GB News guests debate using electric cars
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According to the Indicata Market Watch report from May, used electric cars are now selling as fast as petrol and diesel cars. The sales of used EVs were up by 68 percent in April 2022. The news comes amid fuel prices reaching record highs.
The cost of filling up an average family car has now exceeded £100 for the first time, with research from RAC showing motorists must now shell out £100.27 to fill up a 55 litre tank with petrol and £103.43 for diesel.
Prices have been on the up for a while now but have kept rising after it was revealed petrol stations had swelled costs by the biggest daily margin for 17 years on Tuesday.
However, the data also showed that the overall prices for used cars have started to fall.
The report showed that from April to the beginning of May 2022 prices fell by 1.4 percent and are now 0.1 percentage points lower than at the start of January.
According to BCA Marketplace, the average values of used cars have fallen from £12,000 in September to £8,552 in April.
BCA UK COO Stuart Pearson said: “For the first time since the onset of the pandemic in early 2020, the used vehicle marketplace is starting to exhibit some of the more typical traits we might have expected to see in previous years.
“Traditionally the used car market would soften post-Easter as inventory swelled following the plate-change and consumers focused their spending priorities on other things, such as funding the family holiday.”
The popularity of EVs and the high demand for them has significantly affected the stocks of electric cars.
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Jon Mitchell, Indicata UK’s group sales director, said: “EVs are in such high demand that stock levels have fallen dramatically over the past few months.
“We have really noticed a step change in demand since the beginning of the year.
“Prices are consistently high with our regular alternative fuel auction for Arval continuing to create strong bids.
“However, overall average prices have settled down and are back to the levels they started the year at.”
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The news comes after a survey by tyre company Bridgestone found that 67 percent of motorists intend to switch to an electric vehicle in the near future.
The main reason for wanting to switch was the ever-increasing cost of petrol and diesel at the pumps.
Of that figure, 47 percent want to change to an EV to save on fuel bills, while 56 percent are sold by the environmental benefits of EVs.
The cost of living crisis was also reflected in the research, with 29 percent of motorists open to car sharing in the future to reduce outgoings and save money.
Andrea Manenti, Bridgestone North Region Vice President, said the survey results offered a valuable insight into the minds of the general public when it comes to electric vehicles.
He added: “The results of this survey confirm that we’re undergoing huge change in the automotive industry, and that change is happening now.
“We were also reminded of some common concerns still associated with EVs, which we need to tackle as an industry.
“These concerns were insightful and we are already on our own journey at Bridgestone to address them.
“We’re developing premium tyres that meet specific EV requirements and help deliver optimal performance.”
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