Dealers report rising petrol prices boost EV interest
Nearly all car dealers (99%) report a direct link between high petrol prices and increased consumer interest in electric vehicles (EVs), according to the latest Startline Used Car Tracker.
The survey, conducted in November, highlights a significant shift in consumer attitudes toward EVs due to rising fuel costs, with dealers seeing a marked impact on potential buyers’ decision-making.
The research reveals that 52% of dealers believe the connection between high pump prices and interest in electric cars is “significant,” while 47% say it has “some” impact.
Additionally, 60% of dealers state that low refuelling costs are a major attraction for consumers considering electric cars, with 37% pointing to rising petrol prices as a factor that pushes buyers toward electric vehicles.
“These findings suggest that fuel pricing plays a pivotal role in shifting consumer behavior toward EVs,” said Paul Burgess, CEO of Startline Motor Finance.
“When petrol prices rise, consumers are more likely to consider electric cars, particularly because they offer much lower refuelling costs–especially if drivers have access to low-cost home or workplace charging options. The research shows that despite the higher interest in electric cars, 38% of dealers think other factors are preventing consumers from buying them. These factors include range anxiety, high up-front costs, and unfamiliarity with technology. Furthermore, 20% of dealers feel that many consumers are unaware of the low running costs of EVs, and 3% of dealers say that customers don’t notice petrol price increases.
Burgess said: “While it’s clear that high fuel costs are a major motivator for many consumers, there are still significant barriers preventing wider adoption of electric vehicles. Electric vehicle marketing tends to focus on advanced technology and range. Dealers may benefit by focusing more attention on the financial savings that EVs offer, especially when petrol prices increase. The research was based on the responses of 303 consumers and sixty dealers. It provides insights into consumer trends as well as dealer perceptions. This research is part of the ongoing Startline Used Car Tracker survey, which tracks attitudes towards the used car market and fuel choices. It also looks at factors that influence car purchases.
