More Kiwis searching for electric vehicles amid petrol price hikes

As petrol prices continue to rise around the world as a knock-on effect of the war in Iran, it seems more New Zealanders are turning to electric vehicles. 

Earlier this week, plug-in specialist brand BYD confirmed a sharp rise in sales last weekend, with 80 vehicles selling around the country on Saturday alone. And, it seems BYD isn’t the only brand seeing a spike in EV interest.

New data released by Trade Me have confirmed a 142% lift in searches in its Motors classifieds section for electric vehicles across the first half of March — jumping from 50,000 to 125,000 searches.

“We saw EV searches peak at 111,000 in October 2023 as buyers rushed to take advantage of the rebate before it disappeared,” said head of Trade Me Motors, Brendan Hall.

“As expected, interest cooled considerably after it ended, with searches declining in the beginning of 2024.

“The latest interest marks a significant turnaround, showing that while the rebate was a strong motivator, the current pressure of fuel prices has Kiwi drivers seriously considering whether an electric model would suit their needs.”

According to Hall, it isn’t all about the latest EV releases. Used models are also attracting plenty of interest. The Nissan Leaf and Hyundai Kona are amongst the most commonly searched nameplates.

“It’s clear the interest covers a whole range of electric vehicles on site. For example, a 2015 Tesla Model S recently became our most viewed and watchlisted EV, showing the aspirational end of the market is strong,” he says.

“At the same time, there is currently a 2013 Nissan Leaf with an asking price of $2,500, so there really is something for everybody.”

At the time of writing, petrol price monitoring app Gaspy lists the cheapest price of 91-octane petrol in Auckland at $2.92 per litre. Most locations are stocking petrol at well over $3.00 a litre, with prices listed on the app peaking at close to $3.50 per litre. 

Some economists are warning that the country could hit $4.00 per litre if the conflict in the Middle East continues.