The crisis in the Middle East is seeing a significant impact on buyer sentiment in the UK used car market.
Auto Trader reported a sharp rise in EV interest on Autotrader since the first bombing on 28 Feb with new car EV leads up 28% in less than a month and used (0–5yr) EV leads up 15%.
It said while EVs account for just 5% of all cars on the road, used EVs are now taking a record 19.5% of all 0–5yr used car leads.
Ian Plummer, chief customer officer, Autotrader, said: “Even though petrol prices aren’t anywhere near the extremes of 2022 yet, the Iran conflict has clearly moved fuel costs to the front of buyers’ minds.
Our data shows a sharp rise in both new and used EV leads since the war began at the end of February, with used EV enquiries hitting record levels on the Autotrader marketplace.
“This isn’t just about price, it’s about confidence. When people feel that traditional fuel is vulnerable to global events, the appeal of electric becomes far stronger so the conflict is acting as a significant catalyst for EV interest across the UK market.
“That said, previous peaks in interest like in 2022 haven’t led to sustained increases in electric purchases, so there is still work to do to ensure consumers are confident that electric cars can fit their lifestyles.”
