Soaring fuel costs have sparked a surge in second-hand electric vehicles, with a 177 per cent year-on-year increase in demand, according to Octopus Electric Vehicles.
Following the beginning of the Iran war, fuel costs have soared, leading to a boom in interest for used electric cars. Petrol and diesel drivers were paying 158.31p and 191.54p per litre, respectively, at their highest.
Affordable EV options
Gurjeet Grewal, CEO of Octopus Electric Vehicles, said: "We're in the middle of an EV demand boom in the UK, and it's clearly not just new cars that people are after."
One of the most affordable cars on the market is the Dacia Spring, coming in at £176 a month or £239 from new when using salary sacrifice. The Tesla Model Y costs around £366 per month for a second-hand model.
Impact on motorists
Iain Reid, Content Director at Carwow, said: "With inflation climbing to 3.3 per cent and fuel prices seeing their sharpest jump in years, up 8.6p per litre for petrol and 17.6p for diesel in just a month - it's clear motorists are bearing the brunt."
"We're seeing the real-world impact too: EV enquiries on Carwow surged 23 per cent in March, and are up a further 14 per cent again this month as drivers look to escape volatile pump prices, while rising costs are even being linked to a surge in fuel theft."
"While switching to electric offers longer-term protection from this kind of volatility, and is a transition most drivers will have to make eventually, the immediate pressure on households is intense," he added.
Government response
Labour Party Chancellor Rachel Reeves told the House of Commons this week the Government was aware of the unintended impact on families and businesses.
She said: "That is why I have extended the 5p cut for fuel duty twice since the election, saving the average motorist £90 a year compared with the plans that I inherited."
"Fuel duty was never lower in 14 years under the Conservatives than it is today. Of course, we are keeping all scenarios under review, but it is quite clear that the best way to bring down fuel prices is to de-escalate this conflict, not ramp it up like the Conservatives want to do."
"We have introduced the cheaper fuel finder tool, so that people can compare prices and get the best deal when they fill up their car, and we have had all the petrol retailers into No. 11 Downing Street to ensure that we do not have any price gouging," she told the House.
She added: "We are preparing for every eventuality. I have extended the fuel duty freeze and the 5p cut twice already."
"I recognise the challenges faced in the current conflict by the agricultural sector and other sectors that are big users of diesel. That is why we are working hard with the industry to ensure that the sectors get the support that they need. Crucially, we are also trying to de-escalate the conflict and reopen the Strait of Hormuz to improve the availability of diesel and fertiliser."
