First signs of "pump anxiety" reflected across the European car market across used-cars rather than new-cars in March

Matthias Schmidt
5 hours ago
3 min read

White cars are displayed inside a glass showroom with reflections of trees and buildings outside. Bright, sunny day.

With the situation in Iran causing pump prices to rocket far beyond €2 across many North European markets for the first time since the Russian invasion of Ukraine during 2022 when EV charging infrastructure was just a fraction of what it is today, March is providing the first signs of a change in consumer sentiment for EVs. However if its new car registrations data you are looking to in order to gage the market reaction you will be looking in the wrong direction. Earlier this week a top EU official urged EU citizens to work more from home and travel less, echoing similar messages at the start of the Covid era, EU energy chief Dan Jørgensen said Europe was facing a "very serious situation" with no clear end in sight, according to Politico. “Even if ... peace is here tomorrow, still we will not go back to normal in the foreseeable future," Jørgensen went on to say. Meanwhile in what is becoming chillingly familiar, we are witnessing another year of more geopolitical turbulence, no off-ramp from the current situation in Iran is in sight. The consequences are expected to last for years rather than months, according to Christine Lagarde, President of the European Central Bank, who told The Economist in an interview last week that exposure across industries is likely underestimated. With 20% of global oil supply passing through the Strait of Hormuz, or not currently, European pump prices continue to reflect that, causing "pump anxiety"according to a UK Polestar executive, telling theFinancial Times. While it's difficult to identify immediate winners in such a situation, BEVs –and even PHEVs, which offer a hedge between two fuels – are likely to be the main gainers, potentially creating the perfect storm for a run on plug-ins from the second quarter of 2026, and identifiable from the second half of the year, given the lag in orders to deliveries. However the used car market which cancels out any order to delivery lag thanks to models being purchased from a bulging inventory can provide perhaps a foretaste of what is ahead as the year progresses. First indications of a change in sentiment spotted Dutch BOVAG data showed that 13,843 used electric cars (EVs) changed owners in March which was a sequential monthly gain of 48 percent over February, when 9,355 used EVs were sold and a doubling over the same month last year. An increase in used-car prices also trickles back to the new car market adding more security to residuals of new models being registered into lease contracts, which could lower leasing offers.

As petrol pump prices head north while electricity prices remain stable, for now, the temptation to switch to an xEV has rarely been greater.

BYD is actively pushing that narrative across social networks.

While the lure may have been there the last time fuel prices rocketed following Russia's 2022 invasion of Ukraine, public charging infrastructure, product offerings, and vehicle pricing still didn't align.

However, EU infrastructure has almost tripled since 2022 (graph.2). Charging points surpassed one million during 2025, according toEuropean Union Alternative-Fuels-Observatory data, with annual growth levelling out at around 3%-8% acrossAC and DC units, respectively.

The faster growth of DC infrastructure is linked to the EU's Alternative FuelInfrastructure Regulation (AFIR), which aims to ensure that the minimum infrastructure required to support the uptake of plug-in vehicles entering the region is in place.... Continues in the full study.

First signs of "pump anxiety" reflected across the European car market across used-cars rather than new-cars in March

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