PARIS/STOCKHOLM: Surging petrol prices linked to the war in Iran are accelerating demand for used electric vehicles across Europe, with online platforms reporting a sharp rise in sales and customer interest.
The shift reflects how higher fuel costs are beginning to influence consumer behaviour, pushing buyers away from traditional combustion-engine cars.
“There is currently an electric car bonanza in the used market,” said Terje Dahlgren, an analyst at Norway’s largest used-car marketplace Finn.no, adding that EVs have recently overtaken diesel models as the site’s best-selling fuel type.
The war, which began on February 28, has disrupted a key global shipping route that carries roughly 20 percent of the world’s oil supply. The impact has quickly filtered through to fuel prices, with average petrol costs in the European Union rising 12 percent to 1.84 euros per litre between February 23 and March 16, according to European Commission data.
French online retailer Aramisauto said the share of EV sales on its platform nearly doubled over three weeks, climbing to 12.7 percent from 6.5 percent.
CEO Romain Boscher said the company observed a similar trend in 2022 during the surge in energy prices following Russia’s invasion of Ukraine.
“As soon as you pass two euros (per litre of petrol), it makes a lasting impression on people’s minds,” he said. “We are seeing a significant rise in interest on the website, translating into orders for EVs and hybrids.”
Over the same period, petrol-powered vehicles fell to 28 percent of sales from 34 percent, while diesel models dropped to 10 percent from 14 percent.
Online marketplaces across Europe are seeing similar patterns. Amsterdam-based Olx reported a jump in customer enquiries for EVs across multiple countries, including increases of 50 percent in France, 40 percent in Romania, 54 percent in Portugal, and 39 percent in Poland.
“What’s particularly telling is that EV interest was already trending upward before recent events,” Olx CEO Christian Gisy said. “The instability appears to have accelerated a transition that was already underway.”
The used EV market has also benefited from a broader range of models and growing availability of battery-health certificates, which have helped ease concerns about buying second-hand electric vehicles.
Because used EVs are typically up to 40 percent cheaper than new models and available for immediate delivery, they tend to respond quickly to changes in consumer sentiment and fuel prices.
“Considering the lead time of a vehicle purchase, we expect this momentum to continue as the market fully absorbs the impact of recent global events,” said Alastair Campbell, vice president of growth at British automotive data firm Marketcheck.
Data from Marketcheck shows a sustained increase in used EV sales since the war began.
In the Nordic region, demand has risen sharply. Sweden’s Blocket reported an 11 percent increase in EV sales and a 17 percent rise in views in early March compared with the previous two weeks.
“We see a clear shift where more people are actively looking for more fuel-efficient alternatives,” Blocket car expert Marcin Stepman said.
Germany is seeing similar trends. Online marketplace mobile.de said EV searches on its platform have tripled since the start of March, while dealers have received 66 percent more enquiries for used electric cars.
“Currently, high gasoline prices are leading to an increasing demand for electromobility,” mobile.de said.
