Used electric vehicle sales surge globally as fuel costs rise

Saturday 11 April 2026 - 11:20

By: Dakir Madiha

Used electric vehicle sales surge globally as fuel costs rise

Rising fuel prices linked to the Iran conflict are accelerating a global shift toward electric vehicles, with the used EV market emerging as a key beneficiary. Since the الحرب began on February 28, oil prices have climbed about 35 percent, with Brent crude holding near $100 per barrel despite a fragile ceasefire.

Higher costs at the pump are pushing consumers worldwide to consider more affordable electric alternatives. Data released this week shows a sharp increase in demand for used EVs across major markets.

Polestar reported record first-quarter retail sales of 13,126 vehicles, up 7 percent year-on-year. Its used vehicle sales rose 99 percent over the same period. CarGurus said searches for used EVs increased 40 percent, while sales rose about 30 percent in the first quarter. Popular models include the Tesla Model Y and the Hyundai Ioniq 5.

According to Cox Automotive, about 93,500 used EVs were sold in the first quarter of 2026, a 12 percent increase from a year earlier. The average price dropped to $34,821, narrowing the gap with gasoline vehicles to less than $1,300, a first for the market.

In the United Kingdom, Auto Trader reported record EV demand in March, with one inquiry every minute for new or used electric cars. Vehicles aged three to five years are selling within 28 days, with prices nearing parity with petrol equivalents. In Finland, Wetteri said used EV sales rose 82 percent year-on-year in March.

Globally, the trend extends beyond Western markets. China’s exports of new energy vehicles surged more than 140 percent in March to 363,000 units. BYD alone exported nearly 120,000 vehicles, up 65 percent from a year earlier. In Australia, EV sales nearly doubled in March, while internal combustion vehicle sales fell 11 percent.

Analysts describe a dual shock driving the shift. Higher fuel costs are boosting demand for electrification, while a wave of more than 300,000 off-lease EVs is increasing the supply of affordable used models. The International Road Transport Union said U.S. diesel prices are now 41 percent above pre-war levels.

The combination of rising fuel costs and growing availability of lower-priced electric vehicles is reshaping consumer behavior, with used EVs becoming a central entry point into the transition.