New research has found that almost all dealers (99 per cent) believe there is a direct link between high fuel prices and the interest in electric vehicles.
It found that dealers believe drivers are being put off from investing in another petrol or diesel vehicle as a result of fluctuating costs at the pump.
The research shows that 60 per cent of dealers believe consumers are primarily attracted to electric cars due to their lower refuelling costs.
The survey found that more than half of dealers believe the impact of high pump prices on electric vehicle interest is significant, while 47 per cent say it has some effect.
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Almost all dealers believe high fuel prices are linked to a surge in popularity of electric vehicles
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According to the latest data from RAC Fuel Watch, a litre of petrol costs 135.46p per litre, while diesel drivers are paying an average of 140.47p.
The RAC has forecast that no major price changes are expected to occur in the near future, which will be welcomed by petrol and diesel car owners.
There had been fears that prices would rise further given the escalating tensions in the Middle East between Israel and Iran, although this has yet to have a substantial impact on global oil costs.
Despite this, many are still concerned given that the UK has had the most expensive average diesel price in Europe for 21 of the last 28 weeks.
A further 37 per cent of dealers report that rising petrol costs are making consumers actively consider switching to electric vehicles.
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.”
He noted that while electric car marketing typically focuses on technology and range, emphasising fuel cost savings could prove more effective.
However, the research also revealed that one in five dealers say consumers aren’t aware that electric cars are cheaper to refuel, while just three per cent report that customers don’t notice fuel price increases.
Despite the clear link between fuel prices and EV interest, 38 per cent of dealers report that other factors ultimately deter consumers from making the switch to electric vehicles.
“There obviously remain a range of other barriers to electric car adoption for a large proportion of people at this point,” Burgess added.
The expert emphasised that while challenges remain, “a large potential market for electrification based around low-cost fuelling appears to exist”.
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Electric vehicles are becoming more popular as interest in petrol and diesel declines
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The latest sales data from the Society of Motor Manufacturers and Traders (SMMT) shows how new registrations of petrol and diesel cars continue to fall.
Less than 9,000 new diesel cars were sold in October, representing a 20.5 per cent drop. Meanwhile, petrol registrations have fallen 14.2 per cent year-on-year.
Despite the drop in interest in petrol vehicles, it retains more than 50 per cent of the market share, although electric vehicle sales continue to grow, currently holding 20.7 per cent of the market.
