Autotrader data has shown that the used EV market is accelerating with cars selling in record time in October.
As well as selling at a faster pace than any other fuel type, EVs dominate the list of fastest selling models, led by the Tesla Model Y, which takes just 11 days to sell.
On average, EVs are leaving forecourts in just 23 days, which is the fastest on record across all fuel types. Middle-aged (3-5 years old) EVs are being sold in 19 days on average this October – six days faster than their petrol rivals (25 days).
In addition, 3-5 year-old EVs constitute the top four of the hottest used cars this month, and across all fuel types 3-5-year-old cars represent six of the top ten. Autotrader’s pricing data, revealed that in the middle-aged bracket, petrol models average £20,000, and the equivalent used EVs are just ahead at £21,000.
With the lower cost of running EVs, this could explain why they have become more popular in the price bracket against ICE alternatives.
The data also showed that eight of the top 10 vehicles are alternatively fuelled vehicles (AFV). Used Full/Mild Hybrid cars are selling in 25 days on average and have also outpaced petrol.
Marc Palmer, Head of Strategy and Insights at Autotrader, said:
“The data tells us one thing loud and clear: consumer confidence in used EVs is growing fast, with electric models consistently selling faster than any other fuel type. Buyers have clearly found their sweet spot in the three- to five-year-old segment where pricing and value make them a hugely compelling option.
“Given it’s still a new frontier for many retailers, some trepidation in selling EVs is understandable, but the rapidly expanding size of the market and the indisputable levels of consumer demand make them a very strong opportunity – especially within middle-aged cohorts, where given the choice, consumers are choosing electric.
“However, success depends on staying close to the data and leveraging the latest market intelligence to ensure you’re sourcing and pricing the right stock for your forecourt.”
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