Petrol price spikes triggered by the
war in Iran are boosting used electric vehicle sales across Europe, online car platforms told Reuters, in an early sign that pain at the pump is pushing consumers away from combustion engines.
"There is currently an electric car bonanza in the used market," said Terje Dahlgren, an analyst at Norway's largest used-car marketplace Finn.no, adding that EVs have recently overtaken diesel models as the site's best-selling fuel type.
The war, which erupted on February 28, has disrupted a vital shipping route that carries roughly 20% of global oil supplies.
That has fed straight through to filling-station prices, with the average cost of petrol in the European Union rising 12% to 1.84 euros ($2.12) per litre from February 23 to March 16, European Commission data show.
French online used-car retailer Aramisauto said its share of EV sales almost doubled from the week starting February 16 to the week starting March 9, rising to 12.7% from 6.5%.
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Used EV sales tend to react quickly to shifts in sentiment or sharp moves in petrol prices because they are up to 40% cheaper than new models and readily available to drive off the lot, unlike new cars that often take months to deliver.
"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," said Alastair Campbell, vice president of growth at British automotive data firm Marketcheck.
Data provided to Reuters by Marketcheck show a "clear and sustained escalation" in used EVs sales since the war began.
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