Survey: Rising fuel prices significantly boost car buyers' interest in electric vehicles
Image: VW (illustrative)
Nearly 60 percent of respondents to a survey by the online car comparison site Carwow are considering electric vehicles more seriously due to high fuel prices. At the same time, many would look for alternatives that are readily available if waiting times become long.
Fuel prices in Germany remain at record levels. According to an ADAC analysis, as of September 17, a liter of Super E10 cost an average of 2.308 euros nationwide, while diesel cost 2.471 euros. Both types of fuel have reached new all-time highs. Carwow’s survey among platform users shows that high pump prices significantly affect many people’s purchasing intentions — and reinforce the trend toward electric vehicles.
57.8 percent of respondents say they are considering a vehicle other than an electric car for their next purchase due to current fuel prices. For 15.4 percent, low fuel consumption has become more important, while another 10.1 percent want to delay their planned purchase. 16.6 percent see no impact from high fuel prices on their decision.
In terms of overall propulsion choice, electric cars also have a clear advantage: 66.4 percent of respondents are considering a pure electric vehicle for their next car. 15.2 percent prefer a hybrid, while 7.8 percent would choose gasoline or diesel. 10.5 percent are still undecided.
Carwow data confirms the trend
Carwow data confirms this trend. In the week before that, 79 percent of vehicle configurations were electric cars, 10 percent were hybrids, 9 percent were gasoline vehicles, and 2 percent were diesel cars. Two weeks earlier, during the same period, the share of electric car configurations was 72 percent. This means interest in electric vehicles increased by seven percentage points within two weeks, while the shares of hybrids dropped by two percentage points and those of gasoline vehicles by three percentage points.
"Since the beginning of this year, we have observed that rising fuel prices have a direct impact on interest in purchasing electric vehicles. Once filling up at the pump becomes significantly more expensive, as it has been in the past two weeks, we see a clear surge in demand for electric vehicles here," explains Philipp Sayler von Amende, CEO of Carwow Germany. "A survey among our users confirms this trend: changes in fuel prices are leading to a significant shift in purchasing decisions. 58 percent say they would switch to an electric vehicle due to high fuel prices. The ongoing explosion in fuel prices is currently a very strong driver for demand for electric mobility."
In addition to ongoing costs, the speed at which a vehicle is available is becoming increasingly important. For 3 out of 5 respondents, a short delivery time is crucial when choosing the next car. Long waiting times can thus become an obstacle to purchasing an electric vehicle: If the desired electric car is not available until seven months or later, 40.0 percent would choose an electric vehicle that is readily available. 38.1 percent would wait. For 21.9 percent, however, a long delivery time would have more serious consequences: 11.4 percent would look for a gasoline car, and 10.5 percent would delay the purchase.
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About the author
Thomas Langenbucher is an expert in electromobility with professional experience in the automotive industry and finance sector. Since 2011, he has been covering electric vehicles, sustainable technologies, and mobility solutions on ecomento.de. Learn more.
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