Rising petrol prices across Europe, spurred by the war in Iran, are driving a surge in sales of used electric vehicles (EVs), according to reports from online car platforms.
Shift in Consumer Demand
The trend indicates a growing consumer response to the increasing cost of fuel. Terje Dahlgren, an analyst at Norway’s largest used-car marketplace Finn.no, described the current market as an “electric car bonanza,” noting that EVs have recently surpassed diesel models as the top-selling fuel type on the platform.
The average cost of petrol in the European Union rose 12 per cent – from €1.84 (S$2.70) per litre on February 23 to March 16, according to European Commission data.
Impact on Car Retailers
French online used-car retailer Aramisauto reported nearly doubling its share of EV sales between the weeks starting February 16 and March 9, increasing from 6.5 per cent to 12.7 per cent. This mirrors a similar shift observed in 2022 following Russia’s invasion of Ukraine and subsequent energy price increases, according to the company’s chief executive officer, Romain Boscher.
Boscher stated that once petrol prices exceed €2 per litre, it significantly influences consumer decisions. Aramisauto saw petrol model sales fall from 34 per cent to 28 per cent, and diesel sales drop from 14 per cent to 10 per cent over the same three-week period.
EV manufacturers are also responding by emphasizing the cost benefits of electric vehicles in their marketing campaigns. In France, MG, owned by China’s SAIC, is running advertisements encouraging consumers to “rethink the way you drive.”
Broader European Trends
The increase in EV interest extends beyond France. Amsterdam-based Olx reported a jump in customer inquiries for EVs across its marketplaces in France (50 per cent), Romania (40 per cent), Portugal (54 per cent), and Poland (39 per cent). Similar trends are emerging in the Nordics, with Swedish platform Blocket reporting an 11 per cent rise in EV sales and a 17 per cent increase in views of EV models in the first two weeks of March. Denmark and Germany are also seeing increased searches for EVs.
In Germany, mobile.de, the country’s largest online car market, reported that the share of EV searches tripled from 12 per cent to 36 per cent since the start of March, with a 66 per cent increase in inquiries for used EVs compared to February.
Frequently Asked Questions
What is driving the increase in used EV sales?
Rising petrol prices, triggered by the war in Iran, are the primary driver of increased interest and sales of used electric vehicles across Europe.
Which countries are seeing the biggest changes in EV interest?
France, Romania, Portugal, Poland, Sweden, Denmark, and Germany are all reporting significant increases in customer inquiries and sales of used EVs.
How quickly are these changes happening?
Used EV sales are reacting quickly to shifts in sentiment and petrol prices, as they are up to 40 per cent cheaper than new models and readily available.
Will this trend continue if fuel prices remain high? Analysts expect the momentum to continue as the market absorbs the impact of recent global events, but further developments will depend on the ongoing geopolitical situation and fuel market stability.
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