Motorists could save up to £960 annually by switching to an electric vehicle (EV), a new high driven by rising petrol prices linked to the Iran war. Research by Autotrader and Zapmap indicates this fuel cost saving, the highest since November 2023, could revitalise the EV market despite previous concerns about demand.
Market Growth and Accessibility
While car manufacturers in the US have written off billions in EV investments due to weaker demand, the UK market shows signs of growth. Electric is now the most popular fuel type for new cars on Autotrader. Electric vehicles are becoming more accessible, with 40 new models priced under £30,000 and over a quarter of used EVs on Autotrader costing £15,000 or less.
Improved Range and Infrastructure
The average range of new EVs now exceeds 300 miles, and the UK's public charging infrastructure has expanded to over 120,000 points. These developments address two of the main barriers to EV adoption: range anxiety and charging availability.
In full, the boost for the electric car market comes as petrol costs soar due to the Iran war, making EVs an increasingly attractive option for cost-conscious drivers.
