The price of fuel and electricity slows down the purchase of cars in Spain

by time news

J. Bacorelle

Madrid

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In the last year, the average monthly electricity bill in Spain has doubled, going from 55.22 euros (February 2021) to 110.27 euros in February 2022, according to data from the OCU. Fuel prices have also skyrocketed, exceeding for the first time in their history the price of €2 per liter at some service stations.

These increases in the cost of energy notably raise the cost of using a vehicle and have been clearly reflected in the intention to purchase a car. According to the Cetelem Observatory, a third (32.2%) of Spaniards who intended to buy a combustion car would stop the purchase until the situation improves and fuel prices drop.

An even higher percentage (43.3%) would choose to change the purchase of a combustion car for an electric or plug-in hybrid. Only one in five respondents (19.7%) say they would go ahead with the purchase of a combustion model despite the current situation. And a scant 4.4% would opt for carsharing to face the current prices of diesel and gasoline.

The increase in the price of electricity has had an even greater impact on consumers, who fear that one of the great economic advantages of the electric car will vanish: its lower energy cost compared to a combustion model due to the difference in price between electricity, diesel and gasoline.

In this way, almost half of those surveyed (46.3%) would decide to stop buying an electric car until the situation improves. Only one in four (25.8%) would go ahead with their purchase decision, while one in five (20.9%) would change their minds and opt for a combustion model. Not buying a car and enjoying carsharing would be the best option for 6.6% of those surveyed.

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