Soaring Fuel Prices Drive Surge in Searches for Used Electric and Hybrid Cars

Share of Searches for Electric Vehicles Reaches 11%
Hybrid Demand Also on the Rise

As international oil prices continue to rise, the burden of car maintenance costs is increasing, leading to a growing preference for eco-friendly vehicles in the used car market. With gasoline and diesel prices on the rise, demand is shifting toward vehicles with higher fuel efficiency.

On March 21, Encar, an automobile trading platform, announced that its analysis of vehicle searches by fuel type, conducted from February to early March on its platform, revealed a simultaneous increase in the share of electric and hybrid vehicle searches.

According to Encar Data Lab, the share of electric vehicle searches rose sharply from 9.3% in early February to 11.0% in early March. During the same period, the share of hybrid vehicle searches also increased from 13.7% to 14.6%, showing a gradual upward trend.

In contrast, the share of searches for internal combustion engine vehicles—gasoline (47.4%→45.9%), diesel (24.1%→22.7%), and LPG (5.2%→5.1%)—all declined. This trend is interpreted as cost-sensitive consumers turning to eco-friendly cars to reduce maintenance expenses in response to rising oil prices.

Among electric vehicles, the most searched model was the Tesla Model 3 Long Range, followed by the Tesla Model Y and Hyundai IONIQ 5. For hybrids, the Kia Sorento (MQ4) 2WD ranked first, with the Hyundai Santa Fe (MX5) and Grandeur (GN7) following. Interest was especially high in SUVs and mid-to-large sedans, which are popular as family cars.

An Encar representative said, "As oil prices rise, interest in maintenance costs is increasing, leading to more searches for electric and hybrid vehicles. Demand for vehicles with high fuel efficiency is likely to remain strong for the time being."

This content was produced with the assistance of AI translation services.