[Young journalist Seoyoon Jung] The sharp rise in international oil prices is changing how people in Europe buy cars. Recently, in Europe’s major used-car platforms, searches for electric cars(EV) have increased a lot. This shows that the market, which mainly used to focus on gasoline and diesel cars, is quickly changing.

In Norway’s major secondhand-car platform, the type of most traded vehicle changed from diesel to electric cars, showing the shift in trends. At a French secondhand-car company, sales of electric cars doubled in just one month, while gasoline and diesel cars’ sales decreased.

The direct reason for this change of trend is the sharp rise of fuel prices. Due to the tensions in the Middle East affecting the key global oil shipping routes, gasoline prices in Europe have risen in a short period of time. As fuel costs rise, customers are looking for electric cars, which have lower running prices

The increase of interest is not limited to one country. In many parts of Europe such as France, Portugal, Romania, and Poland, questions and searches about electric vehicles have increased a lot. In Germany, the search for electric vehicles has tripled, showing higher demand across many online indicators. Inquiries for used EVs have also rapidly increased within just one month.

Secondhand electric cars are getting attention due to their price and speed. They are up to 40% cheaper than new cars, and buyers can receive them immediately, without waiting. Because of this, they are becoming practical choices for people who want to reduce fuel costs quickly. On the other hand, new electric cars often involve wait times of several months because of supply problems.

Some experts think this trend may not be temporary. They say customers who experienced sharp increases of the fuel in the past are learning from these experiences and are switching to electric cars more quickly.

This kind of change is also starting to spread beyond Europe to other regions. In Australia, sales of electric and hybrid cars are increasing, and similar signs are appearing across the market, such as rising secondhand-car auction prices and higher demand for financing.

Experts said, “Global geopolitical risks are now directly changing the customers choice”, and predicted that “if oil price keeps changing a lot, demand for electric cars will increase even faster.”

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