Record-high fuel prices leading to spike in electric vehicle interest

Select Car Leasing recently saw a 59% increase in interest for electric vehicles as a result of record-high petrol prices.

With the average price of a litre of petrol hitting a new record, it’s clear that Brits could be looking at eco-friendlier alternatives due to consistent fuel availability issues in the last year.

Searches were also up 200% per cent compared to the same week last year following ongoing issues with the availability of fuel in the UK.

Automotive experts at Select Car Leasing also spotted increasing consumer interest in electric vehicles on Google over the last week, with search interest on Google Trends rising as much as 334%.

Current Cost of petrol Cost of filling a petrol car Current cost of diesel Cost of filling a diesel car Cost Per Charge of an EV
161.06p £88.55 170.09p £93.50 £12.72

*Petrol price data from RAC correct as of 14th March 2022

The leasing company found that at current fuel prices, it would cost £88.55 to fill a petrol 55-litre car, and £93.50 to fill the diesel alternative. In comparison, charging the average EV at home would cost just £4.31.

David Lewis, Electric Lead at Select Car Leasing, says: “The UK has seen ongoing issues with fuel over the last year, with the autumn fuel shortage and now record-breaking fuel prices.

“Empty forecourts across the UK are once again cropping up due to drivers stockpiling fuel. It’s only natural that the ongoing issues ICE drivers are experiencing are prompting more Brits to consider electric.

“Electric drivers are able to rest easy knowing they haven’t experienced the numerous fuel issues in the last year, and need only rely on a home charger or public charging point to fuel their car. What’s more, our research found they can fuel a car at home for as little as £12.72 – 86% cheaper than a diesel car.”