Rising Petrol Prices from Iran War Drive Surge in Used EV Sales in Europe: What This Means for Investors and Businesses
Rising petrol prices driven by the conflict in Iran are significantly boosting sales of used electric vehicles (EVs) across Europe, according to online car marketplaces speaking to Reuters. This trend marks an early indication that higher fuel costs are prompting consumers to shift away from traditional combustion-engine vehicles.
Terje Dahlgren, an analyst at Finn.no—Norway’s largest used-car platform—described the current market as an “electric car bonanza,” noting that EVs have recently surpassed diesel models as the platform’s best-selling fuel type.
The conflict, which began on February 28, has disrupted a critical shipping route responsible for transporting roughly 20% of global oil supplies. Consequently, petrol prices at the pump have surged, with the average cost in the European Union climbing 12% to 1.84 euros ($2.12) per litre between February 23 and March 16, according to European Commission data.
French online used-car seller Aramisauto reported that the share of EV sales nearly doubled between the week of February 16 and March 9, rising to 12.7% from 6.5%. CEO Romain Boscher, whose company is majority-owned by automaker Stellantis, noted a similar sales spike occurred in 2022 following the Russian invasion of Ukraine and the resulting energy price hikes. He explained, “As soon as petrol prices exceed 2 euros per litre, it makes a lasting impression on consumers.” This increased interest on Aramisauto’s website has translated into more orders for EVs and hybrids. Over the same period, petrol vehicle sales at Aramisauto dropped from 34% to 28%, while diesel sales declined from 14% to 10%.
If elevated fuel prices persist in the U.S. and Europe, buyers of new cars are also expected to prefer EVs and hybrids. Carmakers are already emphasizing petrol costs in their marketing efforts. For example, MG in France, owned by China’s SAIC, is running social media campaigns encouraging consumers to reconsider their driving habits.
Consumer interest supports these initiatives. Amsterdam-based Olx reported a surge in EV inquiries on its platforms, with increases of 50% in France, 40% in Romania, 54% in Portugal, and 39% in Poland. Olx CEO Christian Gisy noted, “EV interest was already rising before recent events, but the instability has accelerated a transition already underway.”
The second-hand EV market in Europe has also expanded, offering a broader selection of models and introducing battery-health certificates to alleviate buyer concerns—factors that supported sales even before the conflict started.
Used EV sales tend to respond quickly to changes in consumer sentiment and sharp petrol price increases because they are up to 40% cheaper than new vehicles and are immediately available, unlike new cars that often require long delivery times. Alastair Campbell, vice president of growth at British automotive data firm Marketcheck, said, “Given the lead time for purchasing vehicles, we expect this momentum to continue as the market fully absorbs the impact of recent global events.”
Marketcheck data, shared with Reuters, reveals a “clear and sustained escalation” in used EV sales since the conflict began.
In Nordic countries, major used-car websites—owned by Norway’s Vend—are also witnessing a significant rise in EV sales. Swedish platform Blocket saw EV sales increase 11% in the first half of March compared to the previous two weeks, accompanied by a 17% rise in views of EV listings. Marcin Stepman, a car expert at Blocket, said, “More people are clearly seeking fuel-efficient alternatives.”
Denmark reflects a similar trend, with Bilbasen reporting increased EV searches. Analyst Jan Lang attributed this mainly to higher petrol prices.
In Germany, mobile.de—the country’s largest online car marketplace—reported that its share of EV-related searches tripled from 12% to 36% since early March. Dealer inquiries for used EVs rose by 66% compared to February. Mobile.de stated, “Currently, high gasoline prices are driving growing demand for electromobility.”
(Exchange rate: $1 = 0.8665 euros)
Special Analysis by Omanet | Navigate Oman’s Market
The surge in used electric vehicle (EV) sales across Europe, driven by soaring petrol prices due to regional conflict, signals a rapid consumer shift towards fuel-efficient alternatives. For businesses in Oman, this presents an opportunity to invest in EV infrastructure and promote sustainable transportation solutions as global energy volatility impacts buyer behavior. Smart investors and entrepreneurs should consider capturing early market share in EV sales and servicing to leverage the growing demand for cost-effective, eco-friendly mobility in the face of fluctuating oil prices.
