More than 70% of non-EV drivers say that they are more likely to consider an electric vehicle because of the increase in fuel prices.
That’s according to a survey by Electrifying.com (that’s us) of over 1,000 visitors who were researching actively electric cars. An impressive 73% of those who don’t currently drive an EV said that they were more actively considering an electric car because of the cost of petrol and diesel.
Petrol prices have skyrocketed as a result of Donald Trump’s attacks on Iran and the difficulties in getting oil from the Middle East through the key geographical choke point around the Hormuz strait off the Iranian coast. Efforts to free up the area for shipping to get through have failed so far.
March’s new car sales figures showed that it was the biggest month of EV sales ever, and that was before the current geopolitical issues really had an impact. Low rates of tax mean that electric cars are much cheaper to run for company car drivers, who continue to drive the electric market, but private sellers are increasingly considering the switch.
Secondhand EVs have also become a compelling option, with prices of used electric cars with decent range getting much more affordable now that there’s a healthy supply of cars filtering through to the used forecourts. In fact, if you do your maths like Electrifying’s Tom Barnard, a cheap electric car will pay for itself within a matter of years.
Electrifying founder Ginny Buckley 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.com week on week since the start of the US-Iran war, and that’s being reflected across the industry.”
There is of course a caveat to the cheaper driving narrative – it’s a no brainer for drivers with access to off-street parking to install a home charge point and go electric, but many EV drivers have to rely on public charging to fuel their EVs, which is much more expensive.
Ginny has been calling for the government to cut VAT on public plugs so that they match the 5% rate that people are charged on their home electricity. “Millions of drivers will depend on public charging to run an EV. Yet they’re the ones paying the highest price. Charging at home can cost as little as 1.8p per mile on an off-peak tariff, but if you rely on the public network that cost can rise to around 18p per mile – 10 times as much, and often more than running an efficient petrol car.
“Much of that added cost is down to the fact that public charging is taxed at four times the rate of charging at home, which simply isn’t fair. The government can’t say it wants drivers to go electric while taxing those without a driveway the most. That’s not progress – it’s a penalty.
