Electric cars become the new escape route as fuel prices surge

Rising fuel prices are accelerating Britain’s shift towards electric vehicles, but experts are warning drivers not to rush into buying the first used EV they find.

Diesel prices have risen sharply in recent days, with RAC data showing the average litre now costs 168.55p after oil prices surged amid escalating tensions in the Middle East. At the same time, the UK’s used EV market is experiencing record demand, with Auto Trader reporting that the ten fastest-selling used cars are now all electric or hybrid models.

According to Majid Ismailzada, Director at GM Direct Hire, the spike in fuel prices is likely to push even more motorists towards used electric vehicles over the coming weeks, but making the wrong purchase could wipe out much of the expected saving.

He said: “Whenever fuel prices jump, we see more drivers looking at electric vehicles because they’re trying to reduce their monthly running costs rather than simply buying a new car.

The used EV market is much stronger than it was even 18 months ago, with more choice and more affordable prices, but buyers still need to do their homework. A cheap purchase price doesn’t always mean lower ownership costs if the battery has degraded significantly or the charging setup doesn’t suit your lifestyle.

For anyone mainly driving around towns and cities, switching from a diesel to a used EV could save hundreds of pounds a year in fuel alone. However, the biggest savings come from buying the right car, not simply the cheapest one.”

A slightly more expensive model with better battery condition, longer warranty cover and lower servicing costs may prove significantly cheaper over several years of ownership.

Majid added: “Fuel prices can change quickly, but they often act as the trigger that gets people looking at alternatives. The drivers who benefit most aren’t necessarily those buying the newest electric cars, they’re the ones who carefully compare the total cost of ownership before making the switch.

If you’re covering high annual mileage, today’s fuel prices make that calculation far more attractive than it was just a few months ago.”

While demand for used EVs continues to strengthen, experts say motorists should compare annual fuel, servicing, insurance and charging costs rather than focusing solely on the headline purchase price.