Fuel Prices Soar: Is Now the Time to Buy a Used EV?
The price of gasoline in Novel Zealand is surging, driven by the ongoing conflict in Iran. As of Sunday, March 22, 2026, the average price for 91 octane fuel has risen 37% in the last month, reaching $3.30 per litre, according to data from Gaspy.
The escalating fuel costs are prompting consumers to consider alternatives, particularly electric vehicles (EVs). Even as the prospect of significantly lower running costs – potentially $10-15 to “fill” overnight – is appealing, a switch to electric power requires substantial upfront investment.
Experts caution against impulsive decisions, comparing a rush to purchase used EVs to the panic buying seen during the COVID-19 pandemic. While fuel costs are projected to continue rising, potentially adding another $1800 per year to annual motoring expenses if prices increase by a further 30%, the immediate financial outlay for an EV can be considerable.
For a driver of a vehicle averaging 8 litres per 100km, annual fuel costs have already increased from approximately $3000 to $3900. However, transitioning to an EV involves not only the cost of the vehicle itself, potentially resulting in a loss on the trade-in of a combustion engine car, but also the expense of installing a home charging station, which can range from $2000 to $4000.
Despite these costs, data from Kiwi smart-charger manufacturer Evnex suggests that EV owners save nearly $35,000 in fuel costs over the average vehicle ownership period of 14.8 years in New Zealand.
Several used EV models offer potential value within a $30,000 budget. The Nissan Leaf, particularly the second-generation model (2018-2025), is a popular choice, with a 2022 Leaf e+ available for $29,950 with 38,300km. The MG ZS EV, especially the facelifted 2022 version, offers affordability, with a 2023 Essence model priced at $25,000 with 38,300km. Hyundai’s Kona Electric, with its 64kWh battery offering a range of 400km, is available as a 2021 facelift model for $29,980 with 67,000km.
The BYD Dolphin, though overshadowed by the Atto 3, presents a bargain at $29,990 for a nearly new 2024 model with just 4000km. The Kia Niro EV, closely related to the Kona Electric, can be found for $29,950 (2022 EX455, 77,000km). For enthusiasts, the BMW i3, a distinctive EV with carbon fibre construction, is available for $26,680 (2021, 87,990km).
According to recent reports, U.S. President Donald Trump is considering “winding down” the war in Iran, following contradictory statements regarding the war’s objectives. While the U.S. Initially suggested regime change as a possibility, appealing directly to Iranian protestors and even celebrating the reported death of Supreme Leader Ali Khamenei, the Iranian government remains functional under veteran politician Ali Larijani. The U.S. Intelligence community has assessed that the Iranian regime “will remain intact and possibly even emboldened,” despite the ongoing conflict which began on February 28.