suggests new sales angles for electric cars, based heavily around the ability to run them much more cheaply than petrol or diesel vehicles, as long as you have access to a low-cost charger at home or work.”

Startline’s November Used Car Tracker questioned 303 consumers and 60 dealers.

Overall, 60% think consumers are attracted to EVs by low refuelling costs, 37% say higher petrol prices make consumers think about switching to an EV, and 33% believe consumers are aware that EVs are cheap to refuel.

However, 38% say other factors are putting consumers off electric cars, 20% say consumers don’t know that EVs are cheap to refuel, and 3% say they don’t notice petrol price increases.

Burgess said: “Generally, electric car marketing appears to be heavily based around the advanced nature of the technology, strong range and a smooth motoring experience.

“It may prove to be more productive for the market to point out that when petrol prices rise, your electric car is likely to be a fraction of the cost to refuel.

“There obviously remain a range of other barriers to electric car adoption for a large proportion of people at this point but this doesn’t change the finding here that a large potential market for electrification based around low-cost fuelling appears to exist.”