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Pricing Insights – EV and PHEV

Over the past few months, the New Zealand used vehicle market has begun to show a shift driven by 
rising fuel prices. Following the escalation in oil market disruption linked to the Iran conflict, fuel 
costs have moved sharply. As we discussed in our First quarter update, this has accelerated 
changes in consumer demand, with buyers thinking about making the move to electric vehicles 
taking the plunge in a frantic buy up during March. Our latest pricing review has given some insight 
into how these macro conditions are translating into real market outcomes — particularly when 
comparing battery electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs) against the broader 
used vehicle market.

War In The Gulf: How is the NZ Motor Vehicle Market Affected?

The escalation of conflict involving Iran, Israel and the United States has triggered one of the 
most significant global energy disruptions in decades, primarily through the effective closure of 
the Strait of Hormuz. Around 20% of global oil and LNG trade normally goes through the narrow 
strait, and its disruption has driven sharp increases in crude prices, refined fuel prices, and 
shipping costs globally. 

RedBook Monthly Insights February 2026

Summary of NZ vehicle market registrations and market movements