Used EV sales rise in Europe as Iran war pushes up fuel prices

Petrol price increases following the war in Iran are driving a rise in used electric vehicle (EV) sales across Europe, according to online car platforms, as higher fuel costs push consumers away from conventional vehicles. The conflict, which began on February 28, has disrupted a key shipping route carrying about 20% of global oil supply. As a result, average petrol prices in the European Union rose 12% to 1.84 euros per litre between February 23 and March 16, data from the European Commission show.Used-car platforms report a shift in demand. Norway’s Finn said EVs have overtaken diesel models as the top-selling fuel type on its platform. French retailer Aramisauto said EVs accounted for 12.7% of its sales in early March, up from 6.5% in mid-February. Over the same period, petrol vehicles declined to 28% from 34%, while diesel models fell to 10% from 14%. The trend mirrors earlier shifts seen during the 2022 Russia-Ukraine conflict, when rising energy costs influenced buying behaviour. Aramisauto said higher petrol prices are increasing interest in EVs and hybrids, reflected in both website traffic and orders. Online marketplace Olx reported higher customer enquiries for EVs across several markets, including France, Romania, Portugal and Poland, with consistent weekly growth. Analysts said interest in EVs was already increasing before the conflict, with recent developments accelerating the transition.Used EVs are responding quickly to price changes as they are up to 40% cheaper than new models and readily available, unlike new vehicles that often have long delivery times. Marketcheck data showed a steady increase in used EV sales since the conflict began. Similar trends are visible across Europe. Sweden’s Blocket reported an 11% rise in EV sales and a 17% increase in views in early March. Denmark’s Bilbasen and Germany’s mobile also recorded higher searches and enquiries, with mobile reporting a threefold rise in EV searches and a 66% increase in dealer enquiries compared to February.Industry participants said higher fuel prices are prompting more buyers to consider fuel-efficient alternatives, with EV manufacturers also highlighting petrol costs in their marketing.