Used electric vehicle (EV) sales are surging across Europe as rising petrol prices - driven by geopolitical tensions in the Middle East - push motorists to reconsider their fuel choices.
Fuel price surge sparks rush for used electric cars
The spike in demand follows disruption to global oil supplies linked to the US-Israel war with Iran. The ongoing conflict has impacted the Strait of Hormuz, a crucial shipping route responsible for transporting around 20% of the world's oil supply.
With supply chains under pressure, petrol prices have climbed sharply across Europe, prompting many drivers to look for alternatives to traditional combustion-engine vehicles.
Online car marketplaces report a shift in consumer behaviour, with buyers increasingly turning to the used EV market as a more affordable and fuel-independent option.
Terje Dahlgren, an analyst at Norway’s largest used-car platform, told Reuters: "There is currently an electric car bonanza in the used market."
Second-hand EVs - which usually come with a lower upfront cost than new models - are becoming an increasingly attractive proposition.
Industry analysts added that if fuel prices remain elevated, more buyers are expected to consider new electric or hybrid vehicles, accelerating the broader transition away from petrol and diesel.
Alastair Campbell, vice president of growth at British automotive data firm Marketcheck, said: "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."