Used car market: EVs rise in Europe as gasoline spikes

Used EV sales rise in Europe as gasoline spikes, driven by Middle East tensions and oil supply disruptions.

Gasoline price rises; used EVs take off in Europe

Sales of used electric vehicles are growing across Europe as gasoline prices soar, driven by Middle East tensions affecting global oil supply.

Supply disruptions related to the conflict between the US, Israel, and Iran are impacting the Strait of Hormuz, responsible for about 20% of the world's oil, increasing supply uncertainty.

With supply chains under pressure, gasoline prices have risen sharply in Europe, leading many drivers to seek alternatives to traditional combustion engine vehicles.

Online car markets report a shift in consumer behavior, with buyers increasingly turning to the used EV market because they are more affordable and less dependent on fuel.

Terje Dahlgren, analyst at Norway's largest used car platform, stated that there is a bonanza of used electric cars in the market.

Used electric vehicles, which typically have a lower initial cost than new models, are becoming an increasingly attractive option.

Analysts add that if gasoline prices remain high, more buyers should consider new or hybrid EVs, accelerating the transition away from fossil fuels.

Alastair Campbell, Vice President of Growth at Marketcheck, stated that the momentum should continue as the market absorbs the impacts of recent global events.

Leave your comment: have you considered buying a used EV due to rising gasoline prices?