The war in Iran is sending shockwaves through global oil markets, pushing petrol prices to record highs and driving a surge in secondhand electric vehicle sales.
The average cost of petrol in the European Union rose 12% to 1.84 euros per litre from late February to mid-March, according to European Commission data, after the conflict disrupted a shipping route that carries roughly 20% of global oil supplies.
Online car platforms across Europe are reporting dramatic spikes in used EV demand, with Germany’s largest car marketplace mobile.de saying its share of EV searches tripled in early March, while French retailer Aramisauto saw its share of EV sales nearly double over the same period.
Secondhand electric vehicles are proving especially attractive to cost-conscious buyers because they can be up to 40% cheaper than new models and are available for immediate purchase, unlike new cars that often take months to deliver.
“As soon as you pass 2 euros per litre of petrol, it makes a lasting impression on people’s minds,” said Romain Boscher, CEO of Aramisauto, noting a similar consumer shift occurred when Russia invaded Ukraine in 2022.
Analysts say the trend is unlikely to reverse soon, with automotive data firm Marketcheck reporting a “clear and sustained escalation” in used EV sales since the war began and experts expecting momentum to continue as markets fully absorb the impact of the conflict.
