Considering Electric Cars During the Petrol Crisis

The petrol shortage has created long waits and rising prices just as the UK is attempting to return to life as it was before the coronavirus pandemic. It’s possible that the petrol crisis may motivate people to purchase electric cars.

Electric vehicles were already garnering greater interest in recent years prior to current petrol issues. According to research by Aviva from three different studies in 2017, 2020 and 2021, the rate of drivers planning to select a fully electric car as their next vehicle has steadily risen. Specifically, this rate jumped from 2 per cent in 2017, to 11 per cent in 2020 and 14 per cent in 2021. Similarly, the rate of drivers planning to purchase a hybrid model rose from 10 per cent to 32 per cent during the same period.

What’s more, this increased interest may have already started to further accelerate due to the petrol shortage. According to classified ad website Autotrader, there was a 60 per cent increase in online searches for electric cars during the week after the shortage began.

When considering an electric vehicle, consumers should think about the following factors:

  • Upfront costs—Electric cars continue to have higher prices than combustion engine vehicles. This trend is expected to continue for at least another five years.
  • Ongoing expenses—The day-to-day costs of operating and maintaining an electric vehicle are generally lower than that of a traditional car. According to a survey by insurer LV=, drivers of electric cars with an annual mileage of 12,000 save approximately £900 every year.
  • Insurance and taxes—Historically, motor insurance for electric vehicles has been more expensive than for petrol-powered cars. However, electric cars that produce zero emissions are exempt from the road tax. It’s important to talk to your insurance broker about motor cover options.

 

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