As conflict in the Middle East sends diesel and petrol prices skyrocketing, more and more Australians and New Zealanders are showing interest in electric vehicles.

But is this translating to sales? March data shows the answer is yes – EV registrations have shot up sharply in Australia and New Zealand.

Manufacturer order books are filling up, EV subscription services are full and wait times have blown out to months for popular models.

Much of the focus to date has been on new cars. But most people don’t buy new. When Australians buy cars, they tend to buy them secondhand. The ratio of used to new cars is almost two to one. EVs are cheaper to run, but have – until very recently – been more expensive to buy, which acts as a barrier.

Demand for secondhand EVs is surging through auctions and car yards, as cost-conscious households seek out ways to immediately cut costs and reduce exposure to global oil shocks. The Australian government is now expected to introduce fuel rationing after Easter.

Fuel price pain is driving the change

The Iran conflict has triggered the second global oil crisis in the past five years. The first was the Russian invasion of Ukraine in 2022, which drove major disruption to oil markets. If the Iran war drags on, this crisis could be far larger. The International Energy Agency expects this crisis to be much bigger than the 2022 crisis and........

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