Rising fuel prices linked to tensions around Iran are beginning to ripple through Europe’s car market, and Belgium offers one of the clearest early signals. New data show that second-hand electric vehicles are gaining traction at an accelerating pace, even as the broader used-car market remains under pressure.

In March, registrations of fully electric used cars in Belgium jumped by nearly 50% year-on-year, according to figures from AutoScout24 one of Europe’s largest online car marketplaces, and Febiac, the Belgian automotive federation.

One in six used-car registrations

Their market share rose to 5.8%, up from 4.0% a year earlier, while electrified vehicles – hybrids and battery-electric models combined– now account for almost one in six used-car registrations. This surge stands in stark contrast to the overall market, which still posted a slight decline in the first quarter.

At first glance, the timing is striking. Oil markets have tightened amid geopolitical uncertainty, echoing earlier shocks, such as the Russian invasion of Ukraine, and pushing fuel prices higher across Europe.

The result is a familiar pattern: as running costs for gasoline and diesel cars rise, consumers start looking more seriously at electric alternatives, particularly in the more affordable second-hand segment.

Shift in consumer sentiment

Belgium’s figures suggest that this dynamic is once again taking hold. Industry players report a noticeable uptick in online searches and inquiries for electric vehicles over the past few weeks, pointing to a shift in consumer sentiment that often precedes actual sales. While it is still too early to measure the full impact on registrations, the momentum is clearly building.

Yet the Belgian case is not an isolated one. Across Europe, similar signals are emerging. In France and Germany, online interest in EVs has surged sharply, while used EV sales have accelerated in parallel.

Xavier Chardon, CEO of Citroën (part of Stellantis), said demand for electric vehicles has “accelerated” since the start of the year and surged further following the escalation of the Iran conflict, with EVs accounting for around 40% of private customer orders in early April.

A similar, although more structural signal is emerging at Renault, which is stepping up its electric rollout as fuel prices rise, while maintaining a hybrid buffer to navigate uneven demand.

Together, both French carmakers point to the same underlying dynamic: higher fuel costs are not only shifting consumer behavior in the short term, but are also reinforcing the longer-term economic case for electrification across Europe.

Norway and the Netherlands

Northern European markets provide an even more advanced illustration. In countries such as Norway and the Netherlands, used EVs are already well established, supported by a steady influx of off-lease vehicles and mature charging infrastructure. There, higher fuel prices reinforce a trend that is structurally embedded rather than newly emerging.

Belgium, by contrast, is still in an earlier phase. The rapid growth in second-hand EV registrations is starting from a relatively modest base, and the market remains dominated by gasoline cars. However, the underlying drivers are becoming increasingly aligned with those seen elsewhere in Europe.

One of the most important factors is the growing supply of used electric vehicles. As leasing cycles mature, more EVs are entering the second-hand market, expanding buyers’ choice.

At the same time, prices are declining. In Belgium, the average price of a used battery-electric car fell by more than 5% year-on-year in the first quarter, improving accessibility at a time when household budgets are under pressure.